Need advice for my payday loans, credit card debts

steve713

Hi All, first time here, nervous, terrified, scared etc... as I start on a debt management plan.

Briefly, I have gotten into a lot of debt that has spiralled out of control and I just want to get the monkey off my back now.

I have been in contact with national debt line who sent me an information pack. After seeing other posts here I have decided to start with a self dmp via CASHflow. This is because I do not want an IVA or bankruptcy that could hinder my future career in finance (yes I know).

I want to avoid a CCJ if at all possible, I know that my credit rating will be poor for a long time no matter what now.

My current debts:
Wonga - £1053.47
Lending Stream - £713
Payday Express £600
PDUK - £612.50
Quick Quid - £500
WDA - £425
PoundsTillPayday - £275
Halifax Overdraft - £2700
Halifax Credit Card - £350
Capital One CC - £400
Vanquis CC - £1000
Aqua CC - £1300

It's the payday loans that are the most worrying after rolling and rolling. The amounts above are with 1 months interest on top.

I have today set up a new bank account to pay my wages into. I am also going to prepare letters to send to each of the creditors with an income/expenditure sheet from CASHflow and a pro-rata offer from the £600 I have available to pay these debts off.

The payday loans are terrifying me because I do not want them to treble in size, making an IVA or bankruptcy inevitable - not to mention the further sleepless nights and stress. I have 3 queries at the moment:

1) What is the best way for me to deal with these? Should I call them before I default (which will be in two days 17/06), or should I let it default first and then email/send letters.

2) How do I send them a payment? I want to begin paying off the debts immediately with what I can realistically afford, but without giving them my bank details I don't know how to do this. I do not have a cheque book, or the addresses for half of them.

3) What can I do if the charges and interest take them to 3 times what they are now? I've read of people taking creditors to court but that does scare me and doesn't mean a guarantee of avoiding IVA/Bankruptcy.

I'd appreciate any advice and I will keep upto date on my situation here, not just for my benefit but because other peoples stories have helped me begin the first steps to being in control again.

Thanks.

steve713

I have now sent out my letters and my financial statements to all of my creditors. I rang them too to ask that they do not call my work number, which appears to have been accepted.

I just hope that they respond favourably to my offers, since it's all I can afford.

I was a little confused when one payday loan lender said they would speak to a debt management company but would not arrange anything with me. I am doing this through national debt helpline and I fail to see what the difference is. I will have to wait and see what they come back with.

I still have no idea how I will physically pay them without a cheque book and they are reluctant to give me bank details. Has anyone ever sent postal orders to these companies?