\payday loan help,please!

[onlyateacher]

Regretfully, I have found myself in a mess with 8 outstanding payday loans. I've spent the last few months rolling them over and reloaning. I've now decided (after reading lots of positive threads) to take the bull by the horns and face these debts.

I have set up a new bank account but am too late to get my salary paid into it this month. Will my wage be safe if I cancel my debit card and the direct debits? I intend to transfer my salary as soon as it is paid into my account but don't know what tactics the payday loan companies will take (they include Quickquid, Wageday Advance and Poundstillpayday,Pounds2day, Speed-e-loans, PaydayUK, Lending Stream and Wonga). I've had a look at the direct debits on my account and have noticed that Wageday Advance and Poundstillpayday collect by direct debit. Once this debit fails, how quickly will they attempt to empty my account? Will I have time to move my salary?

 

Should I contact the payday loan companies now or after default? I intend to pay them off at a sensible and affordable rate each month but don't want to warn them of what I am doing in case they try to clear my account. Please help!

[jellycubes]

Ok need more info first. What day do you get paid and what date does each loan come out of your account ?

[onlyateacher]

25th on both counts! I have already stopped my debit card and was thinking of cancelling the direct debits as late as possible. What do you think? As I said before, I want to pay back my debts and it is my fault for this situation but if all rollover amounts are taken it will wipe my salary out.

[jellycubes]

I get paid the same day as you and this is what i did with my payday loan mess last year that almost took my sanity ! I canceled my direct debits on the 23rd in the evening. I reported card as stolen. This stopped them getting funds. Now as soon as your ay goes in can you get an online savings account with the same bank so that as soon as you get paid you can instantly transfer ? I did this, i waited u till gone midnight and as soon as i saw the wages in i transfered. Now start putting together an email to send all the payday loans companys on the morning of the 25th explaining that your in difficulty and that you can repay x amount per month as long as interest and charges are frozen, they must email confirmation of this before you hand over any money !!. Work out what you have left to split between them but dont leave yourself short. Keep posting on here, there are loads of peeps with fab experience, robjam, jamie kingston, glo, silly girl etc etc and we ll try and get you through the otherside of payday loan hell xxxx

[ihateyes]

i would second that. id call the bank and ask when during the night they do their updates, then id be ready for that time to transfer.

I know wonga generally do their first collection at 5am as thats the latest time the banksdo their updates.

Halifax update around 3.30am

Rbs update at 2am

Abbey generally 5am

 

Not sure about the rest.

I have heard ad you will read on here that even on a cancelled card they can still get the money thats why you want to try transfer during the night.

You might want to do a £1 bacs payment now from your old account to new (if its with a new bank).

Then on your payday (if the banks offers 24hr telebanking) then you can ring and ask them to do a FASTER payment. If you havent done bank transfer to the new account before the banks will hold your money for 1day in your account before transferring.

 

Hope all goes well.

[onlyateacher]

Thanks for the help so far. I do have a savings account with my bank (HSBC) that I use to have child maintenance paid into. I could transfer my salary to that first (anyone know when HSBC update their systems overnight?). HSBC have stopped my card (I reported it lost) and said any transactions using it will decline now- do I need to check this with them again? I'm more bothered about any sneaky attempts to set up direct debits. I've also phoned my new bank (TSB) and confirmed I can do a fast transfer to them- I have internet banking. How do these low life companies get hold of your money? Is there anything else I can do?

 

I'm now drawing up an income and expenditure sheet so that I'm ready for Friday and all the phone calls that I'm sure will follow. Thanks again for all the advice.

[jellycubes]

I think around midnght for hsbc but know for definate that lloyds is midnight. You should be fine, best way to transfer is in your savings account as its the same bank its instant. Online banking is the best way to keep an eye on the sharks. I checked everyday and if i saw anything i didnt like i got rid straight away. I was lucky as they got nothing from me, you should be okay but keep on your toes with these companies x

[ihateyes]

Quickquid - Never dealt with, but they can be difficult

Wageday - Will charge you £39 for the priviledge, but esay to deal with

Poundstillpayday - again from what i read can be awkward.

Pounds2d ay - not sure

Speed-e-loans - not sure

PaydayUK - will say you have to default before they set one up

Lending Stream - not sure

Wonga - send an email copying all these in to wonga [email protected] and [email protected] and j[email protected].

They noramlly respond quickly and will be helpful. UNfortunatley if you ring them the positive repsonse is not always forthcoming

 

The thing to remember is to be admanant and dont budge. They may say no so keep emailling, and calling...

Also even isf they say no, i would ask for paying in details (s/code & acc number) and ref number and make payments anyway.

Limits their course of action as your paying. Rule is balance + 1mths interest.

Most companies want payment in 3mths, but usually you can push them to 6.

You must tell them your financial circumstances have changed, just to try and get them interested.

Telling them that your wage just cover rollovers wont interest them.

 

I also find if you speak to them be courteous and non agressive.... til you get the payment plan, then if they hassle you after, then give a bit back... some of these fools, will be ignorant tossers

[jellycubes]

Quick quid were normally only agreeing to 3 month repayment plans but lately the have offered upto 8 months. They will stop interest, not too bad. Pounds till payday are evil !!!! can you pay this one off in full ? Lending stream lots of emal ping pong but will after much struggle agree to a repayment plan but do get an email confirming it first before you hand over any money. Speed e loans are not too bad to deal with and will agree a repayment plan just be open and honest about financial hardship. Payday uk were the one of the easiest i dealt with via email and came to an agreement. Just keep updating us as you go along x

[onlyateacher]

Thanks so much for all your help so far. It's good that there are folk out there willing to help!

So far..... I have rung my bank again who have confirmed that all transactions on my card will be declined as it has been stopped. Guess this means that it is only the direct debits that I need to keep my eye on! I will transfer my money to my savings account and will stay up all night if I have to! Is there any other way they can get hold of my money?

I realise I have to set up standing orders to repay the debts and am underway with the income and expenditure stuff, is there anything else I need to think about?

It's amazing how much better I feel already, just by starting out and dealing with the problem. I'm not naive and know there will be lots of highs and lows but will not be beaten by these bullies. Anyone out there thinking about taking out a payday loan, please think carefully. I read threads like this before taking my first one out and thought I'd never get myself into a similar situation- it is so,so easy to do so though.

[jellycubes]

Its great to be back in control and thats what your doing. Your monies will be safe and as soon as they hit your account balance transfer straightaway online. There are highs and lows and utter panic to start but my god its worth it in the end.. its easy to fall into the trap but lots of nice people on here to help adivse on how to get out of it !

[ihateyes]

The only other thing is take their bank details, and you set up the standing order/bill payment.

These companie have no need or legal right to your new bank details..... giving them to these companies is basically giving them access to your money. They may say they need your details, well sorry they dont.

 

Good Luck....

[onlyateacher]

Thanks. My new account details will not be shared with anyone! I've done my income and expenditure using the guidelines given by National Debtline and will offer them only what I can afford which, I'm afraid, I don't think they'll be over impressed with. However, I get a bit of overtime this month-do you think it's worth paying off one of the smaller loans outright or should I set it off against one of my larger loans?

Roll on Friday!!

[jellycubes]

try to get rid of pounds till payday as they are the worst of the payday loans that you have, thats my advice but go with whats right for you.

[ihateyes]

How much do you owe each company? and what will you offer them...

As we have mentioned some are easier to deal with than others.

Never take Overtime into account when paying these bills as they wont take overtime into account (or shouldnt do) when giving you credit.

 

I had 8payday loans.

 

I paid payday express in 2 mths, with a lot of hassle, and am 2mths into payments plans with the rest.

[onlyateacher]

I haven't included the overtime in my income and expenditure-it's a one off that won't happen again. It's typical that my biggest payday loan is with Pounds till Payday- £900. I know that I can't pay that this month and, having read other threads, they send the account on to a DC called Clarity after a few weeks. I will just have to wait to see what they do- it can't be any worse than the sick feeling I've had in the pit of my stomach for the past two or three months because of this debt.

Having worked things out, I think most of the loans will take 8 months or so to clear. We'll see what each lender will accept.

[onlyateacher]

Tomorrow I cancel my direct debits for Pounds Till Payday, Quickquid and Wageday Advance. Can anyone let me know if I can ask my bank to stop these being reinstated? Also, how long after default do these companies reaaply for funds? Any help would be appreciated.

[Jamie Kingston]

you can ask but cannot rely on them. 2 days prior to payday and then 1 day before payday check your online banking for direct debits that have been set-up. you have to keep doing this for 4 months or until you have changed bank accounts.

[onlyateacher]

I've reported my debit card lost, apart from using direct debits can these companies get my money any other way? I obviously won't be sharing my new card details with them. Hopefully, by Friday my salary will be sitting safely in my new bank account.

[Jamie Kingston]

only by card or DD.

[Erica11 - Swift]

Pounds Till Payday will be able to assist you should you have any queries or concerns regarding your repayment. Please contact PTP directly on 08000 327 655.

[slgsue]

I am not sure what you are trying to achieve by getting people to call you. We have all learned a lot being members on this site and one of the golden rules Ericka11 is not to deal with the likes of PTP and similar companies by phone, written communication only!!!! From reading many personal experience's posted on this site, the PTP staff are rude and are nothing but bullies who try to scaremonger people with threats!

[momo24]

help help help pleasee!!!

 

rite ive taken that many payday loans i do not even remember how many there are, most of them are to be taken out on the 28th of this month therefore i should find out how many then hopefully, but i would say around 8 or 9 totalling around 3000 pounds , i dont know what im goin to do i got into a bit of a pickle and had to take these payday loans to pay someone off and i am only in part time employment please can someone help me and tell me what i can do as ive been readng threads and i keep getting calls and txts and emails from loads of differenct companies to take loans and do iva's or debt write off things im so confused??? im a part time student aswel ive realy Co*cked things up!!! whats should i do?

[ChaosTheory13]

First off don't panic! I have that amount of loans, as do many others so you're not alone.

You should start your own thread rather than resurrecting an old one.

Tell us who the loans are with, the amounts due and when they're due to be collected. If you don't know how many you have you really need to find out so you know exactly where you stand.

Cancel your debit card, and if possible close your account and open a new one.

Have you worked out your income and expenditure? Write down all your income, then all your priority debts such as rent, council tax, phone bill, utility bills etc. Then you'll know exactly how much you have spare each month so you can begin calculating repayment plans.

[momo24]

Hi, the payments were due today well most of them ermm total 9 companys i owe, payday express, pduk, wda, leadmount/quidsource/txtloans/minicredit/countrywide and safeloans. i can pay £400 each month and i owe total i have another account and my pay is getting paid into that, I OWE AROUND SAY 2500 TOGETHOR. got a call from pduk and said to call me int he evening and they are saying they do a 3 months payment plan then its reviewwd and that they want £80 today ? i need to call all of these people which is going to cost moneyyy as it is im calm now thanks taken ages to replya s was waiting to see who i owed money to and im sure its pretty much just this,.

First off don't panic! I have that amount of loans, as do many others so you're not alone.

You should start your own thread rather than resurrecting an old one.

Tell us who the loans are with, the amounts due and when they're due to be collected. If you don't know how many you have you really need to find out so you know exactly where you stand.

Cancel your debit card, and if possible close your account and open a new one.

Have you worked out your income and expenditure? Write down all your income, then all your priority debts such as rent, council tax, phone bill, utility bills etc. Then you'll know exactly how much you have spare each month so you can begin calculating repayment plans.