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  • #1

    Creating a new thread for Payday Loan debt

    Hi All

    Payday loans are simple, but confusing, products as they were not something that those drawing up the Consumer Credit Act really thought about. Changes were brought about by the FCA in January 2015 that sought to address that. Consequently, the ways to combat PDL debt can vary depending on circumstances, when they were taken out etc.

    To help understand which approach to take, when creating a new thread for a Payday Loan problem, it would be helpful to provide the following information for EACH individual loan:

    • Date loan taken out
    • Amount of loan
    • Amount paid to date
    • 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 Risk Warning at any point during the application process (ie. told something along the lines of 'make sure this product is right for you'
    • Were you given a credit agreement and if so do you have a copy?
    • Did you at any time 'roll over' (or did you 'reloan') and if so how many times?
    • When was the last time you sent any correspondence to them (either by email or post) and have you kept copies of any of the correspondence that you have with them?



    Its a lot of information but please don't be put off by that, take a couple of days if you need to. What we're looking to do is establish if creditors have followed the Lending Code, and also have provided the information to you they are required under the consumer credit act.

    Once we've got an understanding of the circumstances of each loan, then we can suggest ways on how to approach them.
    "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.
    Tags: 2015, act, address, application form, arrangement, consumer, consumer credit, consumer credit act, credit, credit act, credit agreement, creditors, date, debt, email, fca, help, lending, list, loan, loans, payday, payday loan, pdl, warning
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  • #2
    Re: Creating a new thread for Payday Loan debt

    Stickied to top
    I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

    If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

    Comment

    • #3
      Re: Creating a new thread for Payday Loan debt

      Originally posted by Never-In-Doubt View Post
      Stickied to top
      Thanks Niddy
      "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

      • #4
        It is easy to get trapped in negative thought when your finances are out of control and your quest to find safe payday loans help will still leave you broke in the end. Your mindset is a powerful tool that can be used to change the direction of your flailing budget. Negativity is powerful so it would do you good to try to find the positive in every situation, including being knee deep in debt.

        Let's take a look at some positives. Since so many households are buried in credit card debt, it's a great topic to start with. Your credit cards are now full and your bank account remains empty. Did this debt serve a useful purpose? Do you have shelter? Has there been enough food to keep your family fed? Were doctors able to make you better or help you relieve pain and suffering? Did you enjoy the family vacation or the many trips to your favorite restaurants? If you received pleasure and possibly relief when using the credit cards, remember those feelings when the debt knocks at your door. It is good to be grateful for the having the means to accomplish these things and it's important to remember that when the bill comes in the mail. The process brought you to where you are now, debt or no debt.

        Now you sit with debt and the world seems to be caving in on your once again. A new mindset will give your spirits a lift. It is always easier to face difficulties with a smile on your face or at least a positive attitude. The more you dwell on negative, the worse you feel and the harder it is to make a difference with the problem.

        You don't have to pretend to love paying bills. Love the opportunity. This debt gave you many opportunities to improve your life in one way or another and now it is time to pay in return.

        "I'm thankful to have had a credit card on me when I needed to buy new tires."

        "I'm so lucky that the safe payday loan lender helped me get my bills paid on time. I would have been in trouble with my creditor without it."

        "I'm going to get this debt paid off and make changes so my finances never get back into this same situation."

        "I can live without restaurant food for a while; in fact, I'll even give up going out on the weekends to improve my finances. In the long run, it will all be worth it."

        Comment

        • #5
          Originally posted by rajpramila View Post
          It is easy to get trapped in negative thought when your finances are out of control and your quest to find safe payday loans help will still leave you broke in the end. Your mindset is a powerful tool that can be used to change the direction of your flailing budget. Negativity is powerful so it would do you good to try to find the positive in every situation, including being knee deep in debt.

          Let's take a look at some positives. Since so many households are buried in credit card debt, it's a great topic to start with. Your credit cards are now full and your bank account remains empty. Did this debt serve a useful purpose? Do you have shelter? Has there been enough food to keep your family fed? Were doctors able to make you better or help you relieve pain and suffering? Did you enjoy the family vacation or the many trips to your favorite restaurants? If you received pleasure and possibly relief when using the credit cards, remember those feelings when the debt knocks at your door. It is good to be grateful for the having the means to accomplish these things and it's important to remember that when the bill comes in the mail. The process brought you to where you are now, debt or no debt.

          Now you sit with debt and the world seems to be caving in on your once again. A new mindset will give your spirits a lift. It is always easier to face difficulties with a smile on your face or at least a positive attitude. The more you dwell on negative, the worse you feel and the harder it is to make a difference with the problem.

          You don't have to pretend to love paying bills. Love the opportunity. This debt gave you many opportunities to improve your life in one way or another and now it is time to pay in return.

          "I'm thankful to have had a credit card on me when I needed to buy new tires."

          "I'm so lucky that the safe payday loan lender helped me get my bills paid on time. I would have been in trouble with my creditor without it."

          "I'm going to get this debt paid off and make changes so my finances never get back into this same situation."

          "I can live without restaurant food for a while; in fact, I'll even give up going out on the weekends to improve my finances. In the long run, it will all be worth it."

          Thank you for this positive post.

          When members join this forum they often feel riddled with guilt at finding themselves in a financial pickle. The bullying letters from the Debt Collection Agencies only fuel those negative feelings.

          No one makes a conscious decision to get into debt - it happens mostly for reasons outside of your control such as divorce, redundancy, ill-health and so on.

          I like your attitude

          Di

          Comment

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