7 payday loans and 2 credit cards cannot afford the payments **

[troubled on payday]

hi,

 

many thanks in advance,

 

i have found this website and was hoping everyone here will be able to help me get out of this terrible trap of payday lenders. i have currently got 7 payday loans with the following companies.

 

payday uk £250

payday express £320

1 month loan £377

safe loans £300

wage day advance £425

mr lender £230

lending streem £312

 

payday uk i didnt make any payment last month.

 

total debt with pay day lenders is 2214

 

as well as these debts i have a capital one credit card more 650 balance 150 over my credit limit.

and another one that is within my credit limit.

 

totalling debt over 3000.

 

the main reason i have come on here is to hopefully get day to day guidance on the communication I need to have with the lenders that i am involved with. letter templates ect. i am currently trying to move up the ranks at work and looking at a really good job in the future and dont want this getting in the way. do they call your work? can i stop it? interest payments? please guys help me to get out of this.

 

income is 1000 every 4 weeks, expenditure i can push to 400 pound as per that 4 week pay period.

 

i will be very grateful to whomever can assist.

 

payday is today btw 05/08/11.

[troubled on payday]

will the lenders ever visit my house, call my work, take legal action i want to be able to sort this issue out asap im very scared right now.

[unhappyhamster]

hi, troubled on payday. firstly try and calm down, you've done the right thing by coming on here and also to admitting that you need help. I'm sure that lots of the guys will be on soon and they can help you more. We've all been in this boat, so we understand your predicament. Hold tight, someone will be along soon x

[26072004]

1st thing is to contact all the lenders tell them you can not afford all their repayments and ask them to freeze interest and charges (most will not but you lose nothing by asking).

 

from what I can see you have two options either pay £50 to each one (problem is they will all default you add charges and interest) or check what ones will charge you most in fees you may be better off clearing one at a time starting with the smallest and working your way up paying the remainder of the £400 towards the others to stop them considering any further action.

 

They may call your work, visit your house etc.. but they are all tactics to scare you if you talk to them and arrange payments they will have no reason to do these things, some will be more aggressive than others try to stick to emails and most importantely do not take out any further paydays loans EVER

[j1mb0b]

OK, so first up please know that you're not alone here... And although things may look bad now you're not the first person to get themselves in a state with payday loans. I can tell you that from personal experience and I had more payday loans than you. (Believe me, that's nothing to brag about).

 

The first thing to do is to not panic. I know us here are just on the internet but use us as virtual friends and advisors.

 

The second thing is to stop taking out more loans and stop things getting any worse. You can do this by cancelling any direct debits and telling your bank your debit card has been stolen. Don't say lost because I've found these companies can still take money out if you just go with "lost".

 

The third thing is to get in touch with these companies and say you're experiencing financial difficulties and you can only pay £x per month. The amount will be based on the total value of the debt pro-rata. As an example... Your total payday loan debt is £2214. Let's say that you can realistically afford to pay back £200 per month...

 

So, to take Payday UK as an example, you owe £250. So divide £250 by £2214 and you get 0.11. Multiply 0.11 by 200 (the amount you can afford) and you get £22. This is the amount you offer to pay back per month.

Then, go to 1 month loan. You owe £377 so divide 377 by 2214 and you get 0.17. Multiply 0.17 by 200 and you get £34. That's the amount you offer to 1 month loan.

 

If you repeat for all companies, you'll find you reach £200.

 

The key thing to remember is that despite the letters - and when you've received as many as I have, you'll start to recognise the same phrases over and over - you can only repay what you can afford. And what you can afford is your income minus priority debt (eg housing) minus a reasonable living amount each month.

 

Even if this progresses to a county court stage, you will only ever be asked to pay what you can afford.

 

If it's any help, I have debts with 4 of the companies you mention and they're all accepting my offer. Make sure it's realistic, you can stick with it, and keep making the payment each month regardless of however nasty the letters get.

[troubled on payday]

hi thanks for everyone help here this place is a blessing. feel a little relaxed after getting it all out. hi j1mb0b thanks for your detailed post really been a good step in the right direction.

 

first thing i now need help with they have been calling my work telephone number and it really making me feel down is there a way i can stop them from calling that number because i am sure they are supposed to only use that number in the case of verifying my workplace and employment. also they called 5 times before i arrived at work and it terrifies me thinking that my employers get suspensions about me due to the fact that i trying to work my way up the ladder, i do not want to put this in jeopardy. would u be able to find and act of parliament or code of conduct that i can use to block them from calling these numbers.

 

also just a quick one which of the 4 lenders did u manage to create an agreement with and how did u go about setting up these agreements with those lenders?

 

you are a super star my friend thanks for the arm to lean on ;-)

 

AND IF YOU HAVE BUMPED INTO THIS FORUM AND SEE THIS MESSAGE WHATEVER YOU NEED OR WHATEVER YOU NEED TO PAY FOR ADVISE IS THAT YOU WAIT UNTIL YOU CAN AFFORD IT, EVEN IF IT IS A BILL PAYMENT RENT ECT. YOU TAKE OUT ONE OF THESE LOANS YOU MAKE THE TROUBLE YOU HAD COME BACK TWICE AS BAD. YOU WILL RUN INTO A SPIRAL AND HAVE THE STRESSES AND STRAINS THAT WE HAVE IN THE FORUM. MAY GOD BLESS YOU

[troubled on payday]

good news i got 1 month loan to agree a plan working hard right now with the rest wish me luck

[troubled on payday]

having trouble with mr lender has anyone tackled them

[j1mb0b]

OK, let me try and answer a few questions here in turn....

 

1) The companies who have accepted a payment are Payday Express, Safe Loans, Wageday Advance and Mr Lender.

 

2) I too had the creditors phoning me at work and I'm afraid I can't help with that. I fortunately had a phone that showed the caller's number so just answered calls from creditors or numbers I didn't recognise with a, "Hello (company name") and then deny I was the person they were calling for. The other option is to answer and say, "I'm sorry, xxx doesn't work here any more" but that wasn't practical for me because I worked in an open plan office. All this said... They do stop calling once you've started to make payments.

 

3) I make my payments via Payplan. I phoned them at start via www dot payplan dot com. You need to investigate if that's right for you. I used them because I had many debts with over 15 creditors in total; and the advantage is that they took care of working out what I could afford, contacting the creditors and then paying them. Also, this is a Debt Management Plan so it's not a default but it leaves you with the confidence that you can pass all letters and all emails to them directly.

 

The most important thing though is that you know you're paying what you can afford and that's been properly calculated.

 

Whether you use Payplan or any other service (eg CCCS)or just work it out yourself, the most important thing to remember is that regardless who asks (eg creditors) and regardless of what they say (threatening court action), you can only pay what you have.

 

Nobody, ever, even at CCJ stage, will ask you to pay more than that. And do you know what? The creditors know that.

 

Three more points:

 

1) All creditors would rather have something (anything) rather than nothing which is what they get when you cancel your cards;

2) You are still far from the end of the insecured creditor repayment process. Remember that even if you receive a CCJ you still have a period to repay them before it actually reaches court (and even then if it goes to court, you can still repay the amount within a period and the CCJ does not stay on your credit record).

3) You will receive many scary looking letters, some of which will claim court action, some of which will say they're coming round, some of which will say that you're committing a criminal act. All of these are most likely untrue but don't ignore them!

 

** Work out what you can afford to pay in total, calculate the debt pro-rata per creditor, then start to make payments. **

[cheekychoca]

Oh j1mbob thanks so much for this information. I too am in the same situation as you "troubled on pay day" I've got 5 pay day loans and paying so much interest it is ridiculous and am ashamed of myself for getting into such a pickle when I actually earn quite decent money. I told the bank my card had been used fraudulently and wanted a new one and they put a stop on my debit card straight away. One lending company Wage Day Advance were taking multiple amounts and unauthorised amounts on my pay day so I cancelled my card and am now going to approach each one and set up a realistic montly payment. I am so glad I found this forum. Good luck! Cheeky Choca

[RobRend]

Hi Troubled on Payday, I am experiencing almost exactly the same thing, with the same lenders for similar amounts - I know how you feel with the scary part. Am a single dad and have had to stop paying the interest as was starting to run out of money for food. The advice on this thread has really helped, so thank you very much for the advice.

 

Rob

[troubled on payday]

currently i am paying 1 month loan 20gbp, mr lender 35gbp, payday uk 50gbp, safeloans 82gbp,

 

payday express is causing me a lot of trouble and wage day advance are too. any advis on these guys would be appreciated. i currently feel really stressed over all this and would just like to say to all of you out there fight it and look foward to the end result.

 

all the best.

[quackquack]

hi also see posts on quick quid and how i got on payment plans with them and poundstillpayday. keep in touch with each payday lender dont ignore them as this will make it worse and as i was advised on here get a new debit card and buy a pre paid card to pay them ,good luck u can do it

[asmilecostsnothing]

Hi troubled on payday, don't stress xx - we're all here in the same big payday loan boat I'd echo all the above

 

Payday Express one of mine to they will eventually help and agree to your payments - please just be prepared to go to complaint level with them

If they keep on giving you grief go to the CFA which their members of - more info in the darren v payday express thread on here

 

All lenders must follow a 'code of conduct' - if they don't you can make a complaint

 

Sorry I've no experience of Wage Day Advance - perhaps someone else can advise

[tyson1501]

I was in a very similar position to you last summer - I found Payday Express difficult to deal with as they kept badgering me to make a full payment and they wouldn't accept lesser payments without my providing a complete breakdown of income and expenditure which legally I didn't have to provide, in they end they sent my account to Frederikson International who are very easy to deal with and they set up a payment plan over the phone and I pay using my card so they don't have my details. With regards to WageDay Advance, I had no problem with them setting up a repayment programme, I spoke with Hayley Dunn in the collections team, they did charge something like £25 to set up the payment plan but again gave me their bank details so I was in control of the payments.

Hope this helps but please let me know if you need any further help

[Tawnyowl]

I nearly posted on a old thread.

Oh well may as well.

For anyone in similar circumstances maybe this will help.

The Payday Loan Survival Guide by Mike Dailly-Govan Law Centre.

http://www.consumeractiongroup.co.uk/forum/showthread.php?396982-New-payday-loan-survival-guide-by-mike-dailly-govan-law-centre.

[Rider1974]

Hi Guys

 

I too had a shed load of payday loans and was lucky enough to pay them all off, would never touch one again with a very large barge pole...! easy to get into the spiral of debt with them but this is a great site to help people like you too get out of the trouble. Without this site i would have been up sh*t creek.

 

By the way has anybody else noticed some of the advertising on this website.........they are payday loans......!

[renegadeimp]

Adverts are based on what sites you view

[PDLVictim2]

Just a quick question, when you made arrangments with the lenders do they freeze your interest? I was in the same rut up until earlier this year and I wish that I had persued arrangements, I just backed down when they said no and now I am kicking myself wit the the amount of interest I paid over.

 

Like the others say on here, if you can avoid don't take out any more loans, I wish I had come across this site sooner, I have had many a sleepless night and been sick with worry when as soon as my wages went in there was nothing left month on month...

[renegadeimp]

OFT guidance states that the lender should consider stopping ALL interest and charges when a debtor has shown that they are in financial difficulty and accruance of interest etc will cause them further hardship.

 

PDL's try and state that it is only guidance and they are only required to consider it. WHat they fail to realise is that not following the guidance causes them to breach said guidance and the OFT considers it an unfair business practice that can put their credit licence in jeopardy. Thats why in another thread, one of CAG's site admins has stated that the lender must ALWAYS be reported. Both to the OFT and FOS. The FOS will charge the lender £550 per investigation which is considerably more than a lot of people owe.

 

See http://www.consumeractiongroup.co.uk/forum/showthread.php?399260-Feel-that-you-ve-been-treated-unfairly-by-your-Payday-loan-lender-COMPLAIN-TO-THE-FOS!!(2-Viewing)-nbsp for more info

[PDLVictim2]

Thanks for the response. I was just looking another thread earlier for someone that is persuing a complaint post paying off all their loans. I am thinking about doing the same. I have got to have paid at least £15k in interest it's at least worth contacting the FOS about and I think a precedent has to and will be set in favour of the consumer. I was lucky enough to be bailed out by a faily member but once I paid them all off I was literally hounded by them to take more loans out .I contacted them on many occasions when I found myself penniless but always presented with a brick wall and increased limits. If they were fair in their practices they would have given me some breathing space as opposed to lending me more money