Have Payday Loan of £500 - Now cant pay - what now? advices please

[Pathway 8]

Have £500 of payday loans due on 30 Dec. They hold several cheques totalling £500(or have passed them on to a third party or Head Office).

 

Due to change in employment Cannot continue with them or afford to pay them the £60 to roll over for another month. - at whatever interest rate it is!!

 

Will they bank the cheques they hold ( then my bank will bounce them or pay them as guaranteed by cheque card ) - what alternatives are there?

What do you think they will do or offer. any ideas?

 

anyone know? your advices much appreciated.

[Pathway 8]

Have payday loan of £500 due next week at ....% interest!(too high to mention - but needed funds at the time) - now circumstances have changed.

 

Will they still bank the 4 cheques totalling £500 which they hold with my cheque guarantee details on back - or how do they deal with people who dont pay.

 

Any advices would be appreciated - just need to be prepared on how to deal with them and my bank.

 

Many thanks and

 

Happy Christmas:)

[Mr lex 1,986]

Hi Pathway and Happy Christmas to you too

 

There is a thread here that may give you some ideas :-

 

http://www.consumeractiongroup.co.uk/forum/payday-loans/172652-payday-loans.html

 

My first thoughts are that you should write to them, not phone them and explain the sitiuation. I think that you should also cancel any cheque's that are still outstanding so you don't incur any bank charges at least.

 

Lex

[Pathway 8]

Hey anyone know how these guys deal with things?

 

I cant cancel the cheques because they have written cheque guarantee card details on back?

 

Any advices greatly appreciated!

 

Got to deal with it by Monday !

[Monty2007 475]

Hi

 

I think you can carry these loans forward if you pay the interest before your due date. As mentioned above it would be good to speak with them since they may be able to help. Do not just do nothing since you will then have bank charges for the bounced cheques and Payday Loans will also charge you for the same, plus they may re-present them and you will then get done x2.

 

It is tough but you must call them and come to an arrangement.

[Mr lex 1,986]

Hi Pathway,

 

Even with your card details on the cheques you can still 'stop' them by phoning the bank with the cheque numbers.

 

I would adivse that you contact them by email as it is getting close to time.

 

Lex

[mothsinmywallet 82]

I had a similar experience once and tried to stop the cheques, but because they were guaranteed the bank still tried to cash them Usually you can replace the cheques with fresh cheques dated for a month later for a fee. This is how I got into the vicious circle of payday loans - get out as soon as you can!! My cheques bounced and got sent to a DCA, which I then paid off monthly.

[reallymadwoman 2,268]

Sorry it's taken so long to get an answer on this one. I don't actually know, but bumping you up should get a reply from someone else soon.

[postggj 3,713]

best advice i can give is speak to them and explain the situation

tell them to hold the account for another month and you will send a cheque to cover a months interest.

they should be ok on this being these payday people are money hungry.

do it first thing in the morning, but do speak to them,

ask them not to bank your cheques as they will be returned.

 

update your thread on there reply as the last thing you need are charges for returned cheques.

 

if they dont play ball, we will see on getting the cheques stopped to avoid charges, you will need more advice on that one as stopping cheques is a gray area for which a valid reason is needed as they are a promis to pay notes

[John Atkinson 32]

You will probably find that your bank will have to honour them as they were presented with a cheque guarantee card.