This is my first full post here and I wanted to ask for some advice from the knowledgable folk that are always around here! Essentially, without going into too much detail, I have an impending problem. I have, in the past, used the Moneyshop to obtain 'cash 'til payday' advances on my wages. Essentially you write them a cheque for a hundred pounds and they give you £87 back. They then cash it the next month unless you pay another £14 on each cheque to extend it by a month. I have currently got £500 of debt with them and have been extending the cheques. The problem is that I am soon to be out of work and have no income until the benefits start. I am then going to be unable to extend the cheques as I can't afford it! My bank won't give me an overdraft to cover this as I have a bad credit history. So I am facing a load of cheques going out and nothing there to cover them.
I want to ask if anyone can suggest the best course of action. Do you think writing to Moneyshop and explaining the situation will lead to them allowing a repayment plan? Obviously this would be better than bouncing the cheques and ending up with a large, unauthorised overdraft and all the charges that go with it.
I'm getting really stressed out by this and any advice would be gratefully received. Thanks in advance! J