Payday loan trouble

[morphster]

Hi Guys. Newbie here. I've got myself into a little bit of bother with payday loans. Borrowing money from Peter to pay Paul and now I'm stuck with outstanding amounts that will leave my bank balance empty once my paycheck comes in in 3 weeks time. I'm in the process of compiling all my creditors together to work out exactly what I owe but what can I do to prevent them taking the full amount which is made up of ridiculous interest charges. Yes my own fault but when you've kids to feed and a roof to keep over your head you'll do anything to ensure it happens. Any advice would be appreciated.

[maroondevo52]

Hello and Welcome morphster,

 

I'll see if I can get you some help.

 

Regards,

 

Scott.

[Tawnyowl]

Hi Morhster.

Have a look at this.Any questions just shout.

 

New 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.

 

Quote--Morphster

Yes my own fault but when you've kids to feed and a roof to keep over your head you'll do anything to ensure it happens. Any advice would be appreciated. End Quote.

 

Many have been in your situation.Try not to worry to much.We will help you through this.

Say two weeks at the most to sort this problem out.

To secure your bank account etc.

Listen to the info in there on Continuous Payment Authority as well.Or CPAs as we know them.

Listen hard,you will have to cancel this.Which should be straight forward.

 

Edited September 17, 2013 by tawnyowl

[renegadeimp]

Hiya. Could you give some more info on your pdl debts please.

 

Your issue is a simple one to sort out, but id like to know which pdls you loaned from so I have a rough idea on what to say to them.

[lee79]

I've been there too. I can't really offer any advice other than listen to these guys (they've guided me well through PDL problems) and make sure you cancel the CPA's with your bank. It's your money, you need to secure it.

 

Most of all, you're in control, not them.

[morphster]

Hi there, I've got PDL's with the following:

 

• Mr Lender
  
• Quickquid
  
• Wonga
  

 

Hope this helps and i await your response

[Tawnyowl]

Hi morphster.

Say 2 weeks to sort out-time to get moving.

Cancel the CPAs do you know how to.

Then send budget and letter to them

 

1-- http://www.nationaldebtline.co.uk/en...dget-sheet.pdf

 

 

2-

Ask your creditors to accept a token payment or no payment on your debts

 

1 High Street,

Newtown,

Kent

R21 4RH

 

June 28, 2006

The Loan Company

Company House,

Church Street,

Newtown,

Kent,

R1 7HG

 

Dear Sir/Madam

 

Re Account No/Reference No:− 4563210025897412

 

Since making that above agreement with you, my circumstances have changed.

 

I cannot now afford to agreed monthly payments because ... [your paragraph added here]

 

I enclose a Personal Budget sheet which shows my total income from all sources, and the total outgoings of my household. As you can see i have no money left to make offers of payment to my creditors.

 

In view of my circumstances, would you please accept a token payment of £(your figure) per month at present to be reviewed in 2 months. If interest or other charges are being added to the account, i would be grateful if you would freeze these so my debt does not increase.

 

Should my circumstances improve i will contact you again.

 

Thank you for your assistance. I look forward to hearing from you as soon as possible.

 

Yours faithfully

Mr A N Other

 

If you go down this route,if the payday loans company will not accept your payment there are others we can send.

Cancel the CPA(continuous payment authority) and then send the letter.

Do you know now how to cancel a CPA.-just checking.

 

As i do not trust payday lenders this could be the best thing to do.

Till sorted out.Otherwise as you say your bank account will be hoovered out.

And perhaps end up owing next months wage as well.

You must feed the kids and keep the roof over your head.

Cancel the CPAs.

Then you will be back in control.

Tawnyowl.

Edited September 21, 2013 by tawnyowl