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Everyday loans help
david.l_4
Posts: 92 Forumite
Right the situation is I took out a loan with these guys about 6 months ago, due to a change in circumstances I have not paid them for 2 months I have spoken to them and they have advised me to go on a debt management plan what I said I would, so I shopped around and the ones that charge charged to much and it seemed pointless and I went to the cccs and pay plan and I did not fit there criteria.
So what I have done is stopped paying all my creditors and I have managed to set up my own payment plan (really easy with help and advice from sites like these) though the only people left to deal with are everyday loans.
At the moment I have told them I am entering a dmp but it will take a while to set up and they will be contacted shortly (I was just buying time) what they were ok with but then I though to myself it would probably be better to default on the loan then I can pay back an amount that is suitable to me
-outstanding loan -4900
-Current payments- 155
-what I want to pay-100
See I could just contact them and propose this but if they accept it would just mean it would extend the term of the loan and I would pay more interest (current APR 98%)
My question is has anyone done something like this and more importantly has anyone defaulted on a loan with everyday loans and are familiar with the collections procedure.
Thanks all in advance.:money:
So what I have done is stopped paying all my creditors and I have managed to set up my own payment plan (really easy with help and advice from sites like these) though the only people left to deal with are everyday loans.
At the moment I have told them I am entering a dmp but it will take a while to set up and they will be contacted shortly (I was just buying time) what they were ok with but then I though to myself it would probably be better to default on the loan then I can pay back an amount that is suitable to me
-outstanding loan -4900
-Current payments- 155
-what I want to pay-100
See I could just contact them and propose this but if they accept it would just mean it would extend the term of the loan and I would pay more interest (current APR 98%)
My question is has anyone done something like this and more importantly has anyone defaulted on a loan with everyday loans and are familiar with the collections procedure.
Thanks all in advance.:money:
0
Comments
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Hi and welcome, im sorry i cant say i have dealt with them, but good luck and wowzer the intrest rate is crazy :OI AM A MONEY MAGNET, THEY ARE MAKING MORE MONEY FOR ME AS WE SPEAK:pMIKES MOB, DFW NERD 1071, DFW LHS 132!MIRACLES HAPPEN I'VE SEEN IT WITH MY OWN EYES. LBM 08£77240.69 Current outstanding total £36083.01 Paid so far = £41157.680
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I know the apr is madness they prey on the desperate ce la vie move on like and learn never again.0
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well i guess they can when needs must
I AM A MONEY MAGNET, THEY ARE MAKING MORE MONEY FOR ME AS WE SPEAK:pMIKES MOB, DFW NERD 1071, DFW LHS 132!MIRACLES HAPPEN I'VE SEEN IT WITH MY OWN EYES. LBM 08£77240.69 Current outstanding total £36083.01 Paid so far = £41157.680
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