Some debt advice needed please....

gogs2011

Hi silly i know..
Got myself in a little bit of debt over the past 2 year mostly all with payday loan companys. It totals about £5k all spread out amongst these vultures and debt collection agencys. Young and stupid getting these loans not paying them back then they got passed on to numerous agencys who are hot on my tail!
Because these loans have been passed on the interest has frozen which is good!! but obviously these agencys are looking for the silver, which i'm in a position to pay for through having a good job but not all at once as its not that good of a job! I can maybe afford to stretch out to £600 per month and this money would go out to around 10 of these vultures.
At the moment because of my missed payments and non payments,debt collection company's etc i'm lucky to get credit for my phone lol If i could i would consolidate to 1 payment however not an option for the forseeable..
I've created a budget plan and i'm gathering in all the details of these company's and getting exact figures before making any calls, im trying to do this through e-mails at this stage.
Does anyone have any advice for me on perhaps negotiating with these people or anything from past experience? Thanks!!

somethingcorporate

Not really, 2 things from me: 1) keep it all in writing (you don't want them having your phone number!) and 2) good luck

piglet39

gogs2011 wrote: »

If i could i would consolidate to 1 payment however not an option for the forseeable..

TBH consolidation is rarely the answer anyway. You say interest has been frozen so absolutely no point taking on a loan that will charge interest. You've taken the right step creating a budget plan just make sure this is realistic. It's very easy when you are in a hole to make offers to pay that aren't sustainable in the long term. Better to be realistic and offer what you can genuinely afford and perhaps overpay in a good month than overstretch yourself and put yourself in a position where you might be tempted to borrow from the PDL's again IYSWIM.

Piglet

Standingtall

Good morning Gogs2011:)

There are many websites offing help in how to deal with creditors. They offer template letters etc quoting official guidelines and so forth.

What I would advise is that you do not over stretch yourself with the payments as once you have an agreement it is advisable to stick to it and not have to lower or miss payments if at all possible. Thus make sure you allow yourself a realistic budget.

You could also consider contacting National Debtline, CCCS, Payplan or Christian Against Poverty. They rund the websites I mentioned earlier and will also give you free advice and support. They will also administer a Debt Management Plan for you free of charge.

Your debts will have been sold to the debt collection agencies for a very low figure so you might also consider full and final settlements with them.

There are lots of threads on this site about DMPs and F&Fs. Happy reading and good luck:)

gogs2011

Thanks for your advice, i will take it on board and set up these payments with hope of blagging a bargan cut down price with some of them!