2000 borrowers have 5 payday loans claims CCCS

[MARTIN3030]

http://www.telegraph.co.uk/finance/personalfinance/borrowing/loans/9615276/2000-borrowers-have-at-least-five-payday-loans.html

[LaughingGirl]

Tip of the iceberg, I imagine! I've helped quite a few friends and colleagues sort themselves out over the last 3-4 years after they got into trouble with PDL's, and they all had multiple loans - I myself had 6 (I think...seems like a lifetime ago) of the wretched things at the peak of my problems! A former colleague of mine was paying £2400 per year in rollover fees alone due to having multiple loans, so it's easy to see why this is such an attractive business model if you're not too worried about little things like morals and ethics.

 

What I find really worrying is that none of these people (and I'm including myself in this) were using these loans to pay for luxuries - the vast majority were using it to buy petrol or groceries, and a couple were even using it to pay shortfalls in their rent or mortgage.

 

Bottom line is, if you can afford a payday loan...you don't need one. They are absolutely ruinous!

[MARTIN3030]

Yes once in their grip its a downwards spiral for sure.

[Sillyboywyn]

I had 10!!! It gets a hold of you very quickly, and only due to family intervention and the help of the CCCS im now nearly rid of them all with Full and Final settlements.

[MARTIN3030]

Good.

Can you give some examples of the full and final ?

The information I am sure will be of interest to others.

Ie; name of lender/what outstanding balance was/what they accepted ?

[Sillyboywyn]

I will gladly post all up when they have all been paid after this payment run from the CCCS.

[MARTIN3030]

Ok thanks