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Pay Day Loan Advice Please
Comments
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I've been issued a new card as I lost mine but it didn't stop any direct debits going out? Actually my credit card set up a new direct debit against my current account as I lost my credit card as well.Tallyhoh! Stopped Smoking October 2000. Saved £29382.50 so far!0
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I've been in the same mess once before. My advice is to contact the lender as soon as you can. Explain there has been a change in circumstances and you want to arrange a repayment plan. This might stop charges and interest in some cases.
Secondly ensure your sons pay is paid into a new bank account going forward. If there isn't time then just cancel his bank cards so the creditors can't take the money.
I really don't think making a complaint will help. These companies don't care. Your son needs to accept he messed up. Going through a bit of discomfort is helpful in that it puts you off doing it again.
The most helpful thing would be to teach him how to budget. Why did he borrow? Could be handle things differently etc.0 -
The mention of debt collectors might help jolt your son to reality. You need to find out where all his money is going to stop him drifting back into a similar situation.Please do not quote spam as this enables it to 'live on' once the spam post is removed.
If you quote me, don't forget the capital 'M'
Declutterers of the world - unite! :rotfl::rotfl:0 -
Son managed to get through to the visa dispute team yesterday and the recurring visa payments have been stopped by the bank. So the advice being given by the local branch is incorrect and I will inform them. We have stopped the card for good measure.
Loan companies have been contacted and one has replied already agreeing not to request the next payment and saying they will negotiate an affordable payment plan.
We do know why he has done this and we are working on getting him help and support to prevent him falling into the same trap in the future. And yes I agree that a bit of stress/fear and also having to make these phone calls and sort it all out himself may well also help in that respect. As will having to pay it all off himself this time.
Thanks for all your advice.0 -
A couple more questions:
1. One company are asking for copies of his bank statements and wage slips. Does he need to provide these or can he just give a list of income/outgoings and suggest an affordable payment?
2. Once he has agreed what amount he can/will pay, can he insist to do this by direct debit? He clearly doesn't want to set up any new recurring visa payments or give them his new debit card number.
Thank you.0 -
hi there sorry i cant help with your question, however i myself have got into many a payday loan trap and everytime it was for the same reason. i am in no way saying this is the reason your son has done it but my issue was i had a bad gambling problem, i would lose money take out a loan to try and recoup losses and then it all spiraled out of control.... again im not saying this is the same however just be on the lookout for signs of it as befor you know it i started with payday loans and ened up in 22k worth of debt with it...
signs could be constant lies or always depressed or constantly looking at his phone.
hope it all got sorted in the end0 -
Hi - thank you for your advice and concern. My son has a different issue - drug addiction. He did actually get himself sorted and into an apprenticeship, was doing really well for 18 months, then had a cancer diagnosis last year (completely out of the blue and at 21 a big shock). His drug use then spiraled completely out of control - a nightmare time for all of us. Thankfully he has finished his cancer treatment (I took him to all his appointments to make sure he actually went!) and he is back at work. He has sought help for his addiction but is now refusing to follow it through as he thinks he can sort it out himself (I think not judging on the state he got into at the weekend). That said things have improved.
The best decision we made was to offer no further bail outs. "Helping" him over the years has added to our already substantial debt (we are now embarking on a DMP and no more bail outs will be coming from us). Having to contact the companies he has loans with and tell them he can't afford the planned repayments means they won't lend to him any more. They have been OK so far and have accepted his offer of affordable repayments (as far as I know anyway - he is quite elusive/slippery - but he did sit with me at the weekend and set up the agreed payments via internet banking - no more recurring visa payments).
I hope you also get your situation sorted. Best of luck.0
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