Where to start? am I in a bigga mess than I thought or not?

trguitar

Right Ive been burying my head in the sand far too long now and need to get my act together and get sorted. Im in debt roughly about 4 grand and kept on thinking I can get it sorted without really trying if Im honest.
I owe in full on a cc around 3k. Fell into debt with this last year, was keeping my payments up to date after I'd maxed it out and cut it up, so I payed the monthly bill then the ppi was taken out which I didnt know comes off your credit limit and made me go over which I wasnt pleased about especially as I feel I was misold this as I work for the NHS and get full pay when off sick! Anyways from that month I just had loadsa outgoings and failed to pay it off that month and thats when it starts getting slippy. I did the stupid mistake of taking out not 1 but 2 payday loans, stupid I know but I was desperate!
Since then I had christmas come up and numerous things come up. To add to this my work had realised that they gave me a massive over payments for a few months and that I owed them a grand which I set up to pay £90 a month back as they wouldnt let me do it for anything less (the lovely NHS), so thats leaving me short. Anyways I had a friend who promised they could lend me the cash to at least just get out of the red with my cc so I could then cancel the ppi and start clearing it but the friend let me down right at the last minute, so that is ongoing then this month I got jumped in town and had my wallet taken so I had to apply for a new card and totally forgot about the payday loans are taken from a card payment. Anyways when Iv realised I didnt have enough money to pay them now Ive got them ringing my house phone and leaving loadsa messages everyday while Im in work, I havnt got a clue what to say to em as Ive been told they love the bully tactics and would rather have something concrete to tell them incase
they get me agreeing to something. Any how my debts are around 4k. 3k for my cc and prob just under 1k for the payday loans. I earn 15,000pa and atm have the £90 a month taken out due to the repayment thing and also have the nhs pension taken from my wage.
Any help advice is greatly appreciated on the best way to deal with this situation and go about clearing it.
Was thinking of a dmp but seems like theres loadsa options out there atm dont know if thats the best route to go.
I also dont have any family (Parents died at a young age and dont have siblings)
Any questions feel free.
Thanks!

gonzo127

http://www.makesenseofcards.com/soacalc.html

use the above link and post up your statement of affairs so we can try and spot areas where you can make a saving, i think you should probably try and reclaim the PPI so i would probably start looking into this

the other way is to speak to one of the free debt charities, CAB, CCCS, national debt line, christains against povaty or payplan for some extra advice

GeorgeUK

Okay, first of all, why did you take out the payday loans? Were you not able to get any other form of credit?

Have you done a statement of affairs? If you can, it might be worth posting this up for us to see if there are any savings to be made. Try to use the amounts you actually pay rather than guessing them. https://www.makesenseofcards.com/soacalc.html

Have you checked your credit file?
Do you have any defaults, late payments or CCJ's?
If so, what and how many.

Have you looked into getting a loan from a credit union?
Do you know how much you have available to put towards repayments?

Why not try reclaiming the PPI - especially if you feel it was missold.
http://www.moneysavingexpert.com/reclaim/

willbdebtfree

:wave:hey Trguitar

im afraid i cant be of much help as i am new to all this. just wanted to say well done for facing up to the problem. Things will get better from now on. Im sure someone will be along in a minute to offer some proper advice, the people on these boards are amazing and will help you find the best solution.

trguitar

Cheers for the support!
No credit gone bad cos of all this mess! Doesnt help that the cc is with my bank (halifax)!
Didnt know I could get my ppi back if im in mass arrears with the cc.
When I get home Il go on the link and do a statement!

RAS

Hi

if you are in debt on a CC and have your salary paid into an account with them, you must get a new basic bank account ASAP and get everything paid in there.

Otherwise your bank can take your whole salary and use it towards your CC debt.

trguitar

I do have a current account with natwest which I opened up ages ago but have never used it for anything due to the fact I wasnt prepared to wait 3 months just for a visa card, all they gave me was a cash card.

Is that true tho? never heard of that happening before????

Tixy

Off setting is very true sadly. Happens to people all the time, leaving them unable to even buy food for the month ahead.
As soon as your bank think you might be in financial difficulties they'll pay off their own cards etc and withdraw your overdraft.

trguitar

I'l get in touch with payroll at work then and get my bank details changed.
What annoys me bout that is it was ok for them (hbos) to take millions of taxpayers money for their greed but they have the right to do that!

trguitar

Ok so I got home from work yesterday and its now been referred to Albion, anyone had dealings with these??? Am I best just knocking out a payment plan with these guys?

But now what to do with the unpaid payday loans? anyone have experience in this area?

trguitar

Anyone help???