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In a right pickle and worrying myself sick

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I have been in the vicious circle of payday loans for months and have just about managed to pay the interest every month but I've had enough so have decided to let the loans default. I owe £800 to Quickquid, £485 to Wonga, £400 to WDA, £200 to Cash Genie and £180 to Textloan (was £117 but have already defaulted). I could absolutely kick myself for getting in to this mess. Due to a recent attachment of earnings for council tax and increased outgoings for bills etc, I only have about £300 a month left to pay off these loans. I have switched bank accounts for my wage but unfortunately, didn't get it done in time for my payday tomorrow so I have phoned the bank and reported my debit card as stolen. I am in a right panic that they will still get at my money somehow tomorrow and I won't have anything left to pay bills and rent. I have cancelled the only direct debit with WDA but will my money be safe if I have cancelled my card? I am on medication for high blood pressure and all this worry is sending my blood pressure through the roof. My husband doesn't know anything about the mess I've gotten in to

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You need to set up a new bank account with either Halifax Easycash, Co-op or Post Office to ensure your income isn't raided next month.

 

If anyone does raid your account you need to invoke the chargeback system, explain that you had previously informed your creditors of this and it is your right to use chargeback, mention fraud if necessary.

 

Email each company and tell them you need to go into a temporary short term arrangemt of £10 for the next couple of months whilst you get sorted out, they will huff and puff but there is little anyone can really do at this early stage.

 

Have you done a proper income and exependiture form, because you need to have money for rent, bills etc, and have you checked on

 

http://www.entitledto.com to see if you can claim any benefits or council tax reduction etc... you may be surprised.

 

If anyone gets nasty complain to

 

http://www.consumerdirect.gov.uk

http://www.tradingstandards.gov.uk

 

Both organisations (Consumerdirect handle complaints for the Office of Fair Trading) are doing indepth investigations into this murky market.

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Hi Sillygirl

 

I've already informed payroll at work that I am changing banks but they couldn't do it in time for this month's wage. I can't claim benefits as myself and my husband work full time. I will do an I&E now.

 

Thanks for your advice

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Check the website anyway, I know somebody who was earning, their partner was earning and they were able to claim tax credits and some other benefits... if you dont check you can't find out just by asking. It is a free site, doesn't store information but would give you a bit more knowledge of what is available.

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Hi

Although your bank will say they cannot stop these payments, they are wrong. If you can get to your bank, it would be easier as you can do this in writing. Otherwise ring them up and tell them not to pay whichever company you don't want paying.

Have a read of this

http://www.consumeractiongroup.co.uk/forum/content.php?850-Continuous-Payment-Authorities-How-to-stop-them


If you are asked to deal with any matter via private message, PLEASE report it.

Everything I say is opinion only. If you are unsure on any comment made, you should see a qualified solicitor

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Well D day (default day) has arrived and my wage is unscathed. Although I had cancelled my card a few days ago, I was worried sick that the loan companies were going to somehow wipe out my bank account and I wouldn't be able to pay my bills and rent. I now need to compose letters offering a payment plan and I'm not quite sure where to start and would appreciate some guidance.

 

Many thanks

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If you have a look in the library (top left) there are quite a few letters to help you get started


If you are asked to deal with any matter via private message, PLEASE report it.

Everything I say is opinion only. If you are unsure on any comment made, you should see a qualified solicitor

Please help CAG. Order this ebook. Now available on Amazon. Please click HERE

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Hi

One problem I had with WDA was that they kept resetting the DD. Eventually in one of my many emails I did inform them that they should not set up any more direct debits. To give them heir due, no more have been set up

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