Payday Mess
Comments
-
Strongly suggest you book an appointment with citizens advice or call CCCS or another debt charity. Having them help you will give additional weight to any offer of repayment.
If the lenders start hounding you incessantly for payment, make sure you log all their calls and ask for all further correspondence to be in writing or you will report them to the police for harrassment.
You really need some professional help to get out of this situation though.
Good luck
R.Smile , it makes people wonder what you have been up to.0 -
Who are OML?August
2 Tickets to Dive 2012
Sept Nought
October - Meet and greet VIP (NFL) Goody bag0 -
One Month Loan DC34
I am paying these off with the interest I have not had to fork out this month, however to ensure the other companies do not take the money form my account I have cancelled all DD and all money going into that account.
I am just hoping that OML accept a full debit via credit card to pay them0 -
If they have not already got your phone number do not call them but if you must then use a phone box or buy a throw away mobile / sim card.0
-
Ok so I have had a reply of someone form Wage Day Advance advising me before they can consider a payment plan they need me to fill out my income/Expenditure on a for they have sent me.
Do I fill this out and send it back beofre doing anything else?
Also I have not made any of the Loan companies aware of each others debt so do I keep it like that or let them know I am going to be paying other payday debts as well
Also is there ant tips on filling these out so I dont trip up and they try and fleece me for more than I can afford as I have noticed the form doesnt include basic things like food etc0 -
This is why you need to follow the advice in the first paragraph in post 12.0
-
You're probably best off using the SOA link in the DFW section to itemise your expenses and debts.
As for the other debts, yes, you need to let your lenders know the magnitude of ALL of your debts. The idea of a DMP is that your (reasonable - £150/month on entertainment is NOT reasonable! ) outgoings are subtracted from your income and the remainder is divided pro rata between your creditors.
Let's say you have £400 left over each month and you have four debts, one for £500, one for £750, one for £1250 and another one for £1500 - a total of £4000. Then, you would make monthly payments of £50, £75, £125 and £150 respectively. This ensures that all creditors are treated fairly and that your debts are all paid off at the same time - assuming that you can get the interest stopped!My posts are my own opinions based on my experiences and info gathered from sites such as this.
They are not a substitute for professional financial advice - but you knew that already didn't you?VSP 2011 - Member #25 - Started 6th December 2010 - Total As Of 4th May 2011 (21 weeks in!) - £323.67/£500 - So far so good!0 -
Ok have used this and works outlike this
This is how my SOA worked out
Household Information
Number of adults in household 1
Number of children in household
Number of cars owned 1
Monthly Income & Expense Summary
Monthly Budget SummaryAmount(£)
Total monthly income 1,250
Monthly expenses (incl. HP & secured loans) 939
Available for unsecured debt repayments 311
Monthly Income & Expense Details
IncomeAmount(£)
Monthly income after tax 1250
Partners monthly income 0
Benefits 0
Other income 0
Total monthly income 1250
ExpensesAmount(£)
Rent 490
Council tax 80
Electricity 20
Gas 20
Water Rates 15
Mobile phone 25
Satellite/Cable TV 20
Internet services 10
Groceries etc. 75
Clothing 5
Car expenses (fuel, tax, insurance etc.) 165
Pet Insurance/Vet bills 14
Total monthly expenses 939
Debt Details & Offer to Creditors
Unsecured Debt DescriptionDebt(£) Offer(£)
Pounds Till Payday 630.41 97.1
Wage Day Advance 625 96.27
Wonga 763.7 117.63
Unsecured Debt totals 2019.11 3110 -
Are your gas and elec high enough? Also, you don't have anything set aside for entertainment, hair cuts etc, which I don't think is realistic.0
-
step 4 wont work as it'l make the bank more cash if they let the D/D's bounce. just keep an eye on the account and cancel any d/d's set up and makesure the acc has no overdraft facility.
whatever you do dont pay any of them by d/d or give them any card details, even pre-paid. ask for a payment card or standing order details.0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.9K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards