Taking control back over PDLs

Dolores_H

copa_feela wrote: »

You don't have to default initially, you need to speak to one of the debt charities that will help you come to a payment arrangement. That may result in a default in the long term, but if you can pay off as much as you claim, it should not reach that stage. In the meantime you would need to have your income paid into a different account, to avoid them taking it.

I've just signed up online for a new bank account with Natwest which should take a few days, but I think you might all be right. I didn't think about a situation where they refused me a loan. That would be a disaster.

Thank you for all of the advice.

Dolores_H

rdchick wrote: »

Hi Dolores

You say you don't want to enter a DMP because you want to pay back what you borrowed. That's what a DMP does, it allows you to say hold on a second I need to take a step back and tackle this head on as right now you're just treading water.

1200 is a lot of money to borrow from a PDL company and one slight slip up and you're screwed. I think it would be best to post your problem on the Debt Free Wannabe board and they can help you out a bit more xxx

Sorry, what does DMP stand for?

DCFC79

Dolores_H wrote: »

Sorry, what does DMP stand for?

debt management plan

Your plan/idea means your just living off PDL's from 1 month to the next, it just pro longs it as opposed to actually tackling the issue.

Dolores_H

DCFC79 wrote: »

debt management plan

Your plan/idea means your just living off PDL's from 1 month to the next, it just pro longs it as opposed to actually tackling the issue.

Yeah, it wasn't my ideal situation. I've applied for a new account with Natwest so I'm going to transfer my pay to go into there once it's activated, then call a debt charity and call wonga before it has a chance to default, rather than wait for them to try and raid my account I think.

Dolores_H

Just wanted to ask one more thing. The account (santander) that wonga take the repayments from, currently has a £300 overdraft which is up to it's limit pretty much. If they go to take the payment, will it make me -£1500? Or will the bank reject the payment because there's no money in there?

CLAPTON

copa_feela wrote: »

You don't have to default initially, you need to speak to one of the debt charities that will help you come to a payment arrangement. That may result in a default in the long term, but if you can pay off as much as you claim, it should not reach that stage. In the meantime you would need to have your income paid into a different account, to avoid them taking it.

payment plans are a default as you are not keeping to the loan agreement.

PhoenixDF

copa_feela wrote: »

No, it is not! Your credit score is ruined anyway as you have a history of living off PDLs, so defaulting or entering into a debt management plan is really not going to make things much worse.

Take proper advice on how to manage your debt, but get this idea out of your head before you start.

PDLs don't ruin your credit score with contuined use (at least not in my case). I've taken out about 20 with wonga and each time my score has slightly gone up.

OP please don't listen to this nonsense, you're plan is ok for your situation and the sooner you can pay it off the better.

Bravehearted_2

PhoenixDF wrote: »

PDLs don't ruin your credit score with contuined use (at least not in my case). I've taken out about 20 with wonga and each time my score has slightly gone up.

OP please don't listen to this nonsense, you're plan is ok for your situation and the sooner you can pay it off the better.

Forgive me, but your ignorance is unfortunate.

Try getting any decent credit with pay day loans dancing about your file. Especially as you claim you've taken 20 out - that's not advice to brag about - it suggest you cant manage money well.

I believe PDLs on a credit file have been described as "an anal pube on your donut" - I'm sure no lender (or indeed anyone) wants that.

CLAPTON

Bravehearted wrote: »

Forgive me, but your ignorance is unfortunate.

Try getting any decent credit with pay day loans dancing about your file. Especially as you claim you've taken 20 out - that's not advice to brag about - it suggest you cant manage money well.

I believe PDLs on a credit file have been described as "an anal pube on your donut" - I'm sure no lender (or indeed anyone) wants that.

the lender of loans is not visable to other potential creditors on the credit reports although loads of loans for relatively small amounts may well be detrimental.

Emmzi

personally I would beg my mum for help or do a medical trial.