Question about PayDay loans

[garlok]

Re: Question about PayDay loans

Hi LooLoo,

Hope everything works out for her LooLoo and if you think there is anything we can realistically do then I am sure we will all pitch in to help.

As refards Wonga FP it really cracks me up when I see the ads. The woman on the left I am sure was modelled on our next door but one neighbour. Even speaks like her, its the spitting image.

Must be some new ads coming though as she is just back from Christmas furlough and filming starts again soon. l

regards
Garlok

[BBoo]

Re: Question about PayDay loans

£500 applies in Bankruptcy I think, and I believe that this is the maximum amount you can borrow without telling the lender you're bankrupt. Would need to check, but from memory I think that is right.

In an IVA you can only do it with the express permission of the IP.

[SaltnVinegar]

Re: Question about PayDay loans

Hi LooLoo

As someone who fell into the PDL loan trap, and with horrible experience of digging myself out of it, I can only recommend that she looks at almost every possible option other than taking out a PDL.

The situation will spiral very very quickly, and if she is on an IVA already this could get nasty.

Sell stuff on eBay, eat soup for a month, juggle other payments around, whatever it takes but I can't emphasise enough that a PDL isn't going to help her.

Best

SnV

[Never-In-Doubt]

Re: Question about PayDay loans

I knew SnV would post here - Mr Anti PDL with a vengeance

[SaltnVinegar]

Re: Question about PayDay loans

I knew SnV would post here - Mr Anti PDL with a vengeance

Whatever do you mean?

[SaltnVinegar]

Re: Question about PayDay loans

I knew SnV would post here - Mr Anti PDL with a vengeance

With good reason I hasten to add! Heres some of the latest tactics I've come across from these 'responsible' lenders:

1) Bombarding borrowers with emails/texts/phone calls offering 'top-up' loans. These are actually even worse than 'rolling over' the original loans as the amount to repay actually increases dramtically due to each loan being treated seperately. People find themselves owing £1,000's in literally 3-4 months on an original loan of £2-300.

2) 'Hidden' fees. Typically range from £30 for making a 'same day payment'. So someone borrows £300 but actually only receives £270. However the interest is calculated on the original loan amount of £300.

3) Some PDL companies have now also started to charge a 'fee' just for applying for a rollover with no guarantee of it being accepted. These fees usually come in at around £10. Guess what happens? The rollover is NOT approved, poor debtor loses £10 they can ill afford as well as not being able to get the rollover asked for

Just worth knowing what you're getting yourself into. This is what I'd do to the lot of them:

[LooLoo]

Re: Question about PayDay loans

Thanks SnV!!!

The worse case she will have to ask her mum and dad.......... I know she wont want to do this as she has had a lot from them in the past - she did actually ask my friend to get a PDL in her name and my friend very wisely said NOOOOOOOOOO!

I am sure she will sort something out...........!!

thanks everyone for your help with this as I had no knowledge really of IVA implications nor anyting about PDL so this has really helped!!

[garlok]

Re: Question about PayDay loans

I think there is a very simple answer to the PDL issue:--- Don't!


regards
Garlok

[nightwatch]

Dear peter, most PDls only require that you are breathing and have a bank account.

we are here to help people claim their life back from debt, not tell them what is needed to get further in to it !!

[The Tech Clerk]

To qualify for a payday loan, you must have the following: Valid Social Security Number or Individual Taxpayer Identification Number. Bank account. A steady source of recurring income payment

Please take note:- this is a very old thread from 2012

[Warwick65]

This is a UK forum so the advice you have given is incorrect.

[jamespeter2296]

Hi, I think it's better to go the IVA and clear all your debts and take some time to settle down your credit file then go head.

[Warwick65]

Always get impartial advice before going the IVA route . In most cases it is not a good idea

[nightwatch]

Hi, I think it's better to go the IVA and clear all your debts and take some time to settle down your credit file then go head.

As Warwick has said, an IVA is not practical for all, that is why we are here to help people get back control of their life,

We cannot tell someone what is best for them as each person has their own problems and reasons for being in debt,
every one on this site has been or still is in debt, everyone has dealt with it in differing ways, like a t-shirt, one size does not fit all.

Many of the people on this site have come here scared out of their wits, harassed by some DCA'S, feeling that there is no end

to the struggle.

Our aim is to give that light at the end of the tunnel,
we do not judge
Debt is not a criminal offence, even though at times it can feel that way,

As you look further into the site, you will see that we give options from site users experience, on how people can help themselves deal with their money problems, FREE OF CHARGE,they can then make their own mind up on how to deal with things, we are here to help with any problems they may have in dealing with it their way.