Can I totally just stop paying my payday loans?

[gunny45]

I have 6 payday loans, About £2400 in total

wonga

mini credit

speed credit

payday express

liquid advance

lending stream

 

obviously its now about £4000 due to all the interest

I was with a debt managment company but due to my financial situation i cannot afford to pay them and have stopped

 

My question is..

I'm due to move house shortly

can i just move and put all my house hold bills in my wifes name

and change bank and change my phone

and just sort of go off the grid?

 

I know it sounds drastic, and to be fair when we move i will have about 12k to be able to pay them all but i'm just a bit ****ed off with thinking i'm going to have to pay all that over the top interest

 

would they just eventually just give up?

 

actually i dont mind going to court either if it came to it. I've never on this site ever read that they have taken anyone to court! has anyone truly been taken to court over non payment? afterall people seem to forget we are talking "small" claims court

 

on a funny final note, has anyone phoned the northern debt recovery line? does that guy on the recorded intro sound like the sith lord from star wars lol " wee willl fasst traack yourr debbts throughhh thee coouurts...." oh really sigh*

 

my wife will take over all bills i will have nothing in my name and diff bank accounts and new address

im self employed could this actually work? even if it didnt and they eventually cought up with me i would just plead ignorance and say i forgot when i moved to inform as i forgot who i owed, anyone know if this could work?

[renegadeimp]

We dont condone debt avoidance at CAG. They WILL find you eventually. PDL's WILL take debtors to court too if they think they can get judgement by default. Look at this scenario:

 

You do what you say and run off to avoid paying the debts.

The PDL's get no response and neither do their DCA's.

They now issue court action on your last known address ( or they can easily find you through your credit record file).

There is no response to the claim form so they get judgement by default and you get a CCJ.

You find out you have a CCJ and try and get it set aside as it has destroyed your credit rating.

PDL's use the new info you have given on the set aside to chase you at your new location.

 

 

Not as easy as you think it is. Not to mention that you are technically committing fraud.

[Bombaymix]

By all means STOP paying your payday loans in the sense that you're rolling over and just paying interest..

 

However, set up a repayment plan with them. Or if you have the funds, which you say you will have shortly, pay them off.

 

Some sound advice from renegade above.

 

CAG supports and advises those that want to tackle their debts by dealing with them in a fair and affordable manner.

 

Running away is not the answer. These sharks are well known for adding ridiculous charges and interest to loans. We've seen stories here of loans increasing from original £100 to thousands. If they obtain judgement by default against you because you've moved house a CCJ isn't that easy to hide from.

 

If you want or need any advise as to how to deal with these company's... Give us a shout. There's a few familiar names on your list.

 

Regards

 

BM

[renegadeimp]

Yep. It is MUCH easier to sort the debts out than run away from them. The only realistic way of avoiding them is if you move out of the UK to a country that wont enforce UK debts.

[oleg]

Is this just avoidance, or evasion, pure and simple, a criminal offence?

Gunner, read some of the threads on this site about National Hunter and you'll find that hiding your vitals isn't the piece of cake you may expect.

Also read some PDL threads, and you'll see there are realistic ways of not being forced to succumb to their disgusting usury.