Payday loans certainly can be a killer, evy, and once stuck in that trap then action is often needed. A scottish trust deed may well be an option for you, though I couldn't be specific obviously without more detail such as how much you can afford to pay towards your debts and how much they total.

There's no reason that you couldn't enter into a trust deed as a nurse, and if there is little/no equity in your property then it should be safe - though it would be wise to have this confirmed by your chosen IP before signing anything.

I believe payday loan companies often take their payments by debit card transactions, which are difficult to stop without cancelling the card in question I'm afraid. However, if you enter into a protected trust deed then they would have to abide by that by law.

Hope this helps.

Welcome to the trust deed forum evy.

We are hearing from more and more people for whom payday loans are a trap.

As Kevin says, if the numbers don't add up, you really must take professional advice as to your options as soon as possible.

The problem is that debt problems tend to worsen quickly once repayment affordability has been lost and payday loans are involved. Taking advice soon may help to lessen the impact of dealing with the situation.

Trust deeds are only one of the options and a good debt adviser will be able to explain all of the options applicable to your circumstances.

This page provides specific information relevant to nurses and midwives:

https://www.trust-deed.co.uk/nurse-midwife-nhs.html

Wife is a nurse and I also work for the NHS and are near the end of a trust deed so dont worry about that. If the payday loan firms can take money from your bank which you cannot control I would open a new bank account right away(with someone you dont owe money to),we used the co operative bank(never been in a branch but not hindered us at all). Then get your wages transferred by payroll so the payday loan firms will only attempt to get money from an account thats empty,clearly late fees will build up but thats the least of your worries. Transfer your essential direct debits and standing orders(mortgage,council tax,gas&electric etc) to the new account so you dont get behind with anything other than your unsecured debts.

We went to our local citizens advice bureau for advice and they put us in touch with a company called RSM Tenon.

If you want to stop the payday loans taking money just report your card that they have details of as lost or stolen,but then will hound you with letters and phone calls straight away,but dont crumble and make any payments to them,even if they suggest a smaller payment as the interest they charge will mean you are making payments and not actually reducing your debt at all.

It wont go away and just by discussing it on here you have made a stand. Help and solutions are out there for you!!

Paul

Hi evy

Best sit down and run through all the options and especially the position re the house, PPI etc.

That way you can have a chat with someone and know what all your options are and then it leaves you to decide what best suits. This will allow you to gain back control of the situation and take away any unknowns.

Mark

Hi
I work as a nurse for NHS so be assured that there is no issue regarding a TD. Good luck !!

Hi Evy and welcome to the Forum,

the best advise is to sit down face to face with someone and go over everything. Being a nurse is defenitely not a problem, unlike your payday loans! The only way you will stop them helping themselves to your account on the agreed date, is to cancel your bank card. They normally take the payment using the long number across the front of of your card. If you report the card as lost, the card will be cancelled,stopping any transactions. Then you just need to wait for your new bank card coming through. At least that will buy you some time until you meet with someone and decide which option is for you.

I take it lots of nurses are skint?!?

And they want more from nurses for pensions,be lucky to reach retirement age!

Paul

hi thanks for the help they defo dont pay us enough[:)]i will have a good think about it all off next week will sort it then.
if i do an odd bank shift is that added to my income do you know, i dont do them often and cant rely on them

My wife was allowed to earn 10% above her basic in a month without having to pay more into the trust deed.

They are so infrequent now that she hasnt done one in months,cutbacks and all that.

Paul

Hi evy

I can only speak for my firm, but if you did an odd shift such as once every 6 months it wouldn't matter. If you did regular shifts - 1 or 2 a month, then the Trustee would take 50% of any extra income. If we took it all, there would be no incentive for you do any extra work. This way everyone benefits.