urgent help needed my life in turmoil

redsaxon

Yeah sorry if i came across badly,not having a dig at you just saying that these PDL companys behave as recklessly as some of there borrowers.Managed properly they do have a place.But its such an easy trap to fall into,this endless cycle of borrowing/repaying/borrowing and it almost always starts with "i borrowed £20 for my bill and now i owe them 4x my weekly pay

[Deleted User]

RAS wrote: »

You must get a new basic bank account with a company that has no links with your current bank and to whom you owe nothing.

If youy move it to the other account with the same bank or bank group, they will clear it out.

Why would he need to?

If he does not owe the bank, what would the issue be, they can't take a dd out of a different account, likewise with a debit card transaction.

Unless I missed something...

bexiboo92

Hi there,

I'm in exactly the same situation as you; i owe £3000 to 7/8 different companies.

Follow of the advice above, but also if you are unable to change your bank account, report your debit card as stolen/lost and get a need one, this makes it a tad harder for the companies to get hold of your money.

Secondly; actually talk to the companies involved. It might be scary and yes they do pass your details and debt onto debt collectors then may harass you for the money, but at the end of the day they're more than likely to agree to some sort of payment plan. They want their money back, just as much as you want to get out of debt.

Make a budget; include every single thing you can think of and work out what you've got spare. Eventually these debts will get paid off.

sickasachip13

Hi there,
Any update on the situation?
SAAC

icantcope

Hi

I have contacted payplan and they have said that they cannot help me with a DMP as i do not have 5k debt and they only do them for people with 5k or over. they are sending me out a pack with info in it to help me do the process myself but i am not 100% confident that i can do this by myself. I have changed my salary to be paid into my second barclays account and have also opened anothe account with another bank to be on the safe side. I am still worrying like mad about this and am totally dreading the end of the month when all this will "hit the fan" so to speak.

any other advice would be appreciated

thanks

paulmapp8306

CCCS will do a DMP on less that £5k. It doesnt matter what the ammount is - its whether you can meet the payments - and if not how long the debt would take to clear paying what you CAN afford.

Ultimately you only have one debt yes? if so you can easily do it yourself in fact (though its helpfull having CCCS onside for negotiating if they get difficult).

Put an SOA together - post it here for advice (we all know what is aloud, acceptable or not). once you have that, send it to your creditor with a proposal (which needs to be everything thats left), PROVIDED interest is frozen.

How longit will take will depend on wehn they freeze the interest, and how much you can afford.

FWIW my debts were 10 times yours (£42k) when I started my DMP - with 17 different creditors. 12 years its taken me but Im finally clear. your case is not extreme at all - and your learning young which will help down the line (though it may not feel that way now).

billinghamfan

Payplan said that to me.

Go to CCCS I have around 4K of debt and I'm a DMP with CCCS they are really helpful!

Who are the loans with?

JustinCredibleGillespie

Would there be the possibility of applying for a small loan or 0% cc with a £4k limit to get rid of these payday loans totally? I know consolidation is not a good idea as I've read on here that 83% of people run the debt up again.

However, I think in your case, (the way your feeling about all this now) you wont let yourself fall into this PDL trap again.

JCG

xx

icantcope

i have got 5 creditors in all, all pay day loans do not know if i can mention the names on here so sorry if i cant but they are wonga, quick quid, wage day advance, mr lender and pay day uk. when i spoke to payplan they worked out that i have 127 left over after everything has been paid out so i guss this is what i will be able to repay

paulmapp8306

Pretty much. CCCS will be similar - though a DMP is flexible so you can pay more if your income goes up, or less if you have more outgoings (rent goes up, kiods come along etc).

£120/month on a £4k debt (provided no more interest is added - which is unlikely in the short term) would take around 2 years 9 months to clear.