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Hi Folks,

 

First time posting. We have got into a mess with 5 seperate payday loans. There seems to be no way out. We have got 2 young kids, if we pay even the intrest it will leave us with nothing and no way to pay our rent and council tax. I am planning to contact them all in the morning, but I am unsure as to what I say and how I put a freeze on these. It is getting out of hand, too many sleepless nights and cranky parents because of all the worry.

Any advice and help would be great.

 

Cheers in advance

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Hi Blythe spirit...

Once you take control you will feel so much better....we've all been in similar situations so do know how you feel right now.

First thing you need to do is cancel the card the payday companies have on file....just call the bank and tell them it was lost or stolen. It is advisable also to get another bank account altogether just to completely safe guard your money.

You can either call the pdl companies and tell them that you have a change in circumtance and need to set up a payment plan, or like me, wait until payment is just past due and email them. Be very firm and only offer what you can afford to pay each month. Take a good look around this site, lots of very good information and if you like i can send you a copy of the standard email i used when i first decided to take "action"

Please don't worry and stay in touch to let us know whats happening

 

Shanti

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If you are on internet banking you will have to check the account first thing every morning to make sure they haven't set up direct debits. If any of the companies already have DD's set up you need to cancel them asap then watch they don't try to reset them.

 

Do you have another bank account you can get your wages paid into?

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Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

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My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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Hi,

 

Good advice here so far...you have to make sure you offer them a reasonable payment plan. You borrowed the money and hence you have to pay it back. But if you cant afford it as agreed then you should contact them asap to arrange a payment plan.

 

The difficulty is that most of these companies in my experience don't want to even talk to you about repayment plans until they have added hundreds of pounds to the amount you pay back.

 

I have been in the same situation and my advice is to stay strong and stick to your guns...

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Is it possible you could pay one or two of the smaller debts off in full and only default on a few.

 

you will have to pay fees and charges on all five loans otherwise, if you could pay even one off it will save you having to pay these. it could save you hundreds in the long run.

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Hi Folks,

 

The companies are, Pounds2Day, Wageday Advance, 247 Moneybox, 1 Month Loan,Payday Uk. I have cancelled the DD for WDA. I have also had my bank cards cancelled, ensured the bank understood that I wanted them cancelled not just replaced. My bank have assured me that no one can enter my bank account using the old card details. They have said that a company can only enter the account now if a DD had been set up. Am I safe to relax or can they still get in.

 

Many Thanks

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If you are on internet banking you will need to check daily (morning) to make sure they haven't tried to set up another DD.

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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