Help with payday loans

[Musashi10]

Hi, I recently lost my job and foolishly took out payday loans to fill the gap and pay bills and other debts They are now due for payment next week and I don't have the funds to pay them back. I have literally gone out of my mind with worry about what to do and feel I have been very foolish.

I really don't know what I can do now or if there is a way out for me. Any help would be appreciated

Amounts taken out £900 quick quid £500 payday express £450 paydayuk

[Guest]

Re: Help with payday loans

Sorry you have had no replies to this so far.

Are these your only debts.
Are they all due on the same day, if so what day next week, have you given card details to all three from the same account, do you have all your incoming paid into the same account.
Do you have another account you could either transfer your incoming and balance to or use to pay the loans out of.

The plan should be to arrange to stop all possible card transfers until a payment arrangement is in operation, do not contact them until this is done.

Contact them with an offer of pro rata payments to the value of sums due under the individual contracts only.

Do not agree to roll over the debts, do not be swayed by threats of default markers or charges, you will probably get a marker anyway and you will not have to pay any default charges no matter what they say.

If you can answer these questions i will get back to you later.
D

[Musashi10]

Re: Help with payday loans

Hi thanks, I have some credit card debts which are just about manageable and the ones I spoke to where sympathetic and said they would give me a short period of grace or set up a plan if I needed too.

I'm going to get a new basic account set up tomorrow which I hope is not too late.

One is due on 1st aug and the other 2 on the8th.

The payday express one I didn't even have to sign and didn't get a copy of the contract.

Should I contact them before I default?

And how much should I offer? At the moment I'm unemployed but hope to find work soon.

Thank you for your help, I can't believe how stupid I have been

[Guest]

Re: Help with payday loans

HI
Just for information.
Did they know you were out of work when they granted the loans?

Do you get your benefits paid into the same account that they have access to via your debit card details?

You realize that if you do nothing but tell them that you are having problems they will raid your account and take whatever is in there.
So you first action must be to secure the money you need to survive on and pay your essential bills.

Then don examine your income and expenditure and see if you have any disposable income.

Next calculate how much you owe on each loan, just the loan amount and one months interest if that is what was agreed.. Forget about default charges.

D

[Musashi10]

Re: Help with payday loans

Hi

I had accounts with these companies previously.

Quick quid And paydayuk I only had to ask how much I wanted they didn't ask again for employment details or check any details. Payday express did ask and I said yes but they didn't ask me to sign anything just tick a box to confirm

I will be getting jse from next week so hopefully have a new account by then. I have some disposable income and don't know whether I should pay most of this to credi cards to keep them up to date or give it to the pdl people.

I hope there is some light at the end of this very dark tunnel and I learn my lesson. I have borrowed very irresponsibly. I take the blame for this, but I do also believe that to some extent they have lent irresponsibly too.

I hope other people read this and don't do what I have done

[Guest]

Re: Help with payday loans

Yes we all do daft stuff when we are desperate, that is how these vultures make a living.

If it were me I wold keep my credit cards active, but you have to be prepared for the bombardment of threats and nonsense they will undoubtedly send your way.

You can contact your bank and instruct them not to honor the repeat request payments from the companies, they have to comply under the payment regulations, if it were me though i would make double sure, and not have any money in there that they could grab anyway.
Good luck
D

[Musashi10]

Re: Help with payday loans

Thank you very much. I will do that.

Should I contact the pdl people as soon as I have a new account and make them some sort of offer?

[Musashi10]

Re: Help with payday loans

What I'm most worried about is getting a ccj which I have avoided so far. Because I'm out of work I can't offer them anything that I could imagine would be acceptable until I find work

[Guest]

Re: Help with payday loans

In that case i would make them an offer of repayment, calculte any surplus you have no matter how little and contact each with a pro rata offer includig details of the other payees. Tell them that this is a temporay arrangemnt brought on by your change of sircumstance and you will be able to increase the repayment when you get a new job.

This is why you need to have the figure you owe ready,do not let them talk you into rolling over the loan whatever you do you will just end up in a worse state a month down the line.

If you offer all you can afford they would be stupid to take you to court, of course they will threaten, they do not care that you have to eat and pay your rent.

Anyway ring them up and tell them the situation, but as i say make sure your money is safe first.

D

[Musashi10]

Re: Help with payday loans

Thanks. Does it matter that my situation hasn't changed? I was unemployed when I took out the loans

[Guest]

Re: Help with payday loans

Strangely it may, perhaps you would be better leaving the bit out about your change in circumstances, just mention that you are out of work, if they ask why you didn't mention it when you took the loan out just say that you were not asked.

They have a duty to ensure that a prospective debtor is capable of repaying a loan under guidelines, it would not look good to a judge that they had failed to check this out before issuing the loan.

Tell them you need details of how to make your regular payments, they will say that they need debit card details because it is the only way that there system operates, it is an old story unfortunately.

You will have to negotiate a mans of payment, they are all different in how they eventually cave in, however you must not give them access to your main account
D

[Musashi10]

Re: Help with payday loans

Thanks Dave.

I,m guessing there is no point ccaing these people and just try and set up a payment plan ASAP?

[Guest]

Re: Help with payday loans

There is no point i CCA ing these people as you say, if the agreements were taken out on line they can just print one of even if they weren't they could send anything or just refer you to their website, at the end of the day they are not looking to enforce anyway so the unenforceable aspect of the request would be beside the point.

Yes you are trying to set up a repayment plan. You could go through one of the free DMP companies, payplan CCCS or the self managed variety, but usually the require a full list of creditors and debts in order to give a holistic plan, and i have the feeling that this is not what is required here(correct me if i am wrong)

D

[Musashi10]

Re: Help with payday loans

There is no point i CCA ing these people as you say, if the agreements were taken out on line they can just print one of even if they weren't they could send anything or just refer you to their website, at the end of the day they are not looking to enforce anyway so the unenforceable aspect of the request would be beside the point.

Yes you are trying to set up a repayment plan. You could go through one of the free DMP companies, payplan CCCS or the self managed variety, but usually the require a full list of creditors and debts in order to give a holistic plan, and i have the feeling that this is not what is required here(correct me if i am wrong)

D

Yes you are right. If I can get a payment plan in place for the pdl then my credit cards are manageable, and I think dmps from cccs require you to bem in employment.

My real worry is that I will not be able to agree a payment plan that I can afford either now or when I,m in employment unless they can do one that spans for about a year. Just don't see a way out of this mess at the moment

[Musashi10]

Re: Help with payday loans

I also want to ask if it is likely that they will come to my house to ask for the loan? I ask this because a self proclaimed pdl specialist told me that they probably would