Advice greatly needed

paul031980

Hi guys. Looking for some good advice. Over the past 11months i got myself into a pickle with payday loans. It has now got to a point where i'm really in it. I estimate they total around £2500-£3000 somewhere. I recently thought that's it i need to sort this now. Again like an idiot i rang the first debt management company which came my way (DFH financial solutions) and set up a plan with them. I have made an initial payment of £250 + £70 admin fees. The other day one of the companies i owe rang me and then i explained my situation then they advised me that my first 2 payments is for setting up my account and i will be paying silly interest etc. Then DFH rang me and advised me that 2 of the companies they don't deal with so that is down to me to sort wich doesn't help. They say i have a cooling off period to end it etc and i'm in a position on what to do. If i have to deal with 2 companies should i just try and contact all of them to arrange an agreement myself? i really don't know what to do. I want to pay it off as fast as i can and i reckon i can probably afford to pay around £300-400 a month. What do i do?

Giddytimes

Definitely cancel with DFH if you're within your cooling off period and this means no fees, you don't want to be paying fees when you need to be putting all spare money towards clearing the loans.

I'd advise you to contact one of the free debt charities for help such as Payplan or CCCS, they can help you to set up a payment plan with all your creditors.

NorthernLas

OP - I agree with Giddy to cancel the debt company if you are still in the cooling off period.

You may get more help if you re-post on the main DFW forum (this is the diaries section).

There have been lots of threads on payday loans. This one may be useful to you https://forums.moneysavingexpert.com/discussion/2735257 (the first few posts contain very useful information as to how to break the payday loan cycle)