DMP someone please advise.....

sharp82

kaley6989 wrote: »

Really sucks. i wish i could just get a 6000 loan and do it that way but no-one will touch me.. thanks for advise was really helpful, still not sure what to do though

I dragged it out for 6 months thinking what to do, and trying to protect my credit rating.

Truth was, unless I approached my parents for a loan (gift) then a DMP was the only option.

Think it has taught me a valuable life lesson though, which will help once I do get a mortgage (i hope!!). My parents would have probably bailed me out, but I'm old enough to sort my own mess out now!

Good luck with whatever you decide to do

kaley6989

i have considered that bargainbetty, but this relative is old and we dont really want him to know about our financial situation so its not really an option

i have a looming payday loan of 1300 coming soon which i really carnt afford to pay, and getting so tired of going round in a big circle every single month!! thanks for the links and all your help

nicp60

Chin up - you'll get it sorted, I'm sure.

Read through the links, and if you decide to post an SoA then you'll get loads of ideas from that.

kaley6989

dont suppose you know if i cancel my direct debit with wonga on my internet banking can they still take money out of my account? my ex partner didnt repay his on time so they just kept swiping every bit of money that was going into his account each day until it was paid!

nicp60

Wonga have something called a continuous payment authority, meaning they can take the money using the debit card details they hold and not necessarily a direct debit instruction. There are specific ways of dealing with payday loan companies. All too often the banks are not very helpful when trying to revoke these authorities, but I would try if I were you.

The standard advice is to open a completely separate basic bank account, get salary payments transferred over there, as well as normal bills - especially priority bills. Plan this well, you don't want to miss a month's rent or council tax doing this.

Hopefully someone will be along shortly who has more experience of dealing with payday loans specifically - or try a forum search for 'wonga' or 'payment authority'.

When is the payment due?

kaley6989

its due on the 2nd august, so i should open a bank account and get all money transferred to that account? fresh start is needed i dont think im going to go for a DMP im going to try and sort it myself.... send them a proposal payment plan.... good/bad idea? not sure i can a lot a month though, and i do owe 1300... im so happy i came on here thank you again!!

nicp60

I did a quick search, and it seems the best thing to do as soon as possible is call the bank and get them to cancel the Continuous Payment Authority that Wonga hold.

They might say that they can't do this, but they can so keep trying. Wonga will try for the money, but if the bank has cancelled the CPA they have to refund you.

This thread might be of interest:
https://forums.moneysavingexpert.com/discussion/4706459

nicp60

Oops, sorry cross-posted so I didn't see your reply.

2nd August should be enough time to transfer accounts - just make sure that: a) you get a basic account (one with no credit check required) and b) you switch all payments over and monitor it closely to make sure everything gets paid when it's supposed to.

I would get in touch with Wonga before 2nd August to advise them that you're having difficulties, they will ask you to complete an income/expenditure sheet, so I'd do an SoA before and post it on here to get feedback etc. They'll then come up with proposed payments - make sure you've done yourself a proper budget first, so you can anticipate what you can afford, given that you also have other creditors.

I would complete an SoA as soon as possible and pop it on here. Include all your debts on it, with the APRs and minimum payments (there's space for it all on the form).

kaley6989

ive filled it out how do i upload it? what is it for exactly? sorry this is all so confusing, im going to see if they will draw up a payment plan with me until im back on my feet

nicp60

Got the SoA filled out? If it's from the link I posted, then there's a button at the bottom that says 'format for MSE'.

If it's the Wonga one, then I'm not sure what to do with that. Putting a payment plan in place with them is the best thing, but if you change bank accounts make sure you have enough money in there on 2nd August for their payment. Otherwise (like they said in the other thread) they'll keep trying to take 80%, 70% and so on until they get something, and you'll have broken the payment agreement.