Not Going to Pay.....What happens?

[Hunkyguy1]

Hi there, not sure if this has been brought up on here or not but im just wondering what happens if you decide to not pay back the loans or cant pay them back.

 

I recently lost my job and had been keeping up payments regularly without missing any. Then I lost my job through redundancy and had to leave my rented flat because of this.

 

With no money going into my account i had these payday loans coming off and I defaulted and got bank charges. I have 3 loans at present with 3 different companies. They contiually tried to take money out, then the calls and emails started.

 

Ive changed my debit card, I no longer live at my old address and not working at the company with the details they have.

 

I feel like changing my number and thinking to myself F**k the lot of them, they charge extortionate interest anyway these companies and prey on the fincially vulnerable.

 

I know my credit rating will be rock bottom but theres more to life that a bad credit rating.

 

Whats peoples views on this?

 

Thanks

[Jamie Kingston]

it depends which companies they are... each company will react differently and take different measures... who have you got in terms of payday loans?

[Hunkyguy1]

Capital Finance One, Early Pay Day and Wage Day Advance.

 

Early Pay Day are the worst offenders, they sent a letter to my old address and addressed it for "The Occupier" saying that court action was being taken out on this address because of the dept. My old landlord contacted me re. this as the new tenant wasnt very happy.

 

Im all for paying my way in life but Ive gotten to a stage where I hate these companies with what they do and how they operate.

[Jamie Kingston]

you can hate them all you want (as so do most of us do) BUT ignoring them isnt the way forward, in my opinion it will come back to haunt you and ignoring them fuels the fire for them. Try answering the calls and telling them your situation, this is what i can afford to pay, i'm not giving you my details and if you give me your details i will pay you direct. If you answer the phone they wont need to continue calling, thats what i've found to be most useful.

[Hunkyguy1]

Thing is I dont actually care anymore. I delete my number, I get another job and I find another place to live. Why would it come back to haunt me?

 

I get a bad credit rating but thats not the end of the world, not for me anyway, lifes to short for these people to get me down.

[Jamie Kingston]

fine, just giving over my opinion. i ignored ( a different company) found where i worked took out an AOE and i paid a heavy price. Maybe you'll get away with it, but i dont agree with that at all. good luck.

[Cinammon]

I'm not certain but can't they trace you through your credit report if you open another bank account in the future? Also the electoral roll? I'm not sure but I've had friends do similar to what you are suggesting and they have all been tracked down by various means.

[jellycubes]

Yes they can and they will use a number of methods to track you down. At least pay them a token 5 pounds per month when they realise you on benefits to be fair your hardly going to have cash to spare. I can understand your frustration but honestly dont run away from it....it could and most likely will come back to haunt you and the cost would grow significantly.

[Cait116]

Hold your head up high - fight these barstewards. No court in the land will listen to them if you do. Honestly, offer them only what you can, even a token £1 per month until you get your finances back in order. Original loan plus 1 month interest only. They will play all sorts of silly beggar games but at least you will have taken control and they can't really do anything without a court order, which they WILL get if you disappear, and they will find you in time and hit you with all sorts of charges. Keep posting here 'cause the guys on this forum are brilliant, you will get all the support and advice you need and you'll be able to sleep at night!

[Hunkyguy1]

Thanks for the advice, much appreciated.

 

Just for peoples info, im not registered on the voters roll anywhere. I know morally I should pay back but after all the charges from a £150 loan which is now up to £600 I think this is disgusting.

 

If they want to spend money trying to track me down then so be it.