Advice on my Debts and my DMP

midnight_sun

Hi all.

would like to say, even though I'm new, I've followed this forum for many years. It's time that I've required assistance, and start my own story, and receive some help! I apologize if this is the same thing over, and over, and if this is in the wrong thread.

Basically, due to some personal problems, I've taken out one too many PDL Loans, as well as a 3 grand overdraft, and a loan. My DMP is now activated, and CCCS are in the process of sending out correspondence to my creditors.

Here is an overview of my debts:
Name Original Pmt Monthly Pmt Balance
LLOYDS TSB BANK PLC 150.00 108.85 3000.00
QUICKQUID 17.00 12.34 331.00
LLOYDS TSB BANK PLC 155.00 112.48 2139.00
COMMUNITY PAYDAY 33.00 23.95 655.00
PAYDAY UK 28.00 20.32 562.00
CAPITAL FINANCE ONE 26.00 18.87 510.00
1ST STOP HOME LOANS LTD 19.00 13.79 372.00
PAYDAY EXPRESS 25.00 18.14 500.00
MICRO CREDIT 7.00 5.08 130.00
PIGGY BANK LOANS 5.00 5.00 95.00
LENDING STREAM LLC 3.00 5.00 56.00
WAGEDAY ADVANCE 17.00 12.34 340.00
24/7 MONEY BOX 7.00 5.07 140.00
LENDING STREAM LLC 10.00 7.26 202.00
LENDING STREAM LLC 20.00 14.51 397.00
PAYDAY EXPRESS 5.00 5.00 100.00
Totals: 16 £ 9529.00

As you can see - I've been more than idiotic in taking out so many PDL loans. I feel humiliated for it, but it was time I sorted myself out.

Anyway. The CCCS are helping me out, and i've notified creditors about this via email. Some have emailed back, some have not - I will be sending out letters to them to advise of this.

However. I have two PDL loans due out TOMORROW - Minicredit and Piggy Pank.

MiniCredit will apparently not discuss a DMP with me (their response via email) and I have advised that it will be going ahead anyway.

Piggy Bank have advised that if no roll over or payment tomorrow, they will be adding interest, and beginning legal proceedings. I have advised again, that CCCS will be in touch over the next few days.

I made a token payment to them before the DMP started, as I beleived I would be able to pay it, but, unfortunately, I was unable to do it as my situation quickly changed.

NDR are on my case, but I paid them 30 last year, and expect payment end of this month.

Anyway, my question is:

CCCS are currently sending out correspondence, and I am due to send out a letter to them tomorrow, advising that I will no longer speak to them via email/phone, and to contact me via letter ONLY.

This is also the same with Community Payday/NDR, and MiniCredit.

Lloyds TSB were very lovely - they changed my account to a basic, and changed my card so no payments can come out.

Is there anything else that you would advise?

HappyMJ

Your debt statement says that Piggybank only require £5 as a minimum repayment and you are offering £5 so it's no difference. You won't be preferring them over any other creditor by paying them what you have offered anyway.

midnight_sun

it will take approx. 2 years and a month to get myself out of debt - It will be a long process, as long as no other events get in the way - I'm just worried about the PDL companies rejecting the DMP!

HappyMJ

midnight_sun wrote: »

it will take approx. 2 years and a month to get myself out of debt - It will be a long process, as long as no other events get in the way - I'm just worried about the PDL companies rejecting the DMP!

Once the repayments fall below the minimum repayments they can charge you interest again so it may take a little longer than 2 years to get out of debt completely.

ange903

Dont worry about the payday loan lender accepting the DMP, the only one i had that wouldnt is mini credit. The rest have been fine although you will get alot of phone calls from payday express for a couple of months.

eyeopener2

Don't worry about the payday idiots grandstanding and trying to bully you. Yes they may charge interest but it worth complaining to them and then the Financial Ombudsmen and finally the OFT. Even the threat of that to piggy will have them running scared, they wouldn't want their business under the threat of fines and closure.

Good luck, your doing the right thing and they all will accept the dmp, they just insist on playing these stupid games for some reason.

owen_money

Did you open a new 'non linked with debtors' bank account for your wages to be paid into? You owe £5139 to Lloyds TSB, and sounds like you bank with them to. If you enter a DMP and don't meet minimum payments of the loans they could use the 'set off' rule and clear your account out, however lovely them may appear

midnight_sun

Hi guys. I've opened up a Claim with Minicredit, pleading with them to stop the interest for a while, whilst StepChange get in contact, I got a response asking when I started the DMP, I responded and nothing else.

I have opened up another account with HSBC just to make sure, and moved everything there. Although Wage Day Advance reactivated the Direct Debit on my lloyds account - I believe I need to send out a letter to all the creditors and my bank - a Continuous Payment Authority?

ange903 - Can I complain about the interest that has been placed on my account?!

midnight_sun

Oh, and, I've sent them all letters advising I will not accept any form of communication other than in writing!

I'm just quite worried that they will open legal proceedings and attempt a CCJ, as well as the threatening home visits...

midnight_sun

Just received my default email from Minicredit...

midnight_sun

Hi all.

Well, the DMP has been activated on the 15th, and correspondence has been sent out so the creditors will be in touch

I had a repayment notification from 1st stop, and I responded back via email advising to speak to Step Change. This was this morning, approx 9am.

I had a call from the collections guy just after 6pm, and, well, basically started with the scare tactics. He advised that he has spoken to CCCS, and they are rejecting the Payment plan from them. This is due to the fact that I took out the payment on the 27th December, and is looking to arrange another payment plan with me. He kept asking me details such as my monthly income etc, and advised that I couldn't tell him any details, as frankly, I was walking home from work, and was in a state of shock. Unfortunately, I can not get through to the after-care team, so now pretty worried.


Can they reject this? Can they play these sort of games? I'm going to call the after-care team at Step Change tomorrow, but did not provide any details other than my situation.