Debt - Advice please

pantherchick

R_P_W wrote: »

So you take home 1200' you live at home for free and your 3000 in debt?! Why?

Give the guy a break... hes on this site to get Help, he knows what hes done isn't good and now hes trying his best to get out of the mess. last thing he needs is a why?? we all make mistakes and that's how we learn from them.

Badger I hope you can sort this and relatively quick. good luck xx

*Foolish*

As long as you explain your situation to each of the lenders, they should agree a repayment plan with you. They may ask for a statement of affairs so they can see why you have difficulty paying them. Best thing is to be upfront, show that you are willing to repay them, but that you just can't do it all at once. Good luck.

Edited to add: if you sort it out yourself with them, then it's not officially a DMP, as long as you don't miss payments you may not end up with defaults.

Itsgottabedone

If you were my son I'd give you a good talking to (in spite of the fact that you seem to have seen the error of your ways) and lend you the £3000 provided a) you adhere to an agreed schedule to pay me back and b) you start paying towards your keep.

matttye

Itsgottabedone wrote: »

If you were my son I'd give you a good talking to (in spite of the fact that you seem to have seen the error of your ways) and lend you the £3000 provided a) you adhere to an agreed schedule to pay me back and b) you start paying towards your keep.

His parents might not be in a position to do that.

Badger3

Thanks for the further comments.

I will try to arrange all the repayment plans with them myself then and keep you guys up to date with how I get on incase some of the companies are awkward and I need further advice!

cod3

Badger3 wrote: »

(£165 on a driving course - instead of getting points)

Hi Badger. Does this mean you have a car? Is selling it an option?

matttye

Badger3 wrote: »

Thanks for the further comments.

I will try to arrange all the repayment plans with them myself then and keep you guys up to date with how I get on incase some of the companies are awkward and I need further advice!

One or more of them might ask you to ring up to make arrangements. Don't. You need to keep communication in writing or by e-mail so that you have a record of what is agreed. Some payday loan companies are known to take what they like from people's accounts.

You should also write to your bank by recorded delivery telling them that you withdraw your permission in accordance with Regulation 55 of the Payment Services Regulations 2009 for any of those payday loan companies to take payment from your account. If the bank then ignores your instructions and pays these companies any money, the bank will be liable to refund you.

Itsgottabedone

matttye wrote: »

His parents might not be in a position to do that.

But there again, they might.

Badger3

No unfortunately I crashed my car - hence the expensive course instead of going to court!

Thanks mattye I will make sure I keep it all via email, is there anything I can quote to them if they do ask me to contact via phone?

And I live with my Mum and she's not in a position to do that.

FireWyrm

OK, to those making judgmental comments, please can I remind you that this forum is for advice and help, not heckling.

Badger, there are a number of things you need to do right now. I mean tomorrow morning.

1) Get a basic account somewhere - one that doesnt charge and you dont have a relationship to at the moment

2) Get your wages/benefits/incomming money moved there immediately because the PDLs, when they get wind of this will attempt to collect regardless of whether you have it. They will simply take what you have.

3) When you have moved evrything and not before, you write to each and every one offering a token payment. They will bleat and threaten - I suggest you disconnect your mobile for a while

4) Get over to StepChange who will be able to help you work through this. Failing that and if you feel able, set up a sensible repayment plan yourself and then stick to it. They most likely will continue to charge interest, but some will stop it and are reasonable. You need to be strong and negotiate.

5) when you get out of this mess, never do it again. Do not get another PDL (it stops now - cold turkey) and do not PAY a 'service' to help you. You can do it all yourself.

6) do not go looking for another loan, you wont get it. You may however get stung for 'broker fees'. Do not give your credit/debit card details to anyone for any reason.

You are a debtor but they dont own you. They cannot seize goods, they cannot turn up at your house and if they do, you shut the door. They do not have powers of entry, super powers or second sight or anything else they try to tell you they have.

Good luck

P.S ALL CORRESPONDENCE in writing from now on....not email, old fashioned paper. Do not sign it with your signature.