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recluse77

Help needed to put a stop to this mess with Payday Loans. **

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Hi all,

 

I have finally decided that the re-loaning situation is no longer helping me, and regardless of the consequences that will follow, I am going to put a stop to it. It is not fair on my family or girlfriend anymore. Although they aren't aware, they can tell i'm going through problems with money and it needs to come to an end.

 

I have 6 loans out, totalling up to £3000.00. Concidering I get paid around £1000 a month, this is now a major problem. The loans are as follows -

 

Wonga £1500 (biggest issue - they must have made over £2000 in interest alone from me)

PaydayExpress £500 (big issue)

MiniCredit £400 (big issue too)

 

247 Moneybox £150 - will clear on next payday

1 Month Loan £156 - will clear on next payday

WageDay Advance £137.50 - will pay interest alone this payday, then pay the full amount next payday

 

This ultimately means I will have to default on the Wonga & Payday Express Loans. What are the next steps I should take?

 

Obviously, due to me paying some loans off and have other things to pay this time around, I won't be able to make any token payments (unless they are around £50.00 each company) so I am afraid of them adding unlimited charges to the current debts.

 

Any advice would be welcome - I just want to pay these off in a way that is comfortable for me. If anyone has any other 'tactics' i could look into to, please let me know!

 

Looking forward to your replies

 

Thanks

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You can only pay them what you can afford...what surprises me is that these companies have obviously continued to loan this money to you despite you seemingly being over committed. I'd say it is to a certain extent irresponsible lending on their part. These companies are supposed to look at your standing and give out loans based on your earnings and other commitments. If you are struggling then give the National Debtline a call - it is free, confidential and impartial - http://www.nationaldebtline.co.uk/


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have a good read through these forums. First step is to protect your income and cancel your debit card. To be totally safe you will need a new bank account as these companies will continue to attempt to take payment. You can then negotiate- you can do this alongside 42mans advice.

 

Many of us have been in your position and most of these companies will accept less than what you consider to be a token payment.

 

Post again if you need more help.

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I have dealt with WONGA and Payday Express.

 

The sooner you default the better

 

Wonga - email them now (collections@wonga.com or customercare@wonga.com) and tell them you can no longer afford to repay this debt and setup a repayment plan for say 50 per month .. you can always email them later balanceoffer@wonga.com for a reduced settlement offer. Try offering them the initial loan plus 1 months interest.

 

Payday Express - will setp repayment plan if you send I&E .. I did this but was later sent to Castlebridge Credit Management (think they are internally linked to Payday Express as the letters come in the same envelopes !!) .. managed to setup a repayment plan at a reduced rate paying £100 less back !!

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