Mini credit & alternative to bankrupt

ident

Question One whats this i hear i can clear all my debts by paying for a year? If its true how do i go about this. I owe about 4k but Not One company other then wonga(yes 90% are payday loans) actually wants to know.

I took out a mini credit loan of £100 to pay my car tax, Two months later it;s 1k. I'l never pay them that, thats loan sharking. I know they can't do much but my question is how can i freeze it. Would the courts actually make me pay 1k for £100. It take years to go to courts.

advice what i can do? Not loosing sleep over it as they can't do much. Email me thats about it. I'd like to clear my debts but they can go to hell i'm paying 1k

Kate_fixing_it

http://forums.moneysavingexpert.com/showthread.php?t=4951284&highlight=

o they've added £300 since you last asked? You can tell it's Friday night!

ident

I didn't actually know i already asked. When you work 7 days a week you tend to loose track.

And yes they have Know it all

[Deleted User]

Have you popped over to the CAG consumer action group forum on payday loans there? the whole PDL industry is meant to be cleaning up it's act, so never a better time to get sorted I'd have thought, so use it in your favour, along with the odd threat of BR

Alternatively complain to both the FCA (new regulator) and FOS - that's what seems to work for everyone at the moment going on what has been posted in recent days

Back in the day, although a little outdated now and while doesn't feature Mini Credit (surprise that) this helped me as a good guide when it came as a basis to dealing with the lenders, yeah alright more reassurance really I wasn't alone http://www.amazon.co.uk/When-Payday-Loans-Go-Wrong/dp/1907728279

double_mummy

Powered_By_Pies wrote: »

Think OP was hoping we'd agree that his creditors can 'go to hell' for adding the charges and is a bit miffed that we haven't said that.

OP, your 12 month thought you mentioned in your opening post is I believe a debt relief order. To qualify - from memory, although I might be thinking about an IVA - you effectively have to have debts of £15k or more and assets totalling around £300 or less. Again, this is from memory so I might have got them mixed up.

DRO is under 15K worth of debts and less that £300 in assets (plus you can also have a car worth up to £1000) and you must have less than £50 per month left over after reasonable outgoings - you cannot be a homeowner

and you may want to remove the personal information from the email that you posted