Newbie looking for advice

Mattyboii87

Hi all.

I am currently in a financial mess. This is partly due to being unemployed and poor budgeting.

I have a list of my outstanding debts and have contacted StepChange and I am currently awaiting the arrival of my application pack.

The problem I have at the minute is that I have missed a payment to Wonga and to Halifax (overdraft).

I am currently waiting on receiving Job Seekers Allowance after being laid off from work. I now also live back with my parents as this allows me to cut costs.

I am determined to become debt free and I will hopefully secure new employment in the future.

I was wondering what I should do about a) The missed payments and b) Upcoming payments as they are all due in the next few days.

Trishiapp

Hi Matty.

Wonga:


I think you should contact them and explain your current situation. Since I've never taken out a loan with payday lenders, I'm not sure how successful this would be, but organising a re-payment plan is worth giving a go.


The same for Halifax.


I hope you'll be able to resolve the above soon. I wish you the best of luck.

PureSept

I've not got much advice but when I started stepchange they advised me to get a different bank account to the ones which payday loans have so only you have 100% access to your money obviously its one that has no links to any of the banks you're currently with, good luck

Mattyboii87

I have repayment plans set up with both. StepChange advise against taking out more credit to cover payments and it is something I feel wouldn't be beneficial but it would allow me to make all my payments this month

PureSept

Just wanted to add, I have debts with Wonga, as much as people slate them it was my own fault I got into that mess and they are the one company who haven't actually given me grief, phone and explain you're going to stepchange to sort out a DMP, thats what I done and they froze the interest on the account and its still frozen.

diamondfan25

Hi There
Well done for admitting to yourself you have a problem, read my story & hopefully that will give you some hope & inspiration


Don't ignore the missed payments, get all creditors rung up in the morning and explain your situation, they don't bite & they will come to some arrangement till your finances get better & even if you pay the bare minimum then that is a start


Good luck & your in the right place for advice etc

Mattyboii87

Wonga have always been good to deal with. Halifax not so in my personal experience. I currently don't have any money to offer any creditors and that is my main concern.

Trishiapp

PureSept wrote: »

I've not got much advice but when I started stepchange they advised me to get a different bank account to the ones which payday loans have so only you have 100% access to your money obviously its one that has no links to any of the banks you're currently with, good luck

I agree.


Having read many horror stories of payday lenders taking money out whenever they wanted, a separate account is a must!

Mattyboii87

I have a separate account that I can use. My primary concern is the lack of money I currently have and the payments that are due as I have repayment plans set up that will be broken and I cannot offer some sort of payment in my current financial situation.

diamondfan25

I had a massive debt with a well known company, & I defaulted at least 3 times, I had letters of court action & worse case prison (then I s**t myself) rung them up & explained my situation & if you get through to the right person they will help you.

hettiecarro

Hi
It doesn't matter how many repayment plans you have set up. If you haven't got any money - they can't have it.What everyone is saying is to make sure you get in touch with your creditors and let them know the situation - you are waiting for Stepchange and can't do anything about paying them until you get that sorted.
Take a deep breath and call them