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  • FIRST POST
    • acooper95
    • By acooper95 20th Mar 17, 9:15 AM
    • 33Posts
    • 4Thanks
    acooper95
    PDL advice needed.
    • #1
    • 20th Mar 17, 9:15 AM
    PDL advice needed. 20th Mar 17 at 9:15 AM
    Good morning all,

    I took a couple of payday loans out last year whilst I was having a breakdown and mental state was over the place. Money was low and I was desperate. I made a few payments then just dwindled off.

    Both have defaulted against me without warning (I understand my fault and fully accept) but being hounded daily and it's worrying me sick.

    Any advice?
Page 1
    • Money Rollercoaster
    • By Money Rollercoaster 20th Mar 17, 9:25 AM
    • 246 Posts
    • 595 Thanks
    Money Rollercoaster
    • #2
    • 20th Mar 17, 9:25 AM
    • #2
    • 20th Mar 17, 9:25 AM
    https://www.nationaldebtline.org/


    They have an online web chat or telephone support.


    Might be a good start.
    Living Life @ 174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 2020
  • National Debtline
    • #3
    • 20th Mar 17, 9:48 AM
    • #3
    • 20th Mar 17, 9:48 AM
    Hi

    I agree that it’s a good idea to contact us or one of the other free debt advice charities.

    For getting advice on the forum a good place to start is completing a statement of affairs (SOA). You’ll get an overview of your finances and can post your figures in the forum here. That way we’ll have a better understanding of your circumstances and the options you have to deal with your debts. There's an SOA template here:

    www.stoozing.com/calculator/soa.php

    With pay day loans the creditors can normally just try to take the money from your account as you normally agree to a Continuous Payment Authority (CPA). You can cancel the CPA which will get you more in control of your money. We have a Pay Day Loan factsheet here which explains this in more detail and also links to sample letters to send your bank and the creditors to tell them you have cancelled the CPA.

    www.nationaldebtline.org/EW/factsheets/Pages/41%20EW%20Payday%20loans/Default.aspx


    James
    @natdebtline
    We work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps
    • sourcrates
    • By sourcrates 20th Mar 17, 11:23 AM
    • 10,869 Posts
    • 10,550 Thanks
    sourcrates
    • #4
    • 20th Mar 17, 11:23 AM
    • #4
    • 20th Mar 17, 11:23 AM

    Both have defaulted against me without warning (I understand my fault and fully accept) but being hounded daily and it's worrying me sick.

    Any advice?
    Originally posted by acooper95
    Most payday lenders will be open to the arrangement of a payment plan.

    They tend not to hang onto accounts very long though, so dont be surprised if they sell them on to a debt collector before very long.

    That wont necessarily be a bad thing, they should be just as amenable to an arrangement.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Legal advice see : http://legalbeagles.info/
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