Help ! Pdl, dmp

oneway81

I have various outstanding loans I have entered a DMP with Vincent Bon who have been great, they charge but deal with everything for me and are really friendly. Issue I now have is since I entered the DMP last month one of the PDL companies emptied my bank account despite the agreements as I hadnt cancelled my card as a result I now have 3 active PDL with the Cheque Centre, The Money Shop and National Cash Advance, I needed them just to survive the month but now I just cannot afford to pay then off, I can hardly afford to keep rolling over the loans and pay the interest, what do I do? Do I just cancel my cards and pass the details to Vincent Bond or do I call them and explain and take advice? I just want to be debt free and paying what I can afford I hope is the way forward but I just don't know what to do currently, it's a mess and worried they will call work or send someone to my work place help as just struggling to come and need advice

gizmo111

Ok first thing stop panicking - take a deep breath and stay calm.
I have no idea who Vincet Bond is but I am sure they are charging to do something you can either do yourself or have done free by one of the debt charities.
Cancelling your card is not enough and you ned to set up a new bank account and transfer your income and outgoings to that.
You need to inform bank that you no longer authroise continuous payments on your debit card.
What is yout total debt and have you done a SOA?

barbarawright

Why are you paying 15% of your monthly payment to a company that charges? Please, please cancel this and go with CCCS or Payplan

http://www.vincentbond.com/services_dmp_faq.asp

oneway81

What about the National Debt Helpline ? They claim to be free and say its free to set up a DMP?

My total debts would now be approx £9,000 a lot of my debts are quite small but month to month I can afford I pay them all and have been getting further into debt.

I was paying Vincent Bond £150 a month for my DMP to which they take £30, a lot when you think about it

What do I do this months all my usual PDL companies have been calling me to see what I am doing, I'm determined but am just in a mess

gizmo111

oneway81 wrote: »

What about the National Debt Helpline ? They claim to be free and say its free to set up a DMP?

My total debts would now be approx £9,000 a lot of my debts are quite small but month to month I can afford I pay them all and have been getting further into debt.

I was paying Vincent Bond £150 a month for my DMP to which they take £30, a lot when you think about it

What do I do this months all my usual PDL companies have been calling me to see what I am doing, I'm determined but am just in a mess

Can you stop money going into the account they want to take out of?

Tixy

I would definitely switch to one of the DMP providers from this link - IMPORTANT - Where to seek professional impartial advice about your debts.

and if you do move to a new DMP you could then also put in the new debts. But for future you need a new bank account with a bank you don't currently owe any money to (if you've used a new account for the 3 new payday loans then unfortunately you now need another new one with another new bank asap).

But don't make the mistake of taking out more credit again whilst on a DMP. if you do it with a charity DMP provider they may well refuse to act for you anymore. And if your old creditors see these new loans on your credit file then they may stop accepting your DMP or start charging interest again (if they'd previously agreed to freeze it).

In future if you have a crisis contact your DMP provider and ask if you can just pay a minimum payment for a month as a one off - they'll often allow this.

Check your agreement with VB to see what notice you have to give to cancel your DMP with them.

oneway81

Yes, I can cancel my card and transfer to a spare basic bank account I opened a while back, I just dont want them ringing me at work, should I call them or just ignore them?

Is National Debtline or Payplan the best way to go?

oneway81

I haven't gone at far as setting up a DMP with VB I have only made one payment to date so not done the 2nd so can still c
cancel.

Thanks this is helping ease my mind

Dketfp

I don't know much about dmp's but the first thing that strikes me is why do you need 3 pdl's just to survive the month in the first place?

If you want to be debt free you need to cut your spending. If you want to get rid of that £9000 debt you're going to have to live like a monk for the next year and direct every penny you can to pay off the debt starting with the debt with the highest interest rate.

oneway81

The PDL I took recently were not of high amounts, only appox £800 in total, not much to survive a month considering rent is 400, travel to work is 80, gas, electric, food etc doesn't leave a lot I can assure you. My bank was emptied by an old debt, have less than a fiver within 24hours of being paid isn't fun. I now want a way forward.

Just panicking what to do with my current PDL that have yet to default should I be honest or just hide away and hope they don't call work or something

gizmo111

Dketfp wrote: »

I don't know much about dmp's but the first thing that strikes me is why do you need 3 pdl's just to survive the month in the first place?

If you want to be debt free you need to cut your spending. If you want to get rid of that £9000 debt you're going to have to live like a monk for the next year and direct every penny you can to pay off the debt starting with the debt with the highest interest rate.

The whole point of a DMP is to pay debts back at a rate you can afford.
When people run out of money and the only way to keep your head above water is an instant PDL it is an easy trap to get into but for the majrity unsustainable.