PayDay Loan due Wednesday; In a mess;

Ames

If I were you I'd cancel the card/dd and also withdraw all your money on payday, go out at midnight if you have to. Then even if they try to get the money, it's not there for them. Then when you go for a DRO you can throw everything into it - so it doesn't matter if you get a few charges for bouncing payments.

ciscokid

dancingfairy wrote: »

P.S I believe payday loans will take the money from your account even if you report the card as lost or stolen -sorry. You need to get all your money out of the account asap so you are in control of what gets paid and when.

This is very true, whats more, when the money comes off, it will not have the name of the company attached to it, in my case next to the items in my statement it simply said CSH , I remember this because I had no idea what CSH was and I had to phone up my bank to find out what these mysterious payments were, and they confirmed that bad news that despite my best attempts (reporting card as lost) the payment still found its way to come off. I keep seeing people advising this in every thread, and I will keep adding that it is very bad news to mess with payday loan companies in this way....you are going to regret how much you have to pay back.

Ames

The point is though that once you've defaulted you can set up a payment plan with reduced/frozen interest. A lot of people have found on here that once they've got through the first lot of phonecalls etc, the payday companies have been ok to deal with, especially if you go on a DMP or have someone like CAB behind you.

JCS1

dancingfairy wrote: »

Sim - a couple of points - do you know what led to you giving in and drinking? were there any warning signs at all? is there anything you could do to change things - ie can you phone a helpline, log on here, walk the dog when you get the urge to drink?
Secondly I believe that the amount you owe is too large for a DRO - I believe the limit is 15k in which case bankruptcy may be more suitable.
Thirdly I believe you need to get the new bank account up and running - forget the payday loan for the minute - you need to be focussing on your priority bills - ie council tax etc.
Good Luck
df
P.S I believe payday loans will take the money from your account even if you report the card as lost or stolen -sorry. You need to get all your money out of the account asap so you are in control of what gets paid and when.

The limit for a DRO is £15k, but student loans are excluded which reduces debt to £12.5k so it is possible.

Eager_Elephant

Sim,

I 'know' you from another board. I hope that you can get things sorted this time.

I am a bit confused about your water bill, you have put £30.28 as expenditure and then the same again in arrears column. I assume your current usage is quite low but you are having to pay extra to clear the arrears?

What do you think has caused your debt this time around? I recall you went bankrupt in 2003 and were discharged in 2005.

Some of your debts are to sub-prime lenders so I guess you couldn't get much credit.

If alcohol is causing these debt problems then you need to go and get help again - are you still attending AA?

If you apply for a DRO your Council Tax may not all get written off, it depends whether they have taken you to court.

Also TV Licence cannot be included as it means you were not covered and therefore are liable for a court fine. I assume you cannot afford the yearly amount - if this is the case you either need to go on Cash Easy Entry Scheme which is where you have a card and make payments each week at a Paypoint outlet or you could have monthly DD but this will be approx £29pm to start and then after 3mths reduces to £12.50pm (approx).

Please get this sorted to prevent further problems like a court fine.

(((Sim)))

EE

SimIsOnTheUp

blt wrote: »

That could be cut down - £200 is a lot for one person. I allow £35 per week and shopping at places like Aldi really help - or the local Tesco half an hour before closing

Hiya blt,

Thanks for that.

I'm off to Netto tomorrow for my Christmas food shop!

Cheers,

Sim.

eyeopener2

Sim

Your in that circle mate, sober, drunk, sober, drunk.

Its all well and good sorting your current debts out but until you address that alcohol issue you ain't ever going to move on.

PM if you want to. I have a feeling that the "issue" you mentioned before has become reality.

For what its worth, its a good plan for the initial debts.

E2

SimIsOnTheUp

northerngirl30 wrote: »

I think you have opted for the sensible plan! well done on sorting your bank acc/pay out!Thanks. Emailed / Called Payroll yesterday, and they've confirmed that my pay next week, will go into my Bank of Scots account instead of Santander. Payday loan companies are awful to deal with, mainly as they don't really understand how anyone can default on a 1 month loan (words of pounds2days DCA!)

in the long run santander will probably be less horrible to put off while you are dealing with the DRO, have u started the application process for that?My thoughts too, in that I'd rather deal with the bank than MoneyShop. Just hoping that the cheques go through so that the debt transfers to the bank. It's out of my hand now though, as the first cheque was to be presented today. Regarding the DRO, yes I've been in touch with CCCS and have the pack for the DRO here. Waiting for my Experian credit file first.

Is there anyway you can include the electricity arrears in your DRO? I mean if you can switch supplier, then the arrears would be with old company? if not have you tried ringing and explaining the difficulties you are having right now? I know npower have some hardship fund thing? which I believe is for situations like this?Doubt very much that NPower would let me move elsewhere while I owe them £750 :-/ Am already on their cheapest 'Spreading Warmth' ('Social') Electric tariff.

Are you employers aware of whats going on? do they have a HR/occupational health department who might be able to arrange some help? or at least ensure that you don't loose your job?No my employers don't know the extent of it, and i'd rather keep it that way. I did tell them about the defaults on my credit file though before they did an Experian 'background check'. To my amazement, I passed the check and got the job. I can not lose this job, hence I'm nervous about going back to work tonight after having four more days off this last week.

Oh, just noticed you said you were going to go for a whole different bank? If you are going down the DRO route you will only be able to get acc with barclays or co-op as none of the others allow undischarged bankrupts (I looked into DRO and got all this useful advice!)Thanks for the info re banks. Am sticking with my basic HBOS bank account for now. Once I'm 100% sure MoneyShop don't have my Co - op Bank account details, I'll switch to my Co - op account.

so try barclays, their charges are only £8 and half the time they don;t apply them anyway! :-)Glad to hear they're a bit fairer! Am aiming for never accruing another charge again though.

good luck and well done again for making the decision!

I hate feeling I've pushed myself into a corner, due to the booze and depression, and because I've been Bankrupt before, but I am where I am. Have spent too long looking back, thinking 'if only'. Just need to move forwards now. Thanks again x

SimIsOnTheUp

Robert_Roberston wrote: »

Sim - I've read a couple of your posts and you strike a chord with me as a bloke who needs help for the addiction that you are battling, without going into specifics - is that something that you are looking at / are getting help with? I can only imagine what it would must be like to have the demons and the like and for that you have my fullest sympathy.

I just dont want you to battle, sort out a DRO, get on your feet then fall off the wagon every 3-6 months or whatever it may be and go back to square one.

Thanks Robert.

You're spot on. I do need to address the booze first.

I've been seeing an alcohol misuse support worker who's great. Also have a great GP.

Am still in two minds about AA.

Thanks again,

Sim.

SimIsOnTheUp

dancingfairy wrote: »

Sim - a couple of points - do you know what led to you giving in and drinking?If I could sum up the nature of addiction, and explain the rationale (or lack of) behind it, I'd be a very rich man. AA would also cease to exist! were there any warning signs at all? is there anything you could do to change things - ie can you phone a helpline, log on here, walk the dog when you get the urge to drink?Fair point. I am trying to learn coping strategies. Social Anxiety + Sobriety = a scary combination though.. However, thankfully, I've now had enough of the alternative.
Secondly I believe that the amount you owe is too large for a DRO - I believe the limit is 15k in which case bankruptcy may be more suitable.No. According to the CCCS, they take the total debts into consideration (mine are about £26K) but then they deduct the Student Loans which can't be included in the DRO. The DRO threshold of £15K will then be ok, as my debts are then just over £12K.
Thirdly I believe you need to get the new bank account up and running - forget the payday loan for the minute - you need to be focussing on your priority bills - ie council tax etc.Yes, I've now got my seperate bank account up and running, and my priority has to be rent and council tax. Thanks.
Good Luck
df
P.S I believe payday loans will take the money from your account even if you report the card as lost or stolen -sorry. You need to get all your money out of the account asap so you are in control of what gets paid and when.

Re PayDay loan, yes I agree. MoneyShop will have put the first £100 cheque through today and there is no money in there. All the cash I have is in my wallet (£70) for food for the next 10 days. I am scared re the PayDay company / bank but I'm just not in a position to pay them £85 'extension' fees for yet another month AND eat..