PAYDAY LOANS

[kallis3]

Do you mean IVA companies? I'm with Payplan.

[stirling]

I defaulted on one of these payday loans with two cheques for £100 to The Money Shop. I told them before they presented the cheques that they would be returned, and that I had been advised by the CCCSva that they must be included in my list of creditors. After they were returned, they have been continually calling me to tell me that they were going to try card number payments. I told them they were wasting their time since I didn't use that account any longer. At Present I now owe them £250 pounds which will increase every 28 days by about £50.
I wouldn't recommend payday loans to anyone, but as we all know desperate people do desperate things.

[kallis3]

I agree Stirling - if you have no money left, these must seem like a lifeline, but as you and countless others have found out, they are not. It's easy money for them.

The one good thing is that once an IVA is agreed, they become just another creditor and can't bother you anymore.

[markss]

I had payday loan and it was included in my creditors list and iva. these are sharks who prey on people like myself and others. so I feel not sense of guilt towards them as a creditor

[emma_t]

I was parked in a city centre car park in Leeds last week and had an hour and a half to kill before an appointment so i was eating my lunch.
I happened to be parked facing one of these shops that were advertising pawnbrokers/cheque cashing/pay day loans etc.
I was so shocked at how busy the shop was, there was a constant stream of people going in and coming out putting cash in their purses/wallets, it was by far the busiest shop I saw all day[:0] I could not believe how many people were using this shop, I don't know if it the time of the year or thats the norm[:0]
All the kids were waiting outside for their parents and it was awful to watch as these people can obviously not borrow any other way but are ripped off by high interest charged. I suppose thought the shop takes risks in lending and does not always get the money repaid and thats why the interest is so high.

Very sad though

[beresford]

Hi Mark, I had a loan with Payday. I can't remember the exact amount I borrowed - think it was originally £300. My total borrowing at beginning of IVA was approx £27,000 and PayDay was ironically the biggest pain in the bum.

I told Payday that I was applying for IVA so would not be able to meet next interest payment (by the way I was paying £60 a month for that loan which would have to be paid in addition to the original £300 originally borrowed so you can see how this type of debt can spiral out of control). Anyway, on hearing that I was going into IVA, Payday tried to bank my cheques which all boucned, which I told them would happen if they tried, and I was hit with bounced cheque charge x6 (If you don't have a debit card, Payday insist on 6 cheques at start of loan agreement which they would keep when the payee is ready to pay the original loan amount off).

The IVA was finally agreed and approved but Payday kept sending me letters threatening to take me to court and said bailifs would call. I however kept at them and eventually they got the message. So basically yes they should be included in your IVA along with the rest of the creditors and although they are a bit of a pain you just need to persevere with them. Payday did not send any Bailifs or thugs to my door.

Good luck