Payday loans

johnboy7702 · 22 February 2019 at 12:55PM

Hi folks
Newbie here! I was out of work for 4 months before xmas, but for the last couple of years i ran up some debt with payday loans
The majority of them i have since closed and paid off, but i have 3 left to go! With being out of work, obviously i couldnt pay, however i am now in a situation where i am arranging repayment plans with the lenders!
However, one of them, Oakam, have this morning taken out 2 payments of £65 which has left me with nothing until payday. Are they allowed to do this as i am trying to set up the repayment plan or is there a rule against it??

Thanks

KatrinaWaves · 22 February 2019 at 1:02PM

Were the £65 the regular scheduled payments or totally random ones?

johnboy7702 · 22 February 2019 at 1:45PM

Hi
The account was on hold as i was trying to arrange the repayment plan so totally random

KatrinaWaves · 22 February 2019 at 2:24PM

johnboy7702 wrote: »

Hi
The account was on hold as i was trying to arrange the repayment plan so totally random

What has been the agreement about the hold? Are you currently in negotiation?

if they agreed to put the account on hold and you have abided by their requests so far, call them and ask them to putt he money back.

johnboy7702 · 22 February 2019 at 2:40PM

Yeah we had an agreement that the account was on hold until we reached an agreement
Thanks will call them

System · 22 February 2019 at 2:45PM

Direct debit? Call your bank and invoke the Direct Debit Guarantee. It is there specifically to protect you from this kind of thing.

If the company you set the direct debit up with want to vary the payment terms they have to notify you no later than 14 days before the direct debit goes out. This is why for certain things where the payment can vary every month, things like credit cards, mobile phone contracts etc you'll often get emailed every month a few weeks before the payment date to say "XX is due on YY date, please check your online account."

johnboy7702 · 22 February 2019 at 2:48PM

Thanks Tarambor

John_G_Jones · 22 February 2019 at 10:43PM

There are some companies who’ll lend you money if you are short until pay day. The rates are quite high, but this is what they are designed for, times when you unexpectedly find yourself a bit short.

Have a look at firms like Wonga, or QuikQuids.

macman · 25 February 2019 at 10:16AM

Right... would that be the same Wonga that went into administration 6 months ago?
And would Quik Quids be the same one that offers loans at a 'quite high' APR of 1294.1%?

System · 25 February 2019 at 2:41PM

John_G_Jones wrote: »

There are some companies who’ll lend you money if you are short until pay day. The rates are quite high, but this is what they are designed for, times when you unexpectedly find yourself a bit short.

Have a look at firms like Wonga, or QuikQuids.

No, just no. Whilst it solves a short term financial issue there are ramifications for years as you have a loan from a sub-prime lender on your credit file which will give you issues getting credit from mainstream lenders and mortgage companies, whether that be a higher rate offered or a just flat refusal to lend.

sourcrates · 25 February 2019 at 4:15PM

As of 31st August 2018, WONGA entered administration and are no longer trading.

Advising people to obtain high interest, short term borrowing, is not recomended for the reasons outlined above by Tarambor, the effects of just one loan can last up to 6 years, trouble is, its never just one loan, it can lead to massive long term debt if not managed correctly, best to steer well clear in all honesty.

Payday loans

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