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Help needed! Thanks in advance


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Hi,

 

I am spanish and moved to UK a couple years ago. Last christmas (because family came here), i took the bad step of taking two payday loans from lending stream because of all the expenses. Then in January I had a massive gas bill and took another one with wage day advance. Then the snowball started and now I have 4 lending stream loans, 1 wage day advance, 1 vivus and 1 with Access Fast Money. I have my family here and I am getting desperate as the end of the month is approaching and I will default on my vivus loan this friday. Any help or words of advice, please.

 

Thank you!

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Hi Replicant.

 

I am also in the Pay-Day Loan trap, but have thankfully managed to agree plans with most of my lenders - which has then allowed me to pay off the other loans with the surplus money. Hopefully in a few months I will be rid of them!

 

I had to set up a bank account at a different bank, to ensure that money for essentials was kept safe from the PDL's. Lloyds, Nationwide, HSBC, and Halifax all offer a decent basic account.

 

I called Wage Day Advance asking who to contact in regards to a repayment plan, and they set one up for me over the phone, and confirmed by email. Just say you are in financial difficulty, but don't agree to anything you can't afford! They have been the most helpful and flexible of the lenders I have dealt with by far.

 

I'd say email Vivus & Access Fast Money asking for a repayment plan, and requesting for any interest & charges to be frozen. If you have to speak to them over the phone, although most wouldn't recommend it, ask for everything to be backed up in writing, by email would be best so you have this quicker.

 

Ask for bank details if you can so you are in control of payments. I'm also paying off 2 of my loans by a Cash Card - this isn't connected to my bank account, and ensures they can only take the amount agreed. I have a free one with Orange Cash, but there are others available in shops.

 

I have only dealt by email with PDL's, aside from Wage Day Advance, as I prefer to have emails for my records.

 

Good luck and let us know how you get on.

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