My PAYDAY LOAN ACCOUNT- HOPE THIS PUTS MINDS AT EASE

[timmydust22]

Thought id create a thread to account on my dealings with payday loan companies for people who are worried.

I like a lot of people have been lured into the payday loan trap and at one stage I owed roughly 8 companies.

I decided one month to default on all of them and bite the bullet. I decided that my 2 personal loans were more important.

This was nearly 10 months ago.

For all those people who are worried about been taking to court, don’t. I only had one claim from a county court and that was by Tower Capital. Which I paid in one chunk. With advice from here ive been able to offset debts and paying what I can afford. I constantly get threats of going to court but they never do. I realise that my credit history has took an almighty pasting but its my own fault. But my advice is don’t be scared to fight back. Im trying to pay them off 1 by 1 each month.

Simple requests for ccas can work wonders with them.

My advice is don’t panic and take it at your own pace. Don’t be bullyied. I have every intention of paying all my debts off, but at my own pace

[paxon]

Good advice Timmy.

When I was in the same position owing about 9 payday loans i was scared as hell and didn’t stop thinking about it every moment of the day.

After time though I realised too that they just use empty threats as scare tactics.

Really was i am trying to say aswell is dont panic as there is light at the end of the tunnel even though you may not think it at first.

[newlywed77]

Thank you for this reassuring post! I am currently dealing with several companies and I must say so far Tower Capital have been the most helpful - no real harassment, account frozen until I can make an initial payment and then (hopefully!) a repayment plan agreed. Others are definitely trying to play hardball and being quite unpleasant, but reading the advice on CAG I'm confident I can work through this.

[sillygirl1]

The thing to remember is payday loans are not priority loans like mortgage/rent, council tax, gas/electric and secured loans. They can be problematic but if you know your rights they tend to back off.

 

Keep us posted as to what happens

[ihateyes]

yip i had 10 loans.... 3 are cleared, 1 gets it last payment on wednesday! then the other 6 are gone after next month.....

my full wage will be mine... aprt from ctax, rent etc....

but hello social life!!!!

[discodaddy1]

sorry to ask but trying to change bank account from halifax card cash...tried natwest step- despite pin etc..got letter saying sorry no...am i able to open another halifax esycash account..so i get new debit card/account etc so they carnt raid my account ..thanks

[slgsue]

have you tried co-op, not sure whether they (halifax) will open another credit account

[sillygirl1]

The Halifax Easycash account isn't a credit account, it is a debit card account with no overdraft facilities or cheque book.

[LK85]

Thanks for showing there is light at the end of the tunnel.Did you have any loans set up using cheques?I'm nervous that the companies will just cash all the cheques!

[The_Rev]

Thank you for this post.

 

I've had my fair share of problems with payday loans in the past but am pleased to say I'm through the worst of it now and the future is looking rosy for me.

 

Glad to hear you're on your way too

[kimmijo]

HeyI owe 5 payday loans, and i am being made redundant in october. Does anyone know where i stand with my redundancy and the pay day loans? and what would be my best course of action. I changed my bank account this month, and only yesterday defaulted on all the payday loans. What should be my first point of action? any help i would really appreciated.

[BRIGADIER2JCS]

I would no under any circumstances agree with debt avoidance and cannot advise.

[sillygirl1]

What you need to do is to pay what YOU can afford based on the formula

 

Original loan (or last loan minus fees etc) plus one months interest

 

Keep everything in email and let the companies know you want to negotiate a settlement figure. You need to get on top of them rather than the other way around.

 

Do not mention the redundancy yet, October is a long way away for now and anyway you SHOULD repay anything you owe out of the redundancy, don't forget that in this day and age recruitment agencies and many employees run a credit check on you.

 

Being in debt should NOT automatically mean you won't get a new job but it sadly seems to be another way 'the establishment' look at something THEY have created.

[kwinter81]

I would no under any circumstances agree with debt avoidance and cannot advise.

 

You might not agree with it but it works. I owed over 50k and after paying £1 a month for ages I stopped because I knew I would never be free. I decided to return all letters from creditors marked gone away and stopped all payments. 6 years later and that meant that my credit file was clear as all the defaults had dropped off and more importantly they are all statute barred and cannot be enforced. Finally I am free. I know I got into the mess but I know I was pushed a lot by all the creditors practically putting the money in my hands. If I hadn't done what I did, I would still be paying £1 a month now and til the day I died.

[BRIGADIER2JCS]

I am pleased for you I trust every single creditor has been advised that as the debt is statute

barred that you will not be paying (in writing)

Other wise they can still come back.

[kwinter81]

Any creditor that has been in touch has been swiftly told in writing that I will not be paying the debt due to it being statute barred. I used a template letter from here and as I am in scotland, I only had to wait 5 years for this as the laws are different. Not proud of the mess I got into but could not see any other way out and just glad it is all over. Not all the companies I owed money to have been in touch but if they do in the future then they will be advised. I am certainly not going to chase them. The law states that if I make no payments or acknowledge the debt within a 5 year period then the debt is automatically statute barred. I only need to advise any creditors of this if they come demanding payment.