payday loans

geelamch

HI TO ALL,
New to this so please excuse me,
We have completed the paperwork on a DMP two days ago,the first payment to creditors begins 19/02/10 but the most pressing problem will be with 3 payday loans

wonga 300
payday express 600
wagedat advance 393

These are due for repayment on 19/02/10 however as i have given up all access to bank ( wife is now sole account holder ) i cannot stop them taking payment as i have signed the mandate previous to cancelling my bank cards.

Is there anything we can do to stop the payments from bank.

any advice would be great as we have been on a high since realising we cannot go on like this but du to texts from these companies to say they will be taking payments on the date my bubble seems to have burst.
gerry

benfares

HI
Cancell the direct debit mandate on line if you do your banking on line i hope this was a help

Tixy

How did you give them access to the bank account? Did you give them your (or your wife's) debit card details? or set up a direct debit?

Who is your DMP with? have you asked them about this problem?

geelamch

hi tixy .thanks for replying
I gave them my bank card details .
thanks

geelamch

payday loans dmp say they will try but cannot gaurantee that these companies will not take payment

Tixy

I would cancel your bank card then. When they try to request payment with your card details it will be refused.

Is your DMP with one of the free organisations listed here, or is it with a commercial company who will charge you a fee each month? - http://forums.moneysavingexpert.com/showthread.html?t=2077631

geelamch

hi again
i have cancelled my bank cards already

DMP is with THINK MONEY GROUP though after reading this i realise there were alternatives,the only reason for tis was areccomendation from a workmate who said they have been great with him

Tixy

I think if they are cancelled the bank should not make payments out. You could ask the bank to be certain.

Think Money -How much are they going to charge you?

Its not too late to consider switching to a free one (you usually have to give 4weeks notice but could switch after that)

geelamch

think will charge 11%
debt is 9616 and we will pay 308 per month for 39 months
wii
l will look at switching and thanks for taking your time to respond
gerry

RAS

geelamch wrote: »

think will charge 11%
debt is 9616 and we will pay 308 per month for 39 months

So you debt is £9616 and you will pay 308 per month for 39 months = £12012 over three years to clear it?

This does not sound like a good idea.

Get yourself a free DMP provider ASAP.

Check you paperwork and see what you need to stop the existing DMP.