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    • downer01
    • By downer01 11th Aug 18, 7:15 PM
    • 6Posts
    • 0Thanks
    Payday loan trouble and interest
    • #1
    • 11th Aug 18, 7:15 PM
    Payday loan trouble and interest 11th Aug 18 at 7:15 PM
    Hi all I have posted in various threads as I look for advice. Long story short I took out several payday loans to pay one or the other and it got too much I was unable to pay. I contacted all creditors to set up a repayment plan, 3 out of the 5 accepted. One of the creditors accepted took my offer of a monthly payment without checking it was affordable. I sent the offers off at the same time, satsuma and myjar both would not accept my offer after seeing my income and expenditure as it would put me further into hardship and offered to take smaller token payments whilst freezing interest, Fernovo took full amount without checking and I have since found that after I asked for a repayment plan so they knew I was in financial hardship they proceeded to add a further 165.00 interest and charges on top, this as not been explained and I do not no what this is for. I have sent a complaint in regards to them pushing me further in debt. Am I able to request that my account is suspended and payments stopped whilst this is investigated? The monthly payments will now be used to pay off most of the interest and charges rather then the initial loans and interest from when I first took out the loan. I would really appreciate some advice on this matter

    Thank you in advance
Page 1
    • DCFC79
    • By DCFC79 11th Aug 18, 7:32 PM
    • 33,549 Posts
    • 21,106 Thanks
    • #2
    • 11th Aug 18, 7:32 PM
    • #2
    • 11th Aug 18, 7:32 PM
    How did you get into this position with so many pay day loans and will it occur if you get them paid off ?
    Don't have to answer but more a question to ask yourself.
    • downer01
    • By downer01 11th Aug 18, 8:12 PM
    • 6 Posts
    • 0 Thanks
    • #3
    • 11th Aug 18, 8:12 PM
    • #3
    • 11th Aug 18, 8:12 PM
    I don't mind answering because I have asked myself this over and over again. I remember taking out one as soon as it hit my account I was straight on another site paying another one back, I suppose I was naive. I thought I could fix the problem and then my income ended up being over 200.00 less a month and it spiralled out of control. I haven't told anyone about this, during the time I borrowed to find my trips to and from hospital as I became ill and required frequent taxi trips. And the added stress made my illnesses worse. I contacted the creditors and explained. A couple we're understanding but others less so. I spoke to satsuma on the phone yesterday as they have frozen my account for 8 weeks because they sent my inquiry off to the complaint team as after they saw my income and expenditure they wanted to investigate irresponsible lending as they said they would never have lent to me but have been extremely helpful. They also can't work out why Wonga won't accept a repayment plan as I am wanting to pay them. I sought advice and was told my best route would be to go through bankruptcy but this is not something I want to do as I have no assets meaning creditors will not get payed and I want to pay them. Fernova included, I want to pay them but I can't understand how they can put all that added charges and interest on after a payment plan was put into place because of finance difficulties. I know it was stupid, I spend most nights awake worrying. I haven't told anyone about this. I feel nothing but shame and a failure so whilst I am trying to do the right thing by the creditors I thought I could get advice and support from people going through the same thing and hopefully release some of the stress by getting it off my chest and speaking to others
    • Craig1981
    • By Craig1981 12th Aug 18, 8:12 AM
    • 674 Posts
    • 332 Thanks
    • #4
    • 12th Aug 18, 8:12 AM
    • #4
    • 12th Aug 18, 8:12 AM
    if you have defaulted, your credit file will be messed up already - so do a clean break and do a DRO (debt relief order) (based on little info provided, assuming no assets, low income and debt less than 20000?)

    speak to Stepchange, NAtional Debtline, CAB or Payplan

    i wouldn't be too concerned about wanting to repay your debt - if it cannot be afforded it cannot be done.
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