Debt Help

South_dilema

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1. I have pay day loans that i put on my debt sheet to Step Change, do i cancel these to come out of my bank account automatically on Friday and Monday on their websites as read before on a post here that there is something you can cancel to stop them taking the money out?


You need to withdraw permission for the payday loans to take money out of your bank account, this permission is called a continuous payment authority (CPA). You can find a sample letter for the lender here

In regards to this will it not matter as the account i have the overdraft on is the account the payments are going to come out of but i wont have any money in there.

South_dilema

Update, DMP agreement has been posted and the account sheet for each debt and payslips have been sent off to Step Change so good positive first steps.

Just to cover myself i will also send 'On Hold Action' letters to all creditors or shall i just let Step Change contact them and sort that bit out and if i get any phone calls from them tell them i am sorting out a DMP and give them my DMP client number?

National_Debtline

Hi South_dilemma


It's still best to cancel the payday loan CPA in case the payment is taken and you are pushed further overdrawn.


I would now check with Stepchange how long it will take to set everything up. They'll be able to advise you if there's any need to send a hold action letter. Good luck with it all.


Susie
@natdebtline

South_dilema

Spoken to step change who were very helpful, advised me best to contact the creditors as would be quicker and advise them whats going on as they should give me 30 day period and in that time will have it set up.

South_dilema

Update: DMP accepted and first payment coming out 1st Dec, So manager to save up an the start of an emergency fund. Feels good to have taken control of my situation, i just wish i had started soon.

Wife has been very supportive and i have been 100% transparent all the way. I contacted all my creditors over the past few days to put my account on hold for 30 days and to inform them i am having financial issues and have been accepted for my DMP and they have all been really good.

TBH I didn't expect them to be all so understanding but they were which made it a lot easier to talk to them.

piper89

I was in the same boat as yourself the only difference being I didn't tell my wife until I was that stressed my blood pressure went thur the roof causing me to pass out and waking up in a pool of blood and her finding me like this and this is when I told all, she actually took it quite well as she though I was having an affair


My first monthly payment went yesterday I have never felt as relieved as I do now" not having access to credit" my payments are £278 pm over 4 years and I can honestly say not only have I stopped smoking (to pay for this) i will never borrow money again its just not worth it


good luck with your new future mate

paye

Hi South Dilema,

Just wanted to say hi and good luck with getting it all sorted. It will take time but you will get there.

Well done also for finding the courage to tell your wife, must of been difficult.

South_dilema

Thanks Piper89 & Paye.

Piper89, i am in the same thoughts as you, i will never borrow again well unless for mortgage but apart from that i think the 'Old school' process of saving to buy something will be more rewarding now purchasing anything on credit.

Also made me realize all the stuff i have that i don't actually use or need that i can now sale and add to my emergency fund. I think i managed to control my stress and that along the journey so well through exercise/working out as its the 90 minutes of the day my head just doesn't need to think negative thoughts as i am focused on my workout instead, its been a life saver these past few years.