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Trapped in payday loan rollover hell!!!!!!


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Hi All

 

I have never used one of these forums before so please bear with me. I have managed to get myself trapped with 5 payday loans - Wonga, Quickquid, Mr Lender, 1Month Loan & Payday Express. My husband lost his job earlier this year and as a "temporary" measure we stupidly took out these loans to make sure all of our priority outgoings were covered, ie. rent, council tax etc. It has got the the stage where I am rolling over each loan which is costing over £700 per month and leaving us very little to live on. All in all I think the amount of debt is around £3000 :!:

 

My credit score has improved slightly since it was very poor last year but it is still not high enough for me to take out a personal loan. I am worried sick at the amount of money we are paying out, especially as we are not actually reducing the debt, just prolonging it.

 

Is anyone else in this situation or has anyone managed to overcome it? I would REALLY appreciate any advice you could give me to escape this payday trap. I am aware that I have been overwhelming stupid in taking out these loans in the first place so please don't criticize me too harshly! I have learned my lesson and hopefully if I can ever get out of this position I will NEVER touch a single payday loan with a barge pole.

 

Any advice/help/suggestions would be greatly appreciated

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Hi and welcome

 

If you have 'Continuous Payment Authorities' set up with the PayDay companies, this gives them access to your account so you will need to rescind that permission. You don't have to tell the PDL, just your bank (IN WRITING)

 

In the library are some template letters to help you get started with the letters to each company explaining your circumstances and asking them to stop charges and interest.

DO NOT engage in any phone conversation with them as they will say one thing and mean another.

 

Remember, these debts are NOT a priority so they go to the bottom of the pile. If all you can afford after taking your ESSENTIAL expenses off is a pound a month, that is all you offer.

 

I did read that the PDL co's are trying to be more pro-active but the proof is in the pudding (so they say)

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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I've always wondered why people rollover the PDL loans and create more difficulties. Surely its easier to let the loan default and negotiate afterwards, then give in to the PDL's extortionate fees.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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I've always wondered why people rollover the PDL loans and create more difficulties. Surely its easier to let the loan default and negotiate afterwards, then give in to the PDL's extortionate fees.

 

Lack of knowledge that CAG brings. Simples :-)

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 Guys thank you so much for responding. Can I ask, what is CAG?

 

Also, I have been trying to repair my credit rating which is why I haven't defaulted yet but it has now got to the point where I will probably have to.

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CAG is the abbreviation for this entire website.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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CAG = Consumer Action Group (you will soon get used to the acronyms)

 

Your credit file is the least thing to worry about. You won't be wanting credit again for a while, will you!!

 

There are other options open to you. You may be able to go with a debt management company (CCCS or Payplan) Do not go with a fee charging one as they are a waste of time (and money)

Dependent on your income, a Debt Relief Order (DRO)could be useful or an Individual Voluntary Arrangement (IVA) may help.

 

If you are not sure which way to go, give National Debtline a ring. They are non-judgemental (just like CAG) and quite helpful

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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Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Share on other sites

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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I have been very lucky to have been in debt long before pay day companies raised their ugly heads so never needed them but if you look around the payday forum you will be able to read what others have done.

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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Slow and steady, dont bow to pressure from a creditor, but most of all, KNOW YOUR RIGHTS.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Thanks guys. I actually feel I whole lot better knowing I am not the only one struggling. I have been worring myself sick for ages. I know it's my own fault for getting into this situation but when I have looked at these ridiculous interest rates these pdl companies charge it's unbelievable! I hope one day they are banned!

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Thanks guys. I actually feel I whole lot better knowing I am not the only one struggling. I have been worring myself sick for ages. I know it's my own fault for getting into this situation but when I have looked at these ridiculous interest rates these pdl companies charge it's unbelievable! I hope one day they are banned!

 

Everyone on this site has been in debt at some time or another. The reason this site exists is so people can be educated to their legal rights and to share their experiences, so others can benefit from them.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Well I will keep you posted on my progress once I decide what to do. Sorry if my naivity is annoying! It's just that I have never used these forums before and feel I bit lost.

 

No need to worry or apologise. If you are having a hard time with something, just ask.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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