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  • #1

    Escaping from Payday Loans

    I am trying to help someone who has taken on numerous Payday Loans. Unfortunately, I know little about them, but want to give the best help possible.

    What are the best ways to escape the downward spiral of not being able to afford monthly payments and having to get another loan to cover it.

    At present have told them to stop paying, but any good strategies, or things to avoid would be appreciated.

    Tags: account, accounts, bank, bank account, banks, card, collection, companies, credit, dca, debt, debt collection, guidelines, loan, loans, mse, nice, niddy, oft, payday, payday loan, payday loans, payments, pdl, people, regulation, stop, students, templates, vulnerable, wonga, work
  • #2
    Re: Escaping from Payday Loans

    1. Cease repayment
    2. Tell em to pissoff
    3. Tell their dca to pissoff
    4. Get a new card for bank
    5. Have a nice life

    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

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    • #3
      Re: Escaping from Payday Loans

      Could someone explain the above in plain English please?

      Comment

      • #4
        Re: Escaping from Payday Loans

        Ermm *go to fuck I'm not paying you*

        That's what I did on my 3 test accounts.
        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

        • #5
          Re: Escaping from Payday Loans

          Originally posted by Never-In-Doubt View Post
          4. Get a new card for bank
          Unfortunately doesn't always work. If the PDL company have got recurring payment authority banks have been known to be 'helpful' and transfer this authority to the new card, especially if its issued against the same bank account. Its even been known for this to happen to people who have kept the same bank but changed account numbers.

          I started a thread on this at MSE (sorry Niddy, will find time to migrate it here at some point) some time ago. Its still relevant though the abuse of recurring payment authority is more valid as its now specifically mentioned in the OFT guidelines on debt collection:

          http://forums.moneysavingexpert.com/....php?t=2735257

          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.

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          • #6
            Re: Escaping from Payday Loans

            Originally posted by Never-In-Doubt View Post
            Ermm *go to fuck I'm not paying you*

            That's what I did on my 3 test accounts.
            Is this on the new templates??

            Comment

            • #7
              Re: Escaping from Payday Loans

              Excellent article SnV - it should be a sticky on here!

              Comment

              • #8
                Re: Escaping from Payday Loans

                SnV asked about this ages ago. Still waiting for him to copy it here

                He's quite clued up when it comes to PDL. I'll give him that
                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

                • #9
                  Re: Escaping from Payday Loans

                  Originally posted by Never-In-Doubt View Post
                  Ermm *go to fuck I'm not paying you*

                  That's what I did on my 3 test accounts.
                  What was being tested - their resolve or your patience?

                  Comment

                  • #10
                    Re: Escaping from Payday Loans

                    Originally posted by CleverClogs View Post
                    What was being tested - their resolve or your patience?
                    Probably his credit rating

                    I'm out of here.............

                    MK
                    One day at a time, with £34K of UE debt

                    LloydsTSB - For the (UE) journey NatWest/RBS Mint - (Un)Helpful banking
                    Marbles - they lost 'em - and my CCA, what a shame

                    Comment

                    • #11
                      Re: Escaping from Payday Loans

                      Originally posted by Never-In-Doubt View Post
                      SnV asked about this ages ago. Still waiting for him to copy it here
                      I just remembered I did!

                      http://forums.all-about-debt.co.uk/showthread.php?t=765

                      My memory is shocking at the moment!

                      Originally posted by Never-In-Doubt View Post
                      He's quite clued up when it comes to PDL. I'll give him that
                      Yes unfortunately due to painful experience. But I'm better now!
                      "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

                      • #12
                        Re: Escaping from Payday Loans

                        Originally posted by BBoo View Post
                        I am trying to help someone who has taken on numerous Payday Loans. Unfortunately, I know little about them, but want to give the best help possible.

                        What are the best ways to escape the downward spiral of not being able to afford monthly payments and having to get another loan to cover it.

                        At present have told them to stop paying, but any good strategies, or things to avoid would be appreciated.

                        I would also consider writing to Stella Creasy with your experiences (MP for Walthamstow) as she is trying to push for more regulation of this 'market' and to prevent them from preying on more vulnerable people.

                        When these companies are showing no sign of being able to regulate themselves (Wonga and students anyone?!) the sooner this is done the better.

                        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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