I have a payday loan and am now experiencing some problems. I borrowed £400.00 and the agreed repayment was £500.00 which is fine. I gave them 5 undated cheques to the value of £100.00 each for the repayment, one to be taken at the end of each month I assumed. However the £100.00 at the end of each month is just to extend the loan for another month and does not take anything off the full balance. Can anyone give me advice on what I can do as I'm never going to be able to pay the loan off otherwise. Can anyone suggest a solution or just give me some advice of what I can do, who can help me. I don't want to get even deeper in to debt.
2006-10-23 00:50:31 · 6 answers · asked by EmmaB 3 in Business & Finance ➔ Personal Finance
i'm sorry to say it looks as if you have been taken by a loan shark and the problem is that it is probably totally legal. are you employed, do you have ccjs etc, if possible you need to discharge this debt as soon as possible, under normal circumstances i very much disagree with the idea of taking loans to pay off other loans as all that does is increase the period you are in debt and ultimately raise the amount paid in total, but in your situation go to a high street lender or even those advertised and get rid of this debt at your earliest opportunity. DO NOT IGNORE IT OR YOU STAND TO LOSE EVERYTHING. if you cannot raise the funds go straight to your local C.A.B and get a solicitor on legal aid, they can go to court and have the interest frozen. i really do wish you the best of luck and dont blame yourself we have all been caught out like this at some time but you will get out of it
2006-10-23 01:08:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Firstly try to talk to them, they are in many ways breaking legal laws, if that does not help, cancel the cheques and go to the police and see what they say, then talk to a legal brain, and offer to pay back what you can afford. It may be that the extortionate rates they are charging is illegal. Best of Luck.
2006-10-25 19:38:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I hope you have learned your lesson about "payday loans!" Try to find a family member or close friend to help you out, and don't ever do that again! These places prey on people who are in trouble! They don't help you at all, as you now know!
2006-10-23 00:54:50 · answer #3 · answered by rebecca_sld 4 · 0⤊ 1⤋
Go to your bank or other proper lender and borrow enough to pay back the original loan, then, don't do it again.
2006-10-23 00:54:30 · answer #4 · answered by RRM 4 · 0⤊ 0⤋
get a settlement figure on your account- that is the full amount you need to pay, see your contract if there is any 'loop holes' but borrow the money from family and friends and pay it off in go!
never borrow money again!!!!
2006-10-23 01:01:01 · answer #5 · answered by MiZz RuBy 6 · 0⤊ 0⤋
YOU ARE BEING LOAN SHARKED - CONTACT THE POLICE NOW
2006-10-23 00:56:06 · answer #6 · answered by Stevie t 3 · 0⤊ 1⤋