Finance Advice required

ilovelondontown

Ray I'm not actually sure what the process is for cancelling your current DMP with the fee paying (leeches) company, however, when it comes to working out how to prioritize your current debt, pay day loans are the priority as the APR is rediculous and every day/week/month that you owe them money you're literally pouring money down the drain.

Try snowballing to see exactly what will be best for for the quickest df date, and least interest accured.

Weird_Nev

IF the student overdraft is interest free, attack the wonga loan whole heartedly for now and get rid of it.

Re the vampires, I@d just phone them and say you're cancelling their services as you've realised you can do it yourself, then cut the bank payments too. Belt and braces approach. Check small print on any paperwork and small print first to ensure they don't have penalty charges etc.

Ray:

Hi all, sorry for the delay, lonnng weekend. Back on it. Today I'm ready to proceed forward with everything but just want some confirmation of my plan of action.
I am first going to contact wonga and tell them that I'm going to pay them directly. THEN ring DFH that I'm cancelling their services.

OR do I ring DFH first and make sure that I'm all sorted and cancelled there? I am conscious that I have a direct debit coming out on the 30th, so that doesn't leave me long to thing and mull around. Please advise.

With the student overdraft, that is the 2nd one I'll tackle after the wonga has been paid. Please advise/shine some light on my Plan of Action. Thanks. Appreciate it.

[Deleted User]

Ray: wrote: »

And should the route be... pay the Wonga loan back and the tackle the overdraft? or do both at a smaller amount each month?!

Pay Wonga off first.

PDLs have a serious negative effect on your credit rating, so the sooner it's gone (never to return, I trust?), the sooner your credit rating will start to improve.