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  • #1

    Payday loans trouble

    Hi all

    I have managed to get myself into a sticky situation with payday loans. My partner was on unpaid maternity leave and i took one out with Lending Stream to help cover bills. I couldn't afford the repayments and now have two further loans from Sunny and Payday UK to go with 3 from Lending Stream.

    Up to now I have been making the payments but it's got to the point where i can't keep this vicious cycle of borrowing more to pay them back up anymore.

    I owe over £1,000 to Lending Stream, £850 to Sunny and £900 to Payday UK. The payments are due next week and i can't afford to pay one let alone all three.

    Any advice would be greatly appreciated, thanks.
    Tags: accounts, act, action, advice, bank, bills, borrowing, cancelled, card, con, cpa, date, debit, debit card, debt, fca, finances, interest, lending, loans, lost, money, pay, payday, payday loans, payday uk, payments, pdl, phone, questions, repayments, state, stolen
  • #2
    Re: Payday loans trouble

    I'll flag this up to one of our Mods who takes an interest in these companies

    Have you got DDs set up for these, ie are they going to try to take the money automatically on it's due date?

    I would cancel those now. For whatever you do, you obviously can't pay them

    Comment

    • #3
      Re: Payday loans trouble

      Thanks. The payments are set up to be paid from my debit card automatically so I'm not sure how to cancel them.

      Comment

      • #4
        Re: Payday loans trouble

        Please don't think you are being ignored if a reply is not immediate, it is the festive season and we are only human ,

        I agree with Mrs D, you need to cancel your payments for these accounts as you will only go deeper into the mire. you have made the first step by joining AAD and we welcome you on board. now lets see how we can work with you to get you back in control of your finances.
        any questions, how ever silly they may seem, ask them, we aim to help. NW
        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

        Comment

        • #5
          Re: Payday loans trouble

          I think you need to contact your bank to cancel them, they shouldn't take money if it is going to plunge you into debt but they do this anyway, When are the payments due?

          Comment

          • #6
            Re: Payday loans trouble

            Originally posted by myownsummer View Post
            Thanks. The payments are set up to be paid from my debit card automatically so I'm not sure how to cancel them.
            I believe you need to phone your bank and tell them you want to cancel the payments.
            or tell them you have lost the card and want it canceled (if you can manage without it till a new one turns up)
            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

            Comment

            • #7
              Re: Payday loans trouble

              Best way is to cancel the card = end of auto payments, inform bank lost card, prior to this take out immediate cash needs, the bank should get new one to you within a week +/-. just a suggestion as I did a year or so ago, but must cancel the said card to stop payments out. any other genuine payments i.e priority accounts then inform them of new card details when received//

              Ring the Bank soonest
              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

              Comment

              • #8
                Re: Payday loans trouble

                Originally posted by myownsummer View Post
                Hi all

                I have managed to get myself into a sticky situation with payday loans. My partner was on unpaid maternity leave and i took one out with Lending Stream to help cover bills. I couldn't afford the repayments and now have two further loans from Sunny and Payday UK to go with 3 from Lending Stream.

                Up to now I have been making the payments but it's got to the point where i can't keep this vicious cycle of borrowing more to pay them back up anymore.

                I owe over £1,000 to Lending Stream, £850 to Sunny and £900 to Payday UK. The payments are due next week and i can't afford to pay one let alone all three.

                Any advice would be greatly appreciated, thanks.
                Hi and welcome to AAD!

                Which day are the payments due next week?

                I am assuming that you have set up a continuous payment authority on your debit card so you have to take immediate action to ensure you have enough money to see you through the month and you're not paying the payday loan companies.

                You have 2 choices:

                1) Cancel the CPA - you need to inform your bank that you want to cancel the CPA for each of these companies

                2) Report your card lost/stolen - this will prevent the transactions from taking place

                I used to be a huge advocate of #2, however, I have seen instances of payments being honoured anyway, and it creates hassle for you while waiting for a new card. If you call your bank and ask them to cancel the CPA for each of Lendingstream, PaydayUK, and Sunny PDL companies, and then ensure that you have the name of person you spoke to. If you can, record the conversation so that you have a record of it.

                If a payment is then taken, and you have cancelled the CPA with the bank, then the payments are classed as unauthorized, and you should be fully refunded. Don't be fobbed off by the bank on this if they try to state that you cannot cancel the payments. Have a look here for further info:

                http://www.fca.org.uk/news/continuou...ight-to-cancel

                Once you've done that, ideally, if you can, set up a new account, with a new bank, and move all your cash into this account to protect yourself. That way, even if the CPA is taken, you'll still have money to pay your bills etc.

                This is the emergency action you need to do first thing tomorrow to ensure that payments aren't taken next week. Once you've done that then we can help you with the payday loan companies - see my next post.

                Best
                SnV
                "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

                The consumer is that sleeping giant.!!


                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                Comment

                • #9
                  Re: Payday loans trouble

                  Hi Again

                  Ok so once you've dealt with the immediate problem of sorting out the continuous payment authority we can now start dealing with the payday loan companies. Its helpful to get an understanding of the status of each account so if you could provide the following information it would be really helpful as depending on your answers there are several routes you can go down. I know its probably intimidating to start with but don't worry we have helped many people sort out payday loan situations.

                  Could you provide the following for each of the three loans please:

                  • Date loan taken out
                  • Date a payment was last made
                  • Status (i.e. have you discussed a payment arrangement)?
                  • Did you have to fill out an application form and do you have a copy?
                  • Were you given any pre-contact information or fact sheet so you could assess the affordability of the loan that was being offered to you?
                  • Were you given a credit agreement and if so do you have a copy?
                  • Did you at any time 'roll over' any of the loans (or did you 'reloan') and if so how many times?
                  • If you did roll over or reloan were you provided new pre-contract information and new credit agreement each time and if so do you have a copy?
                  • Did you receive any arrears notice/letter also containing information on where you can go to get advice on your debts?
                  • Have you received any sort of default or termination notice to your POSTAL address?
                  • When was the last time you sent any correspondence to them (either by email or post)?



                  Some further information also would be helpful:


                  • Have you kept copies of any of the correspondence that you have with them?
                  • Do you own your own home (or mortgaged) or are you renting?


                  Finally, most important thing, and easier said than done, but don't let this stress you out from now on. Payday loan debt is the LAST thing you should be worrying about.

                  Best
                  SnV
                  "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."

                  The consumer is that sleeping giant.!!


                  I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                  If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                  Comment

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