Been a right fool re payday loans **

[unhappyhamster]

Hi everyone,

 

Been reading the various threads for a few weeks now and finally worked up the courage to post my own problem. I like so many others have been stupid to fall into the payday loan trap, at first it wasn't a problem, i'd borrow and then i'd pay off, but now i just keep rolling them over, and the interest i've paid over the last year has been ridiculous and i feel ashamed at what i could have used the money for. I only have 2 payday loans (paid off the others), they are with payday express and payday uk, i borrowed £320 from each and for the last few months i've only repaid the interest. One is now due on the 10/8 and the next is on the 28/8. I don't want to keep going with the interest only cycle, and i'm looking for any advice as how to deal with both. I haven't told my husband about these, i've been very silly, but now i just don't have any extra cash like i did a year ago. Please help.

 

Thank u x:-(

[ksmiggy]

depends how much you can offer as to how best to approach it, main thing is don't panic, I found Payday uk ok to deal with, paid payday express off so can't say with them, follow the usual advice, cancel your card etc, I am sure someone with more advice will follow .

[unhappyhamster]

thanks for your reply. I am so worried and so angry at myslef for getting into this mess. I was going to offer each £100 per month. How would i do this.

 

Thanks x

[missmop]

Hi there. Your not the only one in this position so don't panic.

 

First thing you need to do is keep your money safe! Open a new bank account and get your wages switched over ASAP. If this cannot be done in time for next payday ring the bank and get your card cancelled. This works with some banks in stopping them getting their hands on your penny's but others manage to squeeze it out still.

 

When I defaulted on a payday loan I stayed up into the early hours waiting to get paid so I could switch my penny's over into a new account straight away, so make sure you have Internet banking if you can't get your wages shifted in time.

 

I'm still trying to sort out a repayment plan with my payday loan company. Just remember when you do agree to repayments never ever pass on your bank/card details to make these payments!! They will use these to just raid your account. There are a few threads on here that list some bank details of payday loan company's in order for you to make payments safely.

 

Good luck

[ksmiggy]

the general advice on here is to try to keep it via letter/ email, if you email both explaining your situation has changed and you need to pay the loans over a longer period.

Payday uk may want you to default first, also be careful offering more than the deferal amount as they may try to insist you just defer, you don't want that.

No need to panic though, have a good read around the forum , there are some template letters on the site that you can adapt.

[unhappyhamster]

Thank you. I will open a new bank account, and transfer over my salary as its too late to change details now. You said that you are still trying to sort out your repayment plan, who was your payday loan company? I am really scared regarding this, frightened that they'll send round baillifs or take me to court.

[unhappyhamster]

thanks ksmiggy.

I'm so angry with myself and scared too. Will i find all email details on their site? Sorry, i sound so stupid, but this stupid ebt is causing me sleepsless nights x

[unhappyhamster]

i mean debt.....

[ksmiggy]

yes, but as I said, first have a good read of some of the experiences on here, it will give you an idea of how to proceed, also good advice re changing banks, halifax easicash seems the easiest to get and opens in a week .

 

good luck

[ihateyes]

payday express are very hard to deal with.

[ksmiggy]

have to admit, after reading on here, and the fact it was only £200 I paid them off, you might be better off paying more than the interest and reducing it to pay it off next month? depends if you feel up to fighting them or if the extra cost of doing it like that isnt too much.

[unhappyhamster]

oh dear, i was hoping that wasn't the case. Would i be better trying to pay them off instead? Congratulations on being payday loan free, it must a wonderful feeling. How did you deal with payday express?

[missmop]

Payday express is mine. I wouldn't worry about court/balifds it will be a long time before it gets close to that, even if it does! As someone said keep all communications via emails/letters.

 

Make sure tho if it's too late to switch over your salary cancel your card, sometimes better to say 'stolen' or lost in a public place that way it gets a full block

Put on it rather than just another one sent out.

[unhappyhamster]

I just want to pay them off. I might be abble to give them £200 and defer the rest till next month. Thanks again x

[ksmiggy]

might be best, payday uk will accept smaller payments initially , so if you want to and can, maybe concentrate on payday express, offer payday uk 3 months lower payments by which time you should be rid of payday express and able to deal with payday uk, then never go near them again.

[unhappyhamster]

I think thats what i will do. Its not a huge amount compared to some people's dilemas! I will concentate on payday express first, and contact payday uk and offer them smaller amounts. I will never go down this road ever again, it has been the worst decision i have ever made. I'm just glad that people on here are so helpful and not judgemental and lastly that i'm not the only one. Thank you so much