Pay day loan trouble, please help.

[dave126]

hi,

im new to this site...

i know ive been stupid, but i currently have five outstanding payday loans

 

payday express

wonga

24/7 money box

1 month loan

quick quid

 

altogether the debt including interest is about 2500,

ive been paying the monthly interest off , which has been leaving me very short and so forced me to get another, which is whow i got in this mess.

 

i have a full time job, but dont earn enough to pay all of these off, to be honest, i wouldnt even be able to pay 1 a month off in full.

 

im getting scared that they will start contacting me on my work number, i work in an office , i share my number with 8 people, so this could prove very embarassing.

 

i have been looking for loans to pay them all off so i can get on with trying to have a debt free life,

but with my bad credit , loans are impossible to find.

 

does anybody have experience with this kind of problem,

or know of any loan companies willing to deal with people with bad credit.

 

as i said earlier i know ive been stupid, and have know1 to blame but myself,

but this is starting to get me down now, and i really just want to get it sorted!!!

it would be a real wieght lifted!!!!

 

any advice will be much appreciated,

 

thanks

dave

[sillygirl1]

DO NOT GO DOWN THAT ROAD - YOU WILL BE EVEN WORSE OFF

 

Payday loan companies are becoming more popular but really do not provide a safety net at all.

 

What you do need to do is get another bank account and have any income paid into that to prevent them taking alll the money from you.

 

Keep everything in email and do not speak to them on the phone without taking extensive notes and emailing the notes to the company as confirmation.

 

These companies like you to default before they can do anything but do not like having to justify their charges in front of a court.

 

Just because they may issue a CCJ it does not mean it will be awarded to them, there are defences around for this type of company which keep it short and sweet and just list fact, there is little legislation to use against them so using the facts is often enough to make the courts realise their claims are ill-founded.

 

Otheres will be along shortly.

[dave126]

thankyou,

so what would you suggest i do ?

offer them less?

 

i dont care how often they ring me on my mobile.

 

its just the calls to work that scares me.

 

thankks

dave

[Kitten1]

Ok,

 

can you log into your accounts with these lenders online and change details? If so, do it now.

 

Make sure you cancel any cards that they have details of. Better still, open a new account and have all your wages etc paid into there.

 

Email all companies involved and state financial difficulties. Make them all a reasonable offer of repayment but don't leave yourself short otherwise you will be back to square one.

 

You will probably have to put up with a couple of weeks worth of millions of phonecalls but stick to your guns, they will either accept your offer or pass to a dca. The dca will then accept your offer.

 

Good luck but don't worry - you will get there xx

[sillygirl1]

Get an alternative bank account to prevent raids on your income, Co op and Halifax have good online facilities and you apply online.

[Tingy]

Dave,

 

Don't worry. You're not the first to be in this position and you won't be the last. The advice about opening a parachute account is excellent. Try and get that done as soon as possible and have your wages paid into that. Co-op are definitely good. I've been with them for years. No overdraft facility which is good, but you can do DD's, SO's and are given a Visa Electron Card.

 

Your main concern is NOT these loans. You need to make sure you pay your priority debts, rent/mortgage, gas, electric, council tax etc.... these are important! Are you managing to pay these all right at the moment.

 

You would find it helpful to fill in an income / expenditure sheet for what you have coming in and what HAS to go out (not these debts - food, clothes etc...) so that you have a realistic picture of what is coming in and going out. You'll know then what, if anything, you have remaining to put towards these other debts.

 

Once you're in that position, post back and let us know where you stand and we'll plan the best way forward for you.

 

Phone calls can be stopped if they do start to phone you at work. It amounts to harrassment and there's plenty we can do about that.