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    • Inneedofhelp89
    • By Inneedofhelp89 3rd Nov 17, 1:31 PM
    • 9Posts
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    Inneedofhelp89
    debt sinse as long as i can remember
    • #1
    • 3rd Nov 17, 1:31 PM
    debt sinse as long as i can remember 3rd Nov 17 at 1:31 PM
    Hi i need some advice really, i fell in to debt when i was 18 and been in and out of it for the past 10 year due to a gambling addiction - i have seeked help and family are aware, they just arent aware of the extent of debt i am in. I have a terrible credit rating and i managed to get a 3600 pound loan from a company, i wont name. I had to go into their office for a meeting to fill out paperwork and stuff, they said my credit was that bad i was only entittled to 1500 yet they put their necks on the line and loaned me 3600, 356 a month for 2 year. I paid off 5 payday loans with it and had to show them proof. Recently i have fallen off the wagon and landed back in to that cycle of payday loans on top of this 356 a month loan, i tried to make other arragements to pay less but they were not willing because i was such a high risk lender and these payments had to be made. I this month i paid them their 5th payment. Plus some payday loans, leaving me in my overdraft with my bank, i have nothing to live on now. Do i tell creditors about my addiction or do i keep making up excuses?
Page 1
    • StopIt
    • By StopIt 3rd Nov 17, 2:04 PM
    • 1,380 Posts
    • 1,169 Thanks
    StopIt
    • #2
    • 3rd Nov 17, 2:04 PM
    • #2
    • 3rd Nov 17, 2:04 PM
    Firstly, you need to settle you addiction once and for all.


    Seek help from a Gambling charity again, and don't stop until you've reached a place where the gambling doesn't do this to you.


    Then, seek help from a debt charity like StepChange or the National Debtline. Running to the arms of loan sharks, or the PDL scene isn't going to help. You may need to look into a form of insolvency, but before then, get the gambling bit sorted.
    • Inneedofhelp89
    • By Inneedofhelp89 3rd Nov 17, 2:20 PM
    • 9 Posts
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    Inneedofhelp89
    • #3
    • 3rd Nov 17, 2:20 PM
    • #3
    • 3rd Nov 17, 2:20 PM
    Thank you for your reply - but falling behind and being in arrears with these paydaylenders the letters and phonecalls will be rolling in, i have set up payment plans with the majority of them, but others i have been asked to fill in an expediture form as what i put in my agreement is that i dont pay much out, when in actual fact mathematically i need to be paying out more than what i am bringing in, which aint alot. Do i tell creditora my problem and maybe then they will understand, or do i cancel my bank card and ignore them?
    • StopIt
    • By StopIt 3rd Nov 17, 2:27 PM
    • 1,380 Posts
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    StopIt
    • #4
    • 3rd Nov 17, 2:27 PM
    • #4
    • 3rd Nov 17, 2:27 PM
    Thank you for your reply - but falling behind and being in arrears with these paydaylenders the letters and phonecalls will be rolling in, i have set up payment plans with the majority of them, but others i have been asked to fill in an expediture form as what i put in my agreement is that i dont pay much out, when in actual fact mathematically i need to be paying out more than what i am bringing in, which aint alot. Do i tell creditora my problem and maybe then they will understand, or do i cancel my bank card and ignore them?
    Originally posted by Inneedofhelp89

    So the procedure is simple.


    First, again, I think you need to get yourself straightened out first, as your mental health IRT gambling is the most important thing here.


    After, as I said, contact Stepchange or the National debtline.


    If for example, they say you should set up a DMP, you do the following:


    1: Stop paying your creditors directly.
    2: Write (That's with a letter, the old fashioned way) to all creditors saying you're in a debt crisis (No need to say why), and say you're setting up a DMP with Stepchange and they will be contacting them in due time. Advise that phone calls will be blocked, and the only form of communication you will reply to is in writing only.
    3: Set up said DMP with Stepchange, for example.


    Without knowing your exact financial situation, I can't advise what route of a DMP, DRO, IVA or BR is appropriate. Talking to the charities mentioned can give you tailored advice.


    Also, the only people who have any powers of enforcement are the courts, and no DCA, PDL, or whoever can do anything more than ask for their money back. Do the above, and deal with the situation and you'll find all of nothing will happen.


    If the lender you mention in the OP isn't exactly kosher, then you may need advice from the CAB as to how to defend against slightly less than ethical tactics.
    • sourcrates
    • By sourcrates 3rd Nov 17, 8:50 PM
    • 12,432 Posts
    • 11,837 Thanks
    sourcrates
    • #5
    • 3rd Nov 17, 8:50 PM
    • #5
    • 3rd Nov 17, 8:50 PM
    This may be of interest to you as well :

    https://debtcamel.co.uk/payday-loan-refunds/

    Lots of these loans were given to people unable to afford the repayments.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    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/
    • Inneedofhelp89
    • By Inneedofhelp89 4th Nov 17, 1:19 AM
    • 9 Posts
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    Inneedofhelp89
    • #6
    • 4th Nov 17, 1:19 AM
    • #6
    • 4th Nov 17, 1:19 AM
    Thanks i will check that out - however when i apply for these loans, i put in what i earn and for my out goings i put minimal so i basically lie on the applications to get these loans, so stupid of me i know but the only way out i saw was to get as much money as i could and try for a big win, but it went the wrong way for me.
    • sourcrates
    • By sourcrates 4th Nov 17, 12:01 PM
    • 12,432 Posts
    • 11,837 Thanks
    sourcrates
    • #7
    • 4th Nov 17, 12:01 PM
    • #7
    • 4th Nov 17, 12:01 PM
    Thanks i will check that out - however when i apply for these loans, i put in what i earn and for my out goings i put minimal so i basically lie on the applications to get these loans, so stupid of me i know but the only way out i saw was to get as much money as i could and try for a big win, but it went the wrong way for me.
    Originally posted by Inneedofhelp89
    Lots of people would admit to doing the same thing, however wrong that may be, it does not relieve the creditor from its obligation to make sure loans are affordable.

    Why would someone on £3600 a month, need a £200 payday loan ?

    Answer is they probably wouldn't, yet it was still lent to them, these companies take risks normal high street lenders would never take, but the same rules apply to all.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    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/
    • Inneedofhelp89
    • By Inneedofhelp89 5th Nov 17, 4:59 PM
    • 9 Posts
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    Inneedofhelp89
    • #8
    • 5th Nov 17, 4:59 PM
    • #8
    • 5th Nov 17, 4:59 PM
    I am not on 3600 a month, though i wish i was. Im on around 1350 a month - 3600 was a 2 year loan i got from a company who were willing to help me out, which they did.. till a couple of month later i fell back in to the mess i was in. I do want out of this mess i've had enough. Also 118 money loaned me 2k for 2 year then following payday companies loaned me about 3/4k. My stupid fault yeah but whats done is done i just want out. Im on anti depressants off the doc because i keep having anxiety and panic attacks due to thinking of money problems too much i always passout too which is down to stress
    • StopIt
    • By StopIt 6th Nov 17, 8:59 AM
    • 1,380 Posts
    • 1,169 Thanks
    StopIt
    • #9
    • 6th Nov 17, 8:59 AM
    • #9
    • 6th Nov 17, 8:59 AM
    This is why you have to find other ways out of this, that isn't more debt.


    You know it doesn't work, so please stop the cycle now.


    Contact one of the debt charities I have mentioned, they can give you targeted help.


    Lenders don't "help you out". They help themselves, to your money, and then some.
    • MrsTinks
    • By MrsTinks 6th Nov 17, 1:50 PM
    • 14,993 Posts
    • 23,026 Thanks
    MrsTinks
    Chasing the win will never work. I follow a couple of what I will refer to as professional gamblers. The first thing all of them will tell you is that gambling is addictive and the house always wins. I've seen them loose £10k in a session.

    Let's be clear that these are guys who have affiliate links and channels etc. Gambling is NOT their primary income, even with affiliations they rarely break even and these are people who get into the maths behind it all.

    You will not win! Across 4 online casinos one of the guys has a net loss of about £70k for the last year... Don't get me wrong he gets a chunk through his affiliation links, but he shares his deposits and withdrawals to show people that the house DOES NOT LOOSE.

    Self ban from the sites, install a gambling blocking software and contact a help group. Once you have done that then you can look at how to resolve the debt problem.

    Good luck
    DFW Nerd #025
    DFW no more! Officially debt free 2017 - now joining the MFW's!

    My DFW Diary - blah- mildly funny stuff about my journey
    • sourcrates
    • By sourcrates 6th Nov 17, 4:41 PM
    • 12,432 Posts
    • 11,837 Thanks
    sourcrates
    I am not on 3600 a month, though i wish i was. Im on around 1350 a month - 3600 was a 2 year loan i got from a company who were willing to help me out, which they did.. till a couple of month later i fell back in to the mess i was in. I do want out of this mess i've had enough. Also 118 money loaned me 2k for 2 year then following payday companies loaned me about 3/4k. My stupid fault yeah but whats done is done i just want out. Im on anti depressants off the doc because i keep having anxiety and panic attacks due to thinking of money problems too much i always passout too which is down to stress
    Originally posted by Inneedofhelp89
    I was just using those figures as an example that's all.

    The fact i was trying to get across to you is that very few affordability checks are carried out by most payday lenders, and that is in contravention of FCA rules.

    From what you've told us you would have a good case for having some of this borrowing written off, and/or refunded, all it takes is a letter, and a bit of patience, its not 100% guaranteed of course, but a lot of people are getting their loans written off, and/or receiving interest and charges refunds..

    Its all explained on the debt camel website, please do yourself a favor and look at it.

    A lot to take in just now i understand that, so to start with, you should have 3 main goals now :

    (1) get help for your gambling,

    (2) make complaints for refunds/write offs to payday lenders,

    (3) Don`t borrow any more money !!!!

    Good luck.
    Last edited by sourcrates; 06-11-2017 at 4:47 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    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/
    • Inneedofhelp89
    • By Inneedofhelp89 10th Nov 17, 11:42 AM
    • 9 Posts
    • 0 Thanks
    Inneedofhelp89
    I have been in contact with StepChange & went through all my debt with them, i now have to ring my creditors up & explain to them that i'm putting a dmp in place, what to expect to hear from my creditors about this? The one i had a problem with changing my monthly payments to was everyday loans, they told me i couldnt pay any less just even for a short period of time, so they've done me over by not doing so now i'm sort of doing them over by going to step change. Can they unnaccept a plan from step change too?? By time stepchange is put in place i will have missed payments. (All payments are up to date) up to now
    • StopIt
    • By StopIt 10th Nov 17, 12:04 PM
    • 1,380 Posts
    • 1,169 Thanks
    StopIt
    I have been in contact with StepChange & went through all my debt with them, i now have to ring my creditors up & explain to them that i'm putting a dmp in place, what to expect to hear from my creditors about this? The one i had a problem with changing my monthly payments to was everyday loans, they told me i couldnt pay any less just even for a short period of time, so they've done me over by not doing so now i'm sort of doing them over by going to step change. Can they unnaccept a plan from step change too?? By time stepchange is put in place i will have missed payments. (All payments are up to date) up to now
    Originally posted by Inneedofhelp89

    Don't call, it will only end in tears, potentially literally.


    Write letters and post to all of your creditors explaining the situation and explaining that there will be a DMP set up via Stepchange and they will hear from them shortly. Inform them that all calls will be blocked and to deal with you in writing only, and only if it is an issue that Stepchange cannot deal with directly.


    Cancel all of your payments, make sure that any CPA these PDL like to use are also cancelled.


    If the creditors do not accept the DMP payments, they'll sell the debts to a DCA who will, don't worry.


    Make sure to build an emergency fund before your first DMP payment as you will not be able to take out further credit while in a DMP. Please look through this thread http://forums.moneysavingexpert.com/showthread.php?t=5623951 (The DMP Support thread) and the links in my signature for further information. Good luck.
    Last edited by StopIt; 10-11-2017 at 12:06 PM.
    I'm a Board Guide on the Debt Free Wannabe, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
    • sourcrates
    • By sourcrates 10th Nov 17, 2:49 PM
    • 12,432 Posts
    • 11,837 Thanks
    sourcrates
    i now have to ring my creditors up & explain to them that i'm putting a dmp in place,
    Originally posted by Inneedofhelp89
    Agree with "Stopit", anything to do with debt matters needs to be put in writing, basically so a hard copy exists of what has been agreed, as well as for legal purposes.

    It can be very difficult dealing with individual creditors over the phone, call handlers only have so much discretion, before having to consult a manager, cut out the monkey altogether, and go straight to the organ grinder.

    Creditors that do not agree usually just sell on the account to a debt purchaser/collector, all perfectly normal and is nothing to fret about.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    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/
    • Inneedofhelp89
    • By Inneedofhelp89 13th Nov 17, 6:00 AM
    • 9 Posts
    • 0 Thanks
    Inneedofhelp89
    I am not so good with writing to people, however i have a friend who is in a hell of a lot more debt than me, earns a little less too. He went to citizens advice and now he pays as little as 1 pound a month to his creditors, would i be better off going through them than a DMP?
    • StopIt
    • By StopIt 13th Nov 17, 8:27 AM
    • 1,380 Posts
    • 1,169 Thanks
    StopIt
    I am not so good with writing to people, however i have a friend who is in a hell of a lot more debt than me, earns a little less too. He went to citizens advice and now he pays as little as 1 pound a month to his creditors, would i be better off going through them than a DMP?
    Originally posted by Inneedofhelp89

    That'll be a form of DMP.


    The clue is in the title, a Debt Management Plan, if the most this person can afford currently is token payments, then that's all the creditors will get.


    The CAB or Stepchange will not advise this strategy for everyone, as long term, creditors may well take action to try to recover the debt. An Active DMP paying a realistic yet affordable amount precludes this almost entirely. Of course, at some point, your friend will need to either pay this debt (Do they own a house? Potentially they could be paying token payments until a house sale to clear the debts, another strategy used), or seek insolvency.


    See here for a template for how to write to your creditors: https://nedcab.cabmoney.org.uk/dmptour.asp
    I'm a Board Guide on the Debt Free Wannabe, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
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