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  • #1

    Pay Day Loans and CC's

    Hey,

    I'm new to the forum - appologise if this is posted in the wrong section.

    I'm in full time work - and earn a reasonable wage, however over 18 months ago I made the dire mistake of taking out a Pay Day Loan.

    It started off as like £80. Let me tell you, it has escallated like a wild fire.

    I added a little more, and a little more each month - and before I knew it I had taken out loans with 3 seperate lenders, using each to pay the other!

    Then I took out 2 credit cards (One at £200 and the other at £500)

    I managed to juggle everything (somewhat clumsily) up until the last 6 months where things started to get ridiculous.

    Here's the deal (Not sure about rules on naming companies so I'll star some of the letters out)

    Quic* Qui* = £957
    Won*a = £1,300
    Capi** on* = £200
    Vanq** = £500
    Wag* da* advan** = £400

    For the last 4 months I have simply ceased to all bar the Wag* da* advanc** one. I reported my card lost/stolen. Foolish but I was getting myself in deeper.

    I've today received a letter from CFS - (Cougar Financial Services) it's on a TNT Post Marked letter - with bright yellow on the back stating "I confirm that I will be calling on Wednesday between 9:00am - 9:00pm" In type font.

    I suspect this is from Capi** on* as I've had a couple of letters over missed payments.

    I'm at a cross roads - I'm not too sure what to do for the best. I don't want the bailiffs knocking on my door, however am worried that if I bury my head in the sand it'll happen.

    The Quic* Qui* one isn't at my current address, I took it out before I moved property, however all of the others tie in to my current home.

    It's madness, you see so many stories about people and you think "How can the debts get so bad" and before you know it - it's happened to you! Feels like it's happened over night.

    I'm calling on you guys for support, advice and some comfort

    Appreciate you taking the time to read this.

    Regards

    Wayne
    Tags: account, accounts, agencies, arrangement, bailiffs, bank, calling, cap, ccj, con, cougar financial services, credit, credit cards, dca, dca's, debt, help, letters, loan, loans, lost, master, misleading, pay, pay day, pay day loans, payday, payday loan, pdl, phone, security, stolen, support, template, templates
  • #2
    Re: Pay Day Loans and CC's

    Just to add to what Flowerpower has said, the letters that dcas (debt collecting agencies) send saying they are calling are deliberately misleading.
    When you receive one, you automatically assume that they are going to come knocking at your door BUT 'calling on Wednesday etc' can mean that they are going to phone you.

    If they phone you, fail security or just hang up. On no account should you be talking to them, everything should be in writing.

    Don't worry, you'll get plenty of help and support on this forum
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    • #3
      Re: Pay Day Loans and CC's

      Hi
      From someone who is a master of the payday loan spiral
      As flowerpower said, reporting your card lost or stolen was a good move. Have you moved bank accounts?
      If not you need to write to your bank cancelling continuous payment authority for each of the PDL's Use the details that show on your bank statement

      Next in my opinion you have a decision to make, do you want to keep the credit cards or ditch everything?

      If you want to keep them, you need to catch up your minimum payments and get them back in line.

      The template letters are good, depending on your circumstances you may decide to use them or you may decide to come to your own arrangement.

      If it was me, I would get my credit cards back if I could and make a repayment offer to the PDL's of whatever you can reasonable afford...even if thats only £1 per month.
      Look at it this way, whatever you do, your credit rating will be damaged, in fact I am guessing it probably is or you wouldn't have had to apply for a Cap1 and Vanquis CC.
      So the worst that can happen (highly unlikely ) is that the PDL's go for a CCJ. If so you can just fill in the income and expenses form, people on here can advise as to what is allowable expenses and make an offer
      The DCA's will try to bully you, threaten you, tell you how damaging a CCJ could be..there is help here , letter templates etc etc.

      This is only my opinion, some may say ditch all your debt , but I think if you can manage it a CC is a useful thing to have

      Oh and believe me, this really is a non judgemental site. I say that from personal experience

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