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Hi guys I’m new here!

 

Like many others on here I have a few issues with payday loan companies. I keep having to get new loans to cover expenses and pay of others payday loans. Not good! Let me explain.

 

About 3 years ago I took out my first payday loan with Wonga and that spiralled out of control because I took out another payday loan when I ran out of funds so effectively I was taking out loans to pay Wonga back then taking out another Wonga loan to pay the other loan back. Eventually this lead to being indebted with 4 payday loans being on my back:

 

Wonga – 707

QuickQuid – 750

PaydayUK - 450

Toothfairy – 544

 

Wonga, QuickQuid and PaydayUK have been literally amazing with me sorting out my problem and have agreed to payments of £88, £40 and £68 (respectively) until the debt is cleared :-)

 

I kept having to use Toothfairy for monthly expenses and to pay Wonga, QuickQuid and PaydayUK back which isn’t good because I have read they simply won’t agree to repayment plans. Anyways, recently I tried taking out a Toothfairy loan (who ive used for over a year) and they wouldn’t let me so I tried SpeedCredit (same company I believe) and they let me.

 

I currently have keep taking out £300 loans with them and this results in pay back £444 a month.

 

Stupidly last month I took out yet another payday loan from Payday Express to cover more expenses and this has led back to this situation of taking out one loan to cover another and it’s quickly spiralling out of control.

 

I am only £560 a month and have around 180 expenses every month, plus wonga, quickquid and payday uk so thats £556.

 

When I am paid next month this is how itll work

 

560 - 444 from speedcredit = 116

116 + 300 from speedcredit = 416

416 – 348 from payday express = 68

68 + 270 from payday express = 338

 

So now I have all my repayment plans to pay back and my expenses which doesn’t add up.

 

I have not asked speedcredit or payday express for a repayment plan because I fear that if I do they won’t accept me for another loan and therefore cannot afford my other repayment plans.

 

This is beginning to causea little stress.

 

Does anyone have any suggestion or ideas?

 

Thank you so much for reading!

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First thing to do is secure your bank account. This means cancelling your debit card and any CPA's on the account that relate to the PDL's. Possibly consider getting another account for your day to day money.

 

Once you have done this, default on every PDL account and ask them to consider a repayment plan based on YOUR income and outgoings. NOT whatever amount they try and say.

 

They will start harassing you and threatening you, but thats all they can legally do. Some might try to tak you to court, but a simple defence can soon get rid of them.

 

The reason i say to secure your money is because as soon as PDL's get even the slightest hint you are trying to default, they will ( unlawfully) try and strip your bank account clean. We have a LOT of posters here to prove that along with letters from the banks and PDL's to back it up.


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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Thank you very much for your response, ill cancel my card tomorrow.

 

Is it worth getting a new account and having my wages paid into there?

 

Thanks

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It's a good idea yes, as its another safeguard. Just make sure to use a different banking group than the one you are with now.


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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Guest Radgie

You need default with those other payday loans or you'll just get further into a mess with them.

 

Payday Express will be a pain at the start with their strict criteria crap but dont give in and stick to ya guns.

 

I had to make a formal complaint before they accepted my repayment plan and wiped extra interest/charges.

 

No idea what speedcredit are like.

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No idea what speedcredit are like... Check their forums on here. They are the worst of the worst. I cant say more than that because it could get this site into trouble.


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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Guest Radgie

I'll check em out

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Hi guys, thanks or your responses.

 

I was in extreme stress last night regarding these loans and i felt emotionally and physically drained.

 

No one knew about my payday loans and i knew the only thing i could accept is to get further in debt.

 

As a result, i rang my dad and explained my situation. He understood my situation and told me not to worry.

 

He was annoyed that i didn't tell him much earlier.

 

He very kindly paid all the loans off in full today which we worked out to be £2400.

 

I'm now payday loan free!

 

Thanks once again.

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Make sure you get confirmation in writing that they are clear. Also, did you contest any of the debts, as there might have been unlawful charges and interest on them.

 

However, its brilliant to see that you are clear of them now. Just make sure you get the confirmation fromt hem and keep hold of it. Also, you must keep an eye on the method of payment used to pay the debts, as a couple of those PDL's have been known to use them months down the line or pass them to other PDL's. Wonga seem to have been doing this a lot lately.


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.

 

Ill get in touch with them now and request an invoice of some sort. Some have sent me emails to confirm i have paid so i shall keep them.

 

Ill tell me dad to keep an eye on his statements.

 

Cheers :)

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Guest Radgie

Good stuff!

 

Take it as a lesson learnt and never take out another payday loan again ;)

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Good stuff!

 

Take it as a lesson learnt and never take out another payday loan again ;)

 

Yep! I certainly wont be taking out a loan again.

 

I also think that alot of younger people like me (22) who have got themselves into a dire situation with payday loans should find the courage to speak to family about their debts.

 

Just after i posted my first post on here on Thursday night, i almost broke down. I found the courage to ring my father who as understanding and agree to pay them off for me. He was upset that i had been going through this situation for so long whilst trying to hide it from him.

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Hi there, just got a quick question.

 

Now that my loans are all paid off in full, is there anything else i should do with regards to my bank account? As all these loans companies still have my current details.

 

Thanks.

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yep. Dont use it. We have had a lot of reports lately that some PDL's are debiting bank accounts months later, or even when no loan was ever applied for. Quick Quid and wonga are 2 of the most well known culprits.


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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So just get it cancelled and order a new one with a different bank?

 

Thanks

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Make sure its a different banking group, RBS for example have been known to allow creditors to access other accounts you hold with them to get at the money.


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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