CCCS DMP and payday loans

taff77_2

I've just entered a DMP with CCCS (1st payment this month) after getting myself into a right mess with payday loans. Some of the creditors have gone quiet, others seem to have accepted matters and others seem to be just being really demanding! (Yes I have several loans) - about 3k in payday loans and 4k with credit cards. The card companies seem ok, so not so concerned about them - but the payday loans worry me now. Most of the debt has already accumulated with interest, and are growing! Has anyone had dealings with payday loan companies whilst with a DMP? Who are the best, who are the worst? I've debt with Speed Credit, Speed e-loans, Wonga, Mini-credit, safeloans, payday uk, pounds to pocket, payday express Wageday advance

BlushingRose

I have no experience with pay day loans myself, but I do know that they seem to take money regardless, so have you changed bank accounts already?

taff77_2

I've changed my bank account. Payday loans tend to take money out with your debit card rather than by direct debit, basically there's no money in the account that they can take, if I need to make a token payment i've just been transferring the exact amount of money into my old account and telling them to take that amount out. Still getting emails/texts and calls though. My worst fear is them sending debt collectors to work!

bexiboo92

I'm in similar debt, however not on a DMP.

I don't what you've been advised but here's my piece:
-Cancel your debit card asap.
-Change banks/open a new account with the same bank if you don't want to go to a new bank and get your wages paid into this new account.

The impression I get is generally once you've signed onto a DMP and start making regular payments, the companies back off.

If they don't, write them a letter informing them again of the DMP, your reference number and contact details for the company. I think it takes a month or two for the companies to back off.

paulmapp8306

If your on a DMP that has been agreed with the creditors, there is no issue. It can take up to 6 months from starting a DMP before they reaslise.

You can expect your debt to do up inthe first 6 months, as while some creditors will freeze interest immediately - some will only reduce it - and some will keep dding interest for a while (NatWest kept mine for 6 months then reduced it to 2% for the next 3 years before fonally freezing it).

If you are making token payments - DO IT VIA CCCS, NOT ON YOU OWN BACK. CCCS will present them with a proposition based on pro-rata mayments from what your SOA shows you can afford. As long as these payments are made (regardless of whether the creditors actually accept the offer) and the ammount is backed up by CCCS and your SOA, then they will have no luck whatsoever if it goes to court. Thats because refusing the offer is refusing payment in the eyes of the courts. The creditors will argue the offer is too low, or unacceptable BUT wont go to court over is as they would loose.

You can expect regular contact from some creditors for up to 6 months from starting a CCCS plan anyway - just refere them to CCCS with your account number and ask they to deal direct. They will soon get the idea. Make CCCS aware they are continuing to contact you - forward any letters to CCCS, and ask them every month if interest has been frozen.

billinghamfan

In regards to Speed Credit I would read my thread as it will give you an idea of what to expect. It isn't fun but after a couple of months you will get used to them and learn to ignore them.

eyeopener2

Best advice is just pay your DMP payment and ignore everything else. It does take some strength to file the letters away and put the phone down but after awhile it becomes fun because you realise that these scumbags have little if no power.

Pay your DMP, the rest will take of itself.

E2