Drafty line of credit

saving_88

Hi. I have a drafty line of credit. Interest has racked up. Monthly payments high. Any tips to ask them for management plan and freeze charges

stu12345_2

they will ask for  an income and expenditure form to be filled out to show you are in difficulties.
 have you contacted them. the problem is you repay the loan via your bank account and debit card , so they do grab the money monthly easily.
 contact them

if things are really bad, do you have other debts, do you need an informal debt plan via eg step change.
what is your earnings and outgoings.

sourcrates

If its your only debt the sooner you reach out to them the better.

Tell them your struggling, they can`t help unless you tell them.

If debt is a bigger issue than just this one account, then more drastic action might be needed.

sparks_2023

I'm not personnally familiar with Drafty but I believe it is like the not-missed SafetyNet Credit.

In which case, get an irresponsible/unaffordable lending complaint in ASAP before they go bust.

This is a recurring payday loan in disguise.

https://debtcamel.co.uk/payday-loan-refunds/

https://debtcamel.co.uk/payday-lender-email-addresses/

saving_88

Thanks, Drafty are part of Lending stream which is on the list. I also have a CASHASAP loan. So will complain. Both companies have given me a payment holiday though. 

EssexHebridean

It sounds like perhaps there is more going on here than just the single problem debt? I seem to recall that a summary of “problem debt” could be that if it causing you problems paying your priority bills, if it causing you near constant anxiety, or if it is stopping you from sleeping at night. If any of those are true then I would suggest that you need to consider looking for some support with the full package, not just the payday loans. In terms of “problem debt” I would personally add the existence of one or more payday loan types of debt to the list as well in fact - those often indicate that access to mainstream credit is now impractical and that should be a red flag. 

My suggestion would be that you give some thought to putting together your SOA (statement of affairs) - there is a link to the calculator we suggest using in my signature below. Fill it in honestly, openly and completely - you may find a years worth of bank and card statements to hand help - and remember that it needs to reflect your current situation, not what you think you should be paying for things, or what you imagine that others expect to see. If you feel that you are ready to do so, then if you use the “format for MSE” option, you can then copy and paste the SOA in to this thread and we will then be able to make suggestions as to what approach might be best for you. 

Asking for payment holidays is all well and good but it doesn’t solve the problem, just puts it off. There is also the risk that creditors will put “Arrangement to pay” markers on your credit files - this is not ideal as it delays the timescale in which the debts will fall off your file. Right now though I don’t think that should be your biggest concern.

I would suggest that right now your biggest priority should be ensuring that you have a robust household budget that means all your priority payments are covered - these being rent or mortgage, council tax, food, heat, light and water, insurances, and essential travel costs.any secured debts also come into this category.   Filling out the SOA will help with this as it enables you to see all your income and outgoings in one place. Once the priority bills are paid, then comes everything else. You need to avoid using further credit now at all costs - that will not improve your situation, just make things worse, and increase the stress and worry. 

When it comes to a Debt Management Plan by the way if this is suitable for you, you don’t ask the creditors for it - you work out what is an affordable payment for you and you tell them that is what you are paying. There are however steps to be taken before reaching this point and you should ask for further input on that before proceeding to that route. 

sourcrates

From the OP`s other posts, it appears they are on a stepchange DMP, and were considering an IVA.

OP, for the best advice you need to be asking different questions on this thread, like how to stop Draughty charging you interest, an IVA will not be in your best interests at all, you should post a complete statement of affairs here and we can guide you to the best course of action.

saving_88

Added them onto MY DMP with stepchange. Very helpful company tbh. I would always recommend them. 

sloankettering94

Please avoid Drafty at all costs if you can, they will drive you into debt with their immense interest rate of 96% and have driven my life into depression and misery at the hopelessness of never being able to pay this predatory debt back. If you need financial help, or have mental health issues, they will not help you appropriately and have all but ruined my life. There are far better, safer, more competent companies that care for their customers who uphold their equality act commitments and don't rob them with ridiculous interest rates. 

saving_88

sloankettering94 said:

Please avoid Drafty at all costs if you can, they will drive you into debt with their immense interest rate of 96% and have driven my life into depression and misery at the hopelessness of never being able to pay this predatory debt back. If you need financial help, or have mental health issues, they will not help you appropriately and have all but ruined my life. There are far better, safer, more competent companies that care for their customers who uphold their equality act commitments and don't rob them with ridiculous interest rates. 

Hi, I contacted them said I am adding them to me DMP. They agreed and passed the debt on to CRS. Interest is frozen. I pay minimum to them really. They are on my DMP. As its frozen interest and a low amount. i will leave small payments to them and pay off slowly. They were helpful to me when paying off. But yes paying 100 pound off a month wasn't clearing it. 

sourcrates

sloankettering94 said:

Please avoid Drafty at all costs if you can, they will drive you into debt with their immense interest rate of 96% and have driven my life into depression and misery at the hopelessness of never being able to pay this predatory debt back. If you need financial help, or have mental health issues, they will not help you appropriately and have all but ruined my life. There are far better, safer, more competent companies that care for their customers who uphold their equality act commitments and don't rob them with ridiculous interest rates. 

When all is said and done, its just another non priority, unsecured debt, that may or may not be paid according to your available disposable income.

All lenders should follow the CONC guidelines when dealing with customers in debt.

It doesn't matter how much interest is charged, if you don`t have the means to pay it, it doesn't get paid, there is very little these companies can do if you can`t pay them, hollow threats of further action mean absolutely nothing under these circumstances.