payday loans should be banned**

[pammy54]

Hi everyone - I am totally new on here but so desperate to receive some totally impartial advice.

I am in arrears with GE MOney (£7k) on mortgage and got in a right mess with various debts, including payday loans (3 in total). I have made decision to go bankrupt but to rent another property will need to keep rent/.deposit as well as bankruptcy fees. I honestly believe I have more than paid my payday loans in interest monthly, etc. How can I avoid them taking the full amounts due on my next pay day at end Feb. Can I change my debit card so they cant access full funds and ring them to suggest a smaller repayment plan. Also, worried they will harrass me at work. I have to put myself first in this and ensure I have somewhere to live when I lose my house. All this stress is so worrying and am not sleeping or eating now. I am trying to hold my job down but worried if phone calls start coming to work that I will be so embarrassed that I will leave. How can I "nicely but firmly" tell Wonga, Payday Express and Cashchoice that I cannot pay them full amount but will make reduced payments. I am hoping that when i go bankrupt that they will come under the creditors list.

Many thanks - I hate all of this - never been in this position ever. So so stressful

#x

[robjam1969]

Hi Pammy

 

Sorry to hear you are going throught the mill. I can't advise you on most of your issues but can give you some pointers on your pay day loans. When you go bankrupt your payday loans companies will have to whistle.

 

In the short term report your debit card as lost or stolen as should stop them accessing your bank account. Make sure any direct debits are cancelled and keep checking that they do not reinstate them.

 

You will then be in control of your money and these companies will have to negotiate. You might get the occasional phone call at work but if you reply to their e-mails etc they generally leave you alone. have a good read through this forum on what you can expect.

 

Have you spoken to someone like CCCS or CAB about your overall financial position?

 

Good luck

[cheerup]

But what about the people who use them responsibly? Not saying you didn't but they do fill a gap in the market for quick cash albeit at a high rate.

 

Put it this way - should they ban knives because some people use them for killing rather than cooking?

[ALinLA]

i am not sure if i agree with that...i have had payday loans save my behind in time of need...my checking account was near being negative and i had a bunch of small payments going through...here in US each one of them would have cost me about $35 per over draft end of the day I would have paid over $100 in overdraft fee. But I took a payday loan, paid only less than $30 for it, and I saved over $70 of over draft fee.

 

Payday loans should not be banned or illegal, but people should be educated when to apply for them.