Sorry another payday loan.... (sorry bit of an essay)

inapaydaypickle

Hi newbie here

So, I got myself in a right mess with payday loans. I've been using them for around 18 months. I have never defaulted on them but cannot afford to live like this anymore. I have so many payday loans and rather than paying them off I roll them over. Now i'm just over my head. Now that I have had a massive reality check. My loans are as follows:

Wonga- £1129.54
Quick quid- £787.50
The lending stream- £586.50
Payday UK-£430.33
Mr Lender- £455
Minicredit- £514.80
Payday express- £683.70
Wageday Advance- £389
24/7 Money Box- £276.34
Txt Loan- £117

Lloyds Tsb overdaft- £2000 (maxed out)
Lloyds Tsb credit card- £740 (£750 limit)

So I posted an SOA also-

Statement of Affairs and Personal Balance sheet

Household Information[/b]
Number of adults in household........... 3 (love with mum & dad)
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ £1050
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1050

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. £119
Rent.................................... £200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ £40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... £100
Clothing................................ 0
Petrol/diesel........................... £50
Road tax................................ 0
Car Insurance........................... £30
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... £15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... £55
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. £609


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s)......................£4200............ 0 (on finance)
Other assets............................ 0
Total Assets............................ 0


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Secured Debt..................
Total secured & HP debts...£4200..-...5% APR......-

Unsecured Debts
Wonga- £1129.54
Quick quid- £787.50
The lending stream- £586.50
Payday UK-£430.33
Mr Lender- £455
Minicredit- £514.80
Payday express- £683.70
Wageday Advance- £389
24/7 Money Box- £276.34
Txt Loan- £117
Credit card- £740

Monthly Budget Summary
Total monthly income.................... 1,050
Expenses (including HP & secured debts). 609
Available for debt repayments........... £441
Monthly UNsecured debt repayments....... -5429.71
Amount short for making debt repayments. -5399.71

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -£4200
Total Unsecured debt.................... -£8139.71
Net Assets..............................

I have spoken to Step Change & they have said to stop the continuous payment authority with my bank for them to stop taking money from my account & write to the lenders and form a repayment plan with them.

My main question is how do I go about fixing this with the minimum amount of damage to my credit history? ( I know it's really bad as it is but it's gonna get alot worse when I default)

Has anyone here had experience with these companies and how can I avoid them ringing up and hassling me if I go through repayment route? I work in financial services how will this affect my job...

Sorry for essay

Help please x

happycamel_2

There's not a lot you can do about your credit file, it'll be trashed for the next six years if you default. For a while, just having payday lenders will send out the message that you can't manage your money.

You'll need to look at your contract to see if it can affect your job, it really depends what type of work you do. I'm an accountant and never been asked about it my credit history, but then I work for huge blue chip companies with tight controls and I have no access to bank accounts. Generally, company's are concerned if you're in a job where you have access to money either in cash or banking systems.

What did you spend the money on? Do you have stuff you can sell to get some of the debts paid off? Even clothing sells surprisingly well on eBay but if you have equipment from hobbies (eg golf clubs, guitars, fitness equipment etc) you might make a fair bit.

You need to be honest with your parents and stop paying rent for now. Ideally they'dlend you the balance of money you can't raise yourself to pay back these loans without defaulting. You can then pay them back over a longer timespan.

inapaydaypickle

Thanks for your reply,

I can't see my contract at the moment so I dunno, I work in insurance and when I started it just asked if I had any CCJ's or IVA's.

I generally don't have alot of stuff. This debt started when I was working part time and just spiraled and by the time I started working full time I was already over my head. I dread to think how much I have spent last few years on these loans. I will be moving in with my boyfriend next couple of months so I can live rent free there until i'm all sorted with my debt...

I worked out due ti the overtime I worked that I will have £1,000 to pay off some of that debt this month. Got a call with debt adviser Monday at 8am.

Step change said I should write letters to creditors & bank to stop the continuous payment authority. Is it worth me emailing as well once i've sent letters or should I just set up repayments with them online or over the phone?

My main concern is which debt should I prioritize and who's the worst company to deal with I guess.

happycamel_2

Head over to the DFW board and repost your SOA, you'll get some great advice there. The loans board is a bit mre techie.

inapaydaypickle

Hi newbie here

So, I got myself in a right mess with payday loans. I've been using them for around 18 months. I have never defaulted on them but cannot afford to live like this anymore. I have so many payday loans and rather than paying them off I roll them over. Now i'm just over my head. Now that I have had a massive reality check. My loans are as follows:

Wonga- £1129.54
Quick quid- £787.50
The lending stream- £586.50
Payday UK-£430.33
Mr Lender- £455
Minicredit- £514.80
Payday express- £683.70
Wageday Advance- £389
24/7 Money Box- £276.34
Txt Loan- £117

Lloyds Tsb overdaft- £2000 (maxed out)
Lloyds Tsb credit card- £740 (£750 limit)

So I posted an SOA also-

Statement of Affairs and Personal Balance sheet

Household Information[/b]
Number of adults in household........... 3 (live with mum & dad)
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ £1050
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1050

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. £119
Rent.................................... £200
Management charge (leasehold property).. 0
Council tax............................. 0
Electricity............................. 0
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ £40
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... £100
Clothing................................ 0
Petrol/diesel........................... £50
Road tax................................ 0
Car Insurance........................... £30
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... £15
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 0
Entertainment........................... £55
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. £609


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s)......................£4200............ 0 (on finance)
Other assets............................ 0
Total Assets............................ 0


Secured & HP Debts
Description....................Debt......Monthly.. .APR
Mortgage...................... 0........(0)........0
Secured Debt..................
Total secured & HP debts...£4200..-...5% APR......-

Unsecured Debts
Wonga- £1129.54
Quick quid- £787.50
The lending stream- £586.50
Payday UK-£430.33
Mr Lender- £455
Minicredit- £514.80
Payday express- £683.70
Wageday Advance- £389
24/7 Money Box- £276.34
Txt Loan- £117
Credit card- £740

Monthly Budget Summary
Total monthly income.................... 1,050
Expenses (including HP & secured debts). 609
Available for debt repayments........... £441
Monthly UNsecured debt repayments....... -5429.71
Amount short for making debt repayments. -5399.71

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -£4200
Total Unsecured debt.................... -£8139.71
Net Assets..............................

I have spoken to Step Change & they have said to stop the continuous payment authority with my bank for them to stop taking money from my account & write to the lenders and form a repayment plan with them.

My main question is how do I go about fixing this with the minimum amount of damage to my credit history? ( I know it's really bad as it is but it's gonna get alot worse when I default)

Has anyone here had experience with these companies and how can I avoid them ringing up and hassling me if I go through repayment route? Who are the worst to deal with. I work in financial services how will this affect my job... Should I email the companies as well as sending out the letters or arrange something on the phone?

Sorry for essay

Help please x

sharp82

I owe a similar amount to wonga, and they have been ok.

I cancelled the payment with my bank, and called Wonga the day before my payment was due, told them they weren't going to be getting one. They were quite understanding, and put my account on hold whilst I completed an income/expenditure form. They wanted £104 a month to pay it off, which was to much for me. Told them payplan was going to be dealing with my account, gave the reference number and the account is still on hold. No letters, no phone calls. The only emails I receive is when i've contacted them

Have sent a token payment too.

pauletruth

Ask personnel if a DMP would affect you job. your soa is missing things like council tax and power/gas. you need a realistic budget.

Moneymash

Sorry you have had 70 views and no response.

First of all forget about your credit report that is the least of your worries. In any case it is already shot to pieces with all the pay day loans you have and the roll overs, no legitimate lender will touch you now, but borrowing more isn't the answer anyway. If you default you will save on interest, but the PDL companies can rack up charges, getting the money from you in so called admin costs, or pass your account on to a Debt Collection Agency, who may also add charges.

When is the next lot of money due out of your account, can you afford this, what will you live on for the rest of the month, can your parents help you out, what was the money spent on, can you sell your car?

I would contact the pay day loan companies and tell them you are in financial hardship and get them to agree to a repayment plan, which includes freezing interest. Can you afford to clear 24/7 moneybox and txtloan first outright, as these are the smallest loans. Then work out a sensible repayment amount for the other loans, that you can afford and stick to. Where possible get the PDL bank account details so you can pay them and then cancel the CPA with your bank, however be prepared for some to be ruthless and try to drain your account once they know you can't pay/rollover. . Don't agree to anything over the phone. Send any communication via recorded letter

I don't know how old you are or what your job is, so will say your salary is modest. However you are living with mum and dad and therefore shouldn't have got in to this mess, as this is the cheapest living you will ever have and a good opportunity to save, rather than spend. Please try to address the problem of the overspend and how you can prevent it in future and live within your means.

Good luck.

ihateyes

I used payplan who are free...... the done an I&E, i listed the creditors, and the contacted them.

I paid Payplan once a month and they paid the creditors.

Some creditors were only getting £1.50 ish am month, and accepted, others refused, but Payplan still paid them the offer.

They will then pass out to a collection agency, who will accept the offer.

My advice. Cancel your bank account, and open a new account with no debit card. have your wages paid in there. email all the companies, telling them your going into a debt management plan with x company..... your reference is xxxxxxx and the company will be in touch in due course to make an offer.

Payplan will put an amount aside for hair cuts, clothing, etc

getting a free dmp involved will stop the calls, because once you default the phone will be ringing all day long! the dmp getting involved getting offers out will stop the calls!

molerat

pauletruth wrote: »

your soa is missing things like council tax and power/gas. you need a realistic budget.

inapaydaypickle wrote: »

Household Information[/b]
Number of adults in household........... 3 (love with mum & dad)
Number of children in household......... 0

Which I assume means live with.

Do mum and dad know your situation and could they be willing to help you out with a reduction in rent / groceries ?

pauletruth

should still be paying towards. will help you budget in the future.