Multiple Pay Day Loans Hell

[Bombaymix]

Sorry - also, to add. I think you need to forget about the money they've had from you so far in extension/rollover charges and concentrate purely on original loan amount plus one months interest. I'd be asking for massive refunds from a few of the company's if I was to take into account how much they've creamed off me over the years.

 

Regards

 

BM

[ataloss]

Ok. Thanks. So if I have understood this correctly, I contact all the PDL companies and tell them im in financial trouble. Then tell them that I will pay them back the outstanding loan, and interest as it stands now? This is despite me already having paid them back the original loan amount several times over.... thats ok with me. I just want rid of this burden.

 

So I tell them all I will pay you x amount each month until the debt is cleared? What do I do, or what recourse do I have if they get nasty when I try to tell them this?

 

Look at he pdf document on the Financial Ombudsman Service website. It covers irresponsible lending: there is a section on causing financial hardship and targeting people with crdit products that are clearly unsuitable for them. I Hit QQ with it and they removed charges, and interest. FOS will be in receipt of the case file that I sent them today. If you involve a third party to act on your behalf everythjing has to be put on hold for 28 days too. Contact Council Tax Recovery fro rep[ayment. They will accept £3 a week, or they did the last time I contacted them. I used to work for a debt management charity.

[sillygirl1]

I completely disagree about the council tax, that is a PRIORITY debt and you CANNOT negotiate with them if you are in arrears as their preferred method of collection is via an atachment of earnings once you are not making any payment.

 

If you have lost your job through redundancy check http://www.entitledto.com as you may be eligible for Council Tax and Housing Benefit, these are separate to JSA payments and you can be eligible for CT/HB long before you might be eligible for JSA.

 

Don't take short cuts with priority bills to repay payday loans otherwise you will be in even bigger trouble.

[ataloss]

I completely disagree about the council tax, that is a PRIORITY debt and you CANNOT negotiate with them if you are in arrears as their preferred method of collection is via an atachment of earnings once you are not making any payment.

 

If you have lost your job through redundancy check www.entitledto.com as you may be eligible for Council Tax and Housing Benefit, these are separate to JSA payments and you can be eligible for CT/HB long before you might be eligible for JSA.

 

Don't take short cuts with priority bills to repay payday loans otherwise you will be in even bigger trouble.

Allow me to elaborate: when council tax recovery are contacted they will require a financial statement regarding incomings and outgoings, but they will accept payments whilst that is being provided. As you rightly point out it is a priority debt, but they are usually far more compassionate than secondary creditors. HB and council tax benefit can be applied for and require 3 months of bank statements before they can process a claim. Once a claim has gone in, council tax recovery can be informed and they will put further action on hold, but it is still going to go in favour of the person in arrears if they maintain current monthly liability and offer to pay an amount off the arrears.

Edited January 5, 2012 by ataloss
Spelling mistake

[ataloss]

I completely disagree about the council tax, that is a PRIORITY debt and you CANNOT negotiate with them if you are in arrears as their preferred method of collection is via an atachment of earnings once you are not making any payment.

 

If you have lost your job through redundancy check www.entitledto.com as you may be eligible for Council Tax and Housing Benefit, these are separate to JSA payments and you can be eligible for CT/HB long before you might be eligible for JSA.

 

Don't take short cuts with priority bills to repay payday loans otherwise you will be in even bigger trouble.

Allow me to elaborate: when council tax recovery are contacted they will require a financial statement regarding incomings and outgoings, but they will accept payments whilst that is being provided. As you rightly point out it is a priority debt, but they are usually far more compassionate than secondary creditors. HB and council tax benefit can be applied for and require 3 months of bank statements before they can process a claim. Once a claim has gone in, council tax recovery can be informed and they will put further action on hold, but it is still going to go in favour of the person in arrears if they maintain current monthly liability and offer to pay an amount off the arrears.

[debzmarl]

i am new to this forum and i am in such a financial mess with pay day loans i have taken out and tried to pay interest only for the last

7 months and borrowed more and now cant cope, and will not have money for rent at this rate, what i need to know if i cancel my debit card,

the companies still have my sort code and bank account no and work details, i want to pay the original loans plus the 1st months interest,

will they still be able to take money from my account if i am issed with a new bank card or do you suggest i close my bank account and open a new one thanks for all the help i realise i am not alone

[lbeth]

Hello.........close yr account and open a new one with a differant bank,no point cancelling cards etc they will still be able to get their hands on yr money!!am currently going through the same thing as you,i opened a new account,and have e mailed all payday companies asking for payment plans,some replied and some havent but u have to be persistant and just keep on at them!!

[ataloss]

i am new to this forum and i am in such a financial mess with pay day loans i have taken out and tried to pay interest only for the last

7 months and borrowed more and now cant cope, and will not have money for rent at this rate, what i need to know if i cancel my debit card,

the companies still have my sort code and bank account no and work details, i want to pay the original loans plus the 1st months interest,

will they still be able to take money from my account if i am issed with a new bank card or do you suggest i close my bank account and open a new one thanks for all the help i realise i am not alone

 

Notify the payday loans companies that your bank account is closed. Do it sooner rather than later, and do it by email. Keep all emails in a folder so you have proof. Provided you notify them that bank account closed before a payment is due, you then have the right to refuse to accept any charges for a failed DD. Ask in the email for alternative payment options and a payment plan so that they don't think that you are just trying to get out of paying.

Edited January 21, 2012 by ataloss
spelling

[rebel11]

Hi rich

 

From monday 8th Jan I believe that a Credit Union might be able to help you.

 

http://www.itv.com/daybreak/money/ph...islation-2012/

 

http://www.abcul.org/credit-unions/b...a-credit-union

 

http://www.abcul.org/media-and-research/news/view/193

 

Finding a Credit Union :- http://www.findyourcreditunion.c o.uk/home