Payday Loan - Debt

[rpamphlett]

I was wondering if anyone could help me or give me some advice.

I am going to default on 2 payday loans at the end of the month, as i haven't got the money to pay them. I have to pay my bills and living expenses and wont have any money left to pay the payday loan companies back.

I owe £500 to Payday Express and £500 to Tooth Fairy Finance.

I have accepted I cannot pay them, and nobody can help me pay them back i.e family & friends.

I am resigned to facing the consequences.

Can someone give me advice on the following?

How will the Payday Loans pursue me?
Will they get bailiffs to come to my house?
Will they take me to Court?
Should I get ready to contact a free charity debt consolidation company to help take the stress away? I understand they will deal with the companies for me?

I know i need to pay all my important outgoings first i.e rent. I can afford to pay them a lower monthly re-payment each month, but i am guessing they won't entertain this quite so easily.


I need some advice on what will happen and what to expect? Some guidance would be useful. Need Guidance. Trying to get prepared. This is unknown territory especially on the payday loans.


Any help and advice would be appreciated?

 

[Witch consumer]

Firstly, you are right in that your priority debts should be paid first but I think you should write and explain the situation and offer them a lower payment and then make that payment on time when it is due, that way, if they do take you to court, you will be able to show a willingness to pay it off.

If you decide to go to a debt management company, use CCCS or CAB as they do not make any charge for the service,, they will write to your creditors but there is no guarantee that your offers of repayment will be accepted, nor that interest will be held.

When did you take out these loans, have you made any payments because I wouldn't expect any sympathy if you have taken out the loans and simply not repaid anything back

They will probably be more aggressive than a bank in trying to recover payments and the interest will be crippling so make sure you do something, the problem won't go away if you ignore it.

 

[hhawksworth]

Don't even bother considering Payday loans unless you really want and can pay the HIGH interest fees. They say they are low in price but actually it is very high.

 

[londonplumber]

Been there and got the t-shirt, alwys avoid...pretty much any other alternative is a better one, believe me!