Welcome to the trust deed forum josephine.

I'm sorry that you find yourself in this position. Obviously, taking payday loans out while you're in a protected trust deed is a bad idea.

Equally, I'm amazed that so many payday loan companies are so totally irresponsible that they make zero checks about a persons capacity to repay the loans before handing out the money.

Do you have any family or friends that could help you, perhaps with a view to repaying them after your trust deed finishes?

You may also wish to speak to your insolvency practitioner to see if they will grant you any kind of break in payments to help you get back on a level. They don't have to do this though, and might consider that to be unfair on the creditors already included in your trust deed.

Another option might be to see if you can come to a payment arrangement that you can afford with these payday lenders. Hopefully they might acknowledge their total lack of responsibility or sense by helping you to make affordable repayment arrangements with them now.

Sorry to hear about the situation you find yourself in.

I hope soon payday loans are outlawed, i really do.

I dont think you will get anywhere with making an arrangement with the payday loan company,so discuss your options with your trustee but be open and honest over why you had to take out the loan. A payment break may be possible to get you back on a level footing but perhaps your income and expenditure needs a review also.

Doing nothing isnt an option and payday loans while in a trust deed are very dangerous as you have limited funds and things can soon spiral out of control.

Paul

Post advertising payday loans removed.

Marie, you'll forgive us ignoring your blatent hawking for business on a site thats primary reason for existing is to help people who have lost control of their finances. Personally, I'd like to see posts like this deleted as they have no place here. As TDA and yourself have said, there are no credit checks so how can this meet the remit of responsible lending? I agree with Paul, this should be outlawed and certainly made unachievable to people who are in debt mamangement.

Hi gillian.

Post removed. We only left one on here before (with the link removed) to keep a record of the depths that the payday loan industry often sinks to. A less responsible industry would be hard to find at the moment.

Well Done Trust Deed Assistant

The fact that they try to advertise on a site designed to inform and assist, shows how low ( and I mean low) that these people/businesses will go to.

Mark

If ever there was a case for "name and shame", this is the one!

Josephine - no one on this forum will chastise you (too much!)but taking out payday loans to meet gambling debts (or is it gambling to recoup money to pay the loans?) while on a protected trust deed is bound to lead to repercussions from which there is no little or no return. Most - but not all - people learn from the cathartic expereince that is the PTD route. I'm just sorry for you that such an experience has not dawned on you yet and I suspect you will need more than advice on this forum to bail you out.

Hi Josephine and welcome

I think you should talk to your Trustee firm to see if thye can allow you sort this out. That will depend on how much you have borrowed? If you are allowed to miss payments, you will be expected to make extra contributions at the end to make up. If you have difficulty whilst in your trust deed, contact your Trustee, not firms that prey on people's misfortunes.