URGENT HELP PLS..another fool with payday loans!

[Dizzylulu1]

Ive read the posts on here and there is good advice re payday loans.

I am asking for help as Im not sure what to do first.

I have two payday loans

£600 plus interest :poundstillpayday

£350 plus interest: wageday advance

 

Im having serious financial probs & if I dont break payday cycle I am

at wits end as cant afford to pay back and the interest on top.

They are due to go out my a/c next fri and I want to stop them urgently

and try and do payment plan.

I know I can cancel direct debit online (they both come out by d.debit

from my bank but wageday have my debit card details too as a back up prob)

I cant ask my bank for new a/c intime to be done to get my wages in.

What do I do.

Do I cancel my debit card (lost/stolen) first and then cancel d.debits

I think I have to cancel d debits a good 3 days before

How will I know they dont still take payment out my bank or card.!

Im worried about them ringing my work, the number is reception num

for a call centre and I cant change any contact numbers on wageday

the only email address I have also is my work address as I only want

to liaise with them by email.

I dont know where to turn or what to do anymore.

With regards to other debts, will lk at these sep but its the payday

ones that are the most urgent as if they go out my mortgage will

be declined and other important house debts that I really must pay.

I wish I hadnt got in this vicious cycle.

PLS HELP AS I DONT KNOW WHAT TO DO AND WHEN TO DO IT!

[T2upNorth]

Hi dizzylulu, welcome to CAG!

 

OK, so it's time to break the vicious cycle of rollovers....

 

These companies are not like normal (whatever that means!) financial institutions. There is no reasoning with them, you are not a person to them, you are a revenue stream. So the actions you need to take are different.

 

First of all remember, the money in your bank is yours - you must protect it. As you say, there are far more important debts to be paid. In order to get the ball rolling you need to cancel the direct debits. You are supposed to do this 3 days before they are due, however, that is to enable the claiming company to set up a new one in time. Canceling will tip them off to what you are doing.

 

You should also 'lose' your bank card(s). If you don't already have, sign up for internet banking, and if possible, a basic account with the same bank. They can usually open a basic saving account the same day.

 

Unfortunately, losing your cards is no guaranatee that payment won't be honoured. You may wish to contact your bank revoking authority to these organisations.

 

They will call. And call. And call. They will call you at home, on your mobile and at work. They will send text messages. Some incredibly annoying and condescending American woman will call from PTP. Do not speak to them. Ever! Write to them, recorded delivery, explaining the situation, demanding no phone contact (see the letter template library regarding phone harassment) and outlining your repayment plan.

 

They will refuse your offers.

 

But.... eventually, this is where things start to get easy. They will pass the accounts to their DCA's, who despite being bottom feeders (in my personal opinion) are obliged to follow OFT guidlines and will allow you to pay off the principal in installments.

 

good luck!

[Dizzylulu1]

Thanks

I wouldnt be able to change my bank to a new a/c in time for my wages

to go into a different a/c, so would you suggest I set up a new a/c but

move my wages over (I have online banking) as soon as my wages go in.

But leave enough funds for my direct debits (mortgage etc etc)

 

Would I be best cancelling direct debits today online and also today ringing back re lost/stolen card.

 

When am I best telling bank to revoke any companies taking payments

off my card or trying to set direct debit up...do I do all this same day or

separate days.

 

sorry to sound thick I dont know whats best.

 

Do I ask bank to send new card with a diff long number on

 

thanks I just feel so sick and worried all the time

 

I only have email at work ... should I avoid email.

 

Just thought email was quicker than writing letters.

 

Should I tell them Ive cancelled direct debits if I say cancel them today

or wait

 

Help so much appreciated thanks

[robjam1969]

Hi Dizzy

 

WDA are fairly reasonable. They will accept repayment plan and let you pay by standing order. That way you are in control. PTP, as well documented on here give up after 4/6 weeks and pass to Clarity. They will also accept reasonable repayment schedule.

 

The most important thing is to cancel your debit card as they will just help themselves. Not a 100% guarantee to be effective but usually works.

 

I have bank details for both of these if you need them but I think they will be happy to let you have. You will probably get them to agree £20 per month if needbe.

 

I dont think you will need a new bank account with these two being fairly predictable.

 

Hope this helps.

[robjam1969]

Dizzy

 

Tell them card is lost or stolen. That way you get new 16 digit number.

[Dizzylulu1]

thanks if you could let me have their bank dets that be appreciated.

Should I lose card first and then cancel d. debits and email the companies

as well ... was going to ring bank and lose card today and also go online today to cancel direct debits?

 

Any other advice anyone has is appreciated. thanks

[robjam1969]

Dizzy

 

You can do it in any order. I would cancel card asap though coz that way you will get a new one sooner.Just keep checking they don't try and set direct debits up again. As you have on line banking you can do daily.

 

Personally I would e-mail them after the event. WDA are good but PTP are not worth talking to until they pass to Clarity.

 

I will PM you the bank details as not sure I am allowed to post them on an open forum.

[katpuss]

Phone your bank first and say you have lost your debit card and ask them to put stop on it. This should work and would mean that they shouldn't be able to get money out of your account via the debit card method. These companies can sometimes "force" through a transaction on a cancelled card. If this happens phone your bank and put a dispute in.

 

Secondly go onto online banking (if you have access) and cancel your direct debits. Under the direct debit guarantee it is your right to cancel any direct debit on your account.

 

Thirdly keep an eye on your bank account over the next 4-8 weeks as these companies will try to reset your direct debit. With my bank if a direct debit goes out of my account and I haven't authorised it if I phone before 8pm on the same day they can and do stop the payment going through. It will then drop off of your account the next day.

 

And lastly it might be worth contacing your bank and advising them that any payments to these companies are not authorised. They can note this down on the system for you.

[Dizzylulu1]

thanks so much ... everyone is really helpful on this forum. I think this

forum is great and there are so many people who have made the same

mistakes taking out these payday rip offs.

[Dizzylulu1]

Just need further help re above pls.

Ive rang my bank and reported card lost and theyve put a stop

on it and sending new one.

However my online internet banking is attached to the card and bank

say I cant do online banking until new card is received. New pin takes

7 days, new card 10 days and up to 14 days for internet banking.

So I had to cancel my direct debits to poundstillpayday and wageday

advance on the phone with my bank. Do I need to keep ringing my bank

every day now to check theyve not tried to set up another direct debit.

pay day this friday when loans are due.

Would I need to email my bank AND the loan companies above too

to say I remoke any previous agreement etc to try and take any

funds out of a/c ?

Just further help would be really good as Im so worried that on friday

my wages will all be gone.

[robjam1969]

Hi Dizzy

 

Go in to your branch and ask for a list of direct debits then cancel any if they shouldn't be there. Personally I would get to bank early and put your cash somewhere safe.

 

Your companies are normall ok and as it early days you should be ok.