Help needed

lucylong1

Hi i have been reading here for a few days and thought i would ask some advice, i took out a payday loans and sadly i was made reduntant , now i have found myself taking out pay day loans to pay off the other pay day loan. i have two small children and i couldnt afford to live on the 65 pounds a week jsa, though i do get 110 tax credit and 130 every 4 weeks child benifit...though with bills and two kids it very hard not to fall into the pay day loans.
I was in contact with a company called valour financial management who said they will stop all loans, cards and pay day loans if i go with them... my total debt is 3,000 this includes a loan i have had for the past 4 years and have been paying while working, they said i would pay them 175 first month then 130 a month for 26 months and they would pay of these debts for me, i am unsure if they are just another con group wanting to take advantage of folks who cant get a loan, i have a bad credit rating due to a few mistakes my ex partner made , i owe wonga 144 which i have saved for a few weeks and will pay 6th june... the other is quick quid which i owe 375, 75 i have already paid and now owe another 75 due to me extending loan, and my cc is maxed and its 600... should i go with these people ? i have not written to any of the pay day groups to ask can i pay monthly instead of the choosen date as i am scred to... any advice be most gratefull as i have never heard of valour...
lucy

camuk81

Ok sounds like someone is charging you for a service that is free have you spoken to pay plan or the CCCS.

Speak to them but first plan of attack is a new basic account to get your JSA allowance and all other benefits paid into to avoid

A) these payday loans taking your money
Not being hit by charges as the PDL companies keep taking the money

925pws

Congratulations on posting in the forum and taking the first step to getting help.

I would contact either CCCS or Payplan as they offer debt advice free and any payment you make to them, 100% goes to your creditors. If you don't want to 'talk' to them you can fill out their online form and send it off.

Secondly, as already mentioned set up a basic bank account with another company such as the Co-op where you can get your benefits paid directly in to.

When you set up a debt management plan with either Payplan or CCCS they give you template letters to send to your creditors. All you have to do is follow their expert advice.

If you have any more questions just keep posting. There are lovely people on here who will help.

Best of luck to you and your family.

lucylong1

hi thanks for the reply, you see i was trying so hard to get my credit back on track untill redunancy sprang, i am so ashamed and the calls, text etc are constant everyday from comapanys when one of them i am only 36 pounds behind! to hear them ring you would think i owed them 36,000... i cant sleep, eat as my money im using on the kids etc, i tried to look online for a bad credit loan for 12 months that i could pay monthly but just keep getting offered payday loans.im really at my wits end

925pws

Lucy, don't be ashamed, just look at these boards, they are full of people who have been where you are, some even worse - like myself I might add:p

Just take each day, you have made a start by posting so maybe tomorrow you can phone one of the free debt advice companies such as Payplan or CCCS.

I know how you are feeling, I just set up my DMP (debt management plan) and my first payment goes out on 1st June. It was such a relief to share this burden with the wonderful people on here and with CCCS.

It is easier said than done but please try and get some rest, and with a clear head tomorrow you can take the next step. Also maybe pop along to the up your income board and maybe get some mystery shopping jobs where you can treat your kids to a burger and get paid at the same time.

Take care of yourself.

lucylong1

thank you all so much is this who you mean ? payplan.com/ and what does cccs stand for? i will ring them tomorrow for sure as i cant go on like this, will go to my bank first things also and see if i can open a different account

Rakaposhi

CCCS is the Consumer Credit Counselling Service. They are a registered charity and will ensure you get good free advice. If you enter into a DMP with them, then 100% of the money you pay towards your debts will go towards paying off your debts.

CCCS make their money by getting 10 or 11% of payments back from the Credit companies.

Go with payplan or CCCS. Do not go with a commercial DMP Company who will take some of your cash for themselves.

doobiesis_2

The company who have offered to bail you out are charging you overall £555 for helping you!

Don't be ashamed, these PDL companies should be shut down, it's a regular occurrence to see people worrying over them on the boards these days.

Good luck

lucylong1

hi again, i rang payplan today and they are emailing me forms for me to do my soa , and a covering letter etc... so fingers crossed it works now just to try open a new bank account , many thanks again for your help

camuk81

Well done Lucy, First step on your new road

925pws

lucylong1 wrote: »

hi again, i rang payplan today and they are emailing me forms for me to do my soa , and a covering letter etc... so fingers crossed it works now just to try open a new bank account , many thanks again for your help

Fantastic news Lucy. I am so pleased you have taken step number 2 :T Please keep us updated on your progress. We are all here to support you in whatever way we can.

Remember you are not alone in this.

Take care.