payday loan help please

[JAMESYBOYHAIL]

hi new on here,i have 2 payday loans 1 with qq for £195 and 1 with paydayuk for £250 and provident for about£750 wich i have stopped paying.my two payday loans are due on friday the 13th jan 2012 but i wont have the funds to pay them,my debit card account is also £100 pounds overdrawn now because of charges for dd that qq tried to take out but was no money to cover them,that was my first paydayloan with qq wich i paid back eventually.need some help with what to do.

[ataloss]

hi new on here,i have 2 payday loans 1 with qq for £195 and 1 with paydayuk for £250 and provident for about£750 wich i have stopped paying.my two payday loans are due on friday the 13th jan 2012 but i wont have the funds to pay them,my debit card account is also £100 pounds overdrawn now because of charges for dd that qq tried to take out but was no money to cover them,that was my first paydayloan with qq wich i paid back eventually.need some help with what to do.

Hi. You should close your bank account and notify companies that it is closed (QQ want 3 days notice). Read the pdf on irresponsible lending on the financial ombudsman service website. If you don't have a good record of paying back on time your creditworthiness should have been adversely affected-which is an irresponsible lending issue. Also, according to the irresponsible lending doc, the companies are obligated to giving you sufficient time to pay back and have to take potential financial difficulty into account. Google: oft1107.pdf to access full pdf. Companies are also legally bound to accept debit card payments.

[JAMESYBOYHAIL]

hi thanks for your advice,only problem is if i close that account does that mean i will have to close my savings account with the bank as well?

[ataloss]

hi thanks for your advice,only problem is if i close that account does that mean i will have to close my savings account with the bank as well?

No, that is a totally separate account, so should not be affected. The only time that I know a bank can transfer funds from another account is when you owe the bank money. It is possible to open a basic bank account. You won't be able to do DD and standing orders, but, if that's not a problem, try that. You can talk to the bank and ask their advice. You won't be able to close your account if you are overdrawn, but they may allow yu to transfer it over to a basic bank account (not sure on that one). The important thing is that you communicate with all concerned. They are duty bound to help you sort out your finances. If there is a credit union near you it might be worth having a word with them. I am not suggesting that you make things worse by taking on more debt, but it may be better for you to deal with a more reputable lender if you can't get any satisfaction from your payday loans companies. Hang in there, it's hard but you have to believe that there is a light at the end of the tunnel. I have sent you a PM, yu can access it from Notifications at the top of the page.

Edited January 7, 2012 by ataloss

[rebel11]

Hi James

 

From monday 8th I believe that a Credit Union can help you with your debt.

 

http://www.itv.com/daybreak/money/ph...islation-2012/

 

http://www.abcul.org/media-and-research/news/view/193

 

Finding a Credit Union :- http://www.findyourcreditunion.c o.uk/home

[SCALLYSMUM16]

have you contacted them both, they will probably try to draw the funds on your card at some stage, I had a loan with qq and they arranged a payment plan for me, but its not easy getting hold of them - good luck, im new too, today actually we will learn how to be more careful in future, it makes you relaise were not the only ones x

[JAMESYBOYHAIL]

would the credit union give me a loan or would they set up payments on my debts,any help please.

[silverfox1961]

No, that is a totally separate account, so should not be affected. The only time that I know a bank can transfer funds from another account is when you owe the bank money. It is possible to open a basic bank account. You won't be able to do DD and standing orders, but, if that's not a problem, try that. You can talk to the bank and ask their advice. You won't be able to close your account if you are overdrawn, but they may allow yu to transfer it over to a basic bank account (not sure on that one). The important thing is that you communicate with all concerned. They are duty bound to help you sort out your finances. If there is a credit union near you it might be worth having a word with them. I am not suggesting that you make things worse by taking on more debt, but it may be better for you to deal with a more reputable lender if you can't get any satisfaction from your payday loans companies. Hang in there, it's hard but you have to believe that there is a light at the end of the tunnel. I have sent you a PM, yu can access it from Notifications at the top of the page.

 

Can I advise users that PMs should not be used to deal with problems. This forum is anonymous and as such, you don't know who is giving you advice-good or bad. If anyone asks for payment for any service please alert the site team.

 

Thanks

[SCALLYSMUM16]

if I were you I would contact both payday lnders explain everything and try to arrange to pay them back over a longer term if necessary once you have set something up you will feel alot better at least your trying to do something about it

[JAMESYBOYHAIL]

hi new on here,i have 2 pay day loans that are in default.i dont no what to do as i dont have the money to pay them back at the moment,the reason for this was because of a previous pay day loan wich was late and i recieved bank charges for.i would be able to pay back so much per week.what is the best way to go about this any help would be great,the payday loans are with quick quid and payday uk. thanks

[dx100uk]

merged with your existing thread

 

please keep to ONE thread per DEBT.

 

dx