www.iva.co.uk

Hello everyone.
Has anyone ever defaulted on one of these
nightmare loans. Found myself in difficulty
with these since having to pay for a new boiler.
Looking into IVA at present but presume I must
clear these first but don't exactly know how.

Thanks

Mark

If you apply for an IVA, ALL unsecured creditors have to be included.

Yes Mrs skint is right all unsecured creditors must be included.

What are pay day loans? I have heard them mentioned here before and I just wondered. Are they just something you use until payday and then clear and if you dont you get stung by a high interest rate?

Sorry I am not much of an expert but I am curious.

Thanks for that. Payday loans require no
credit checks for any amount up to £750.
They are repaid on your next payday but
charge about 2000% interest.

So you will be in a spiral of ever increasing debt presumably, as you will have to borrow again the next month just to get by.

OUCH!!!!!

Ok Mark, thanks for that.

These payday loans are a bit steep then for the paylonee, eh? Quite a good thing for the pay loner though.

Money is the root of all evil, me thinks.

I wonder if they have goons to slap it out of you if you dont pay?

There's a frightening thought Lily!

Hi all

I've heard some nightmare stories about PayDay loans......the interest they put on is near extortionate, and they seem to prey on the most vulnerable people who can least afford it.

Mark - I hope you get sorted soon, please talk to one of the experts on here, they'll be able to go through your options. Melanie who posts on here all the time comes highly reccommended.

Take care all

xcx

I thought these shark type lenders had been make illegal some years ago. The country isnt only crunched credit wise, seems to be going backwards.

Mark, I am sure you could include this Payday loan in your proposal, stop the rot now, get some advice and get yourself back on track.

Melanie comes highly recommended.

Good luck.

Trouble is, I think they are legit businesses, the same as Provident are, and they charge extortionate interest.

They do prey on the more vulnerable side of our society and really couldn't care less whether you can pay or not - they'll get their money somehow.

Mark, you do need to take some advice. As others have said, Melanie comes highly recommended. Also visit www.iva.com where there are lists of IP's.

Payday loans are just a very high interest, short-term form of borrowing and they should be included as a creditor in any IVA application.

In my experience, the use of payday loans is usually one of the last stages before entering into insolvency proceedings, so do be careful that you can repay these loans before they are taken out.

I guess most of us heading towards insolvency dont actually realise the reality of our situation, or cant actually face it until we have run out of credit lines.

Its almost impossible to believe things wont get better.

Are you able to say which companies you are using?