Trying to sort things out, is this ok?

sidneylopsides

Ok, I've done the usual thing that beings people here, got myself into debt and can't afford the payments.
I have a friend who works for CCCS and spoke to them for some advice before going ahead with anything, as they know more than I do. The outcome seemed to be try and arrange my own payment plan with PDUK and QQ, and if that didn't work go to CCCS, as on the phone I had already been told they would freeze interest if I could make a payment (I couldnt at the time) whereas through CCCS I was more likely to get charged more interest.

I have a Welcome Finance loan and a Egg card that I've been paying off for a while, and that's been ok to be honest, they are managable amounts, it's just when I was a bit short one month and took out a payday loan. That started about 2 years ago now :-/

Since then it's slowly crept up to now.

As of today I owe QuickQuid £949.50

I did owe PaydayUK £450 but they took that today which is leaving things tight for the month. All my usual DDs have gone out but there isn't enough left for this months rent (I paid last month's late) After reading on here this evening, that's something I should have expected. I've applied online today for a basic Halifax account to guard against this in future.

I also owe !!!!!!!!!!!!! £52, but that's not too much of an issue.

Luckily I have a brilliant friend who has offered to lend me some money to cover rent and food as they have the cash, to make sure I don't get another payday loan. I can pay them back without interest out of the bonuses I am getting over the next few months.

Now my main issue is dealing with the QQ money, it was due yesterday, so it's only just started really, but I can't see a way I can pay that amount back as I only bring in £1050 (plus bonuses if we get them, so I ignore that).
Also I just remembered, QQ are saying I was due to pay them £187.50 on the 6th of Jan to cover a missed payment from the 23rd Dec, I checked my account and that went out, but they say I haven't paid.

From what I have read here, arranging a payment plan with QQ is very difficult, if even possible, but a payment plan with a DCA would actually be quite easy to arrange, I've used templates from here to prepare letters offering payments, but would I actually be better waiting for it to go to a DCA anyway?

Apart from the payday loans I'm ok, so I don't really want to go on a DMP when it's just the crazy interest of one lender causing me problems. I know when offering reduced payments it's supposed to be a fair offer to every creditor, but that seems wrong when it's actually only one creditor that's the problem?

I was prepared to write this with PDUK involved too, but as that's cleared now things don't seem as bad, and the £52 isn't a problem for a single payment.

My credit report isn't very good, so a couple more things aren't an issue at the moment.

tealady

Hi
Whatevery you do do NOT go with a fee charging company to help with your creditors.
If you put up you SOA (sticky ath the top) them we can advise you on the best way to go.
In the mean time keep a spending diary, worked for me when i was in debt as it made me think before I handed over my cash (or worse the plastic)
In the meantime have you anything you can sell? Books DVD's CDs anything you dont really NEED.
HTH

fatbelly

Payday loans can be a bit of a pain to deal with. You may find this thread helpful

https://forums.moneysavingexpert.com/discussion/2735257

I was interested by this:

I have a friend who works for CCCS and spoke to them for some advice before going ahead with anything, as they know more than I do. The outcome seemed to be try and arrange my own payment plan with PDUK and QQ, and if that didn't work go to CCCS, as on the phone I had already been told they would freeze interest if I could make a payment (I couldnt at the time) whereas through CCCS I was more likely to get charged more interest.

Are you saying that CCCS told you that creditors charge more interest if a dmp is arranged through them, than if the client (you) organises the dmp themselves?

I have never heard this before, but as CCCS/Payplan are funded by what they call 'fair share' (i.e. a rake-back from the creditors) I am prepared to believe that there may be some truth in it.

sidneylopsides

fatbelly wrote: »

Are you saying that CCCS told you that creditors charge more interest if a dmp is arranged through them, than if the client (you) organises the dmp themselves?

I have never heard this before, but as CCCS/Payplan are funded by what they call 'fair share' (i.e. a rake-back from the creditors) I am prepared to believe that there may be some truth in it.

I'm not sure this is quite qhat they meant, I think it was more that from their experience QQ and PDUK ad lots of interest while on a DMP with them, and as PDUK had offered to freeze interest when I spoke to them, it may be better to try that.

Thanks for the link, that's where I've done most of my reading so far!