Payday Mess

edited 30 November -1 at 1:00AM in Loans
32 replies 4.5K views
24

Replies

  • RafterRafter Forumite
    3.8K Posts
    Strongly suggest you book an appointment with citizens advice or call CCCS or another debt charity. Having them help you will give additional weight to any offer of repayment.

    If the lenders start hounding you incessantly for payment, make sure you log all their calls and ask for all further correspondence to be in writing or you will report them to the police for harrassment.

    You really need some professional help to get out of this situation though.

    Good luck

    R.
    Smile :), it makes people wonder what you have been up to.
  • DC34DC34 Forumite
    62 Posts
    Who are OML?
    August
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    Sept Nought

    October - Meet and greet VIP (NFL) Goody bag
  • Super_RamSuper_Ram Forumite
    105 Posts
    One Month Loan DC34

    I am paying these off with the interest I have not had to fork out this month, however to ensure the other companies do not take the money form my account I have cancelled all DD and all money going into that account.

    I am just hoping that OML accept a full debit via credit card to pay them
  • moleratmolerat Forumite
    25.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    If they have not already got your phone number do not call them but if you must then use a phone box or buy a throw away mobile / sim card.
  • Super_RamSuper_Ram Forumite
    105 Posts
    Ok so I have had a reply of someone form Wage Day Advance advising me before they can consider a payment plan they need me to fill out my income/Expenditure on a for they have sent me.

    Do I fill this out and send it back beofre doing anything else?

    Also I have not made any of the Loan companies aware of each others debt so do I keep it like that or let them know I am going to be paying other payday debts as well

    Also is there ant tips on filling these out so I dont trip up and they try and fleece me for more than I can afford as I have noticed the form doesnt include basic things like food etc
  • ViolaLassViolaLass Forumite
    5.8K Posts
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    This is why you need to follow the advice in the first paragraph in post 12.
  • HaxHax Forumite
    890 Posts
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    You're probably best off using the SOA link in the DFW section to itemise your expenses and debts.

    As for the other debts, yes, you need to let your lenders know the magnitude of ALL of your debts. The idea of a DMP is that your (reasonable - £150/month on entertainment is NOT reasonable! ;)) outgoings are subtracted from your income and the remainder is divided pro rata between your creditors.

    Let's say you have £400 left over each month and you have four debts, one for £500, one for £750, one for £1250 and another one for £1500 - a total of £4000. Then, you would make monthly payments of £50, £75, £125 and £150 respectively. This ensures that all creditors are treated fairly and that your debts are all paid off at the same time - assuming that you can get the interest stopped!
    My posts are my own opinions based on my experiences and info gathered from sites such as this.
    They are not a substitute for professional financial advice - but you knew that already didn't you? ;)
    VSP 2011 - Member #25 - Started 6th December 2010 - Total As Of 4th May 2011 (21 weeks in!) - £323.67/£500 - So far so good!
  • Super_RamSuper_Ram Forumite
    105 Posts
    Ok have used this and works outlike this

    This is how my SOA worked out

    Household Information

    Number of adults in household 1
    Number of children in household
    Number of cars owned 1

    Monthly Income & Expense Summary


    Monthly Budget SummaryAmount(£)

    Total monthly income 1,250
    Monthly expenses (incl. HP & secured loans) 939
    Available for unsecured debt repayments
    311

    Monthly Income & Expense Details


    IncomeAmount(£)

    Monthly income after tax 1250
    Partners monthly income 0
    Benefits 0
    Other income 0
    Total monthly income
    1250

    ExpensesAmount(£)

    Rent 490
    Council tax 80
    Electricity 20
    Gas 20
    Water Rates 15
    Mobile phone 25
    Satellite/Cable TV 20
    Internet services 10
    Groceries etc. 75
    Clothing 5
    Car expenses (fuel, tax, insurance etc.) 165
    Pet Insurance/Vet bills 14

    Total monthly expenses
    939

    Debt Details & Offer to Creditors


    Unsecured Debt DescriptionDebt(£) Offer(£)

    Pounds Till Payday 630.41 97.1
    Wage Day Advance 625 96.27
    Wonga 763.7 117.63

    Unsecured Debt totals
    2019.11 311
  • ViolaLassViolaLass Forumite
    5.8K Posts
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    Are your gas and elec high enough? Also, you don't have anything set aside for entertainment, hair cuts etc, which I don't think is realistic.
  • chuckleychuckley Forumite
    4.4K Posts
    Part of the Furniture
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    step 4 wont work as it'l make the bank more cash if they let the D/D's bounce. just keep an eye on the account and cancel any d/d's set up and makesure the acc has no overdraft facility.

    whatever you do dont pay any of them by d/d or give them any card details, even pre-paid. ask for a payment card or standing order details.
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