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PDL advice needed.
acooper95
Posts: 33 Forumite
Good morning all,
I took a couple of payday loans out last year whilst I was having a breakdown and mental state was over the place. Money was low and I was desperate. I made a few payments then just dwindled off.
Both have defaulted against me without warning (I understand my fault and fully accept) but being hounded daily and it's worrying me sick.
Any advice?
I took a couple of payday loans out last year whilst I was having a breakdown and mental state was over the place. Money was low and I was desperate. I made a few payments then just dwindled off.
Both have defaulted against me without warning (I understand my fault and fully accept) but being hounded daily and it's worrying me sick.
Any advice?
0
Comments
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https://www.nationaldebtline.org/
They have an online web chat or telephone support.
Might be a good start.174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 20200 -
Hi
I agree that it’s a good idea to contact us or one of the other free debt advice charities.
For getting advice on the forum a good place to start is completing a statement of affairs (SOA). You’ll get an overview of your finances and can post your figures in the forum here. That way we’ll have a better understanding of your circumstances and the options you have to deal with your debts. There's an SOA template here:
www.stoozing.com/calculator/soa.php
With pay day loans the creditors can normally just try to take the money from your account as you normally agree to a Continuous Payment Authority (CPA). You can cancel the CPA which will get you more in control of your money. We have a Pay Day Loan factsheet here which explains this in more detail and also links to sample letters to send your bank and the creditors to tell them you have cancelled the CPA.
www.nationaldebtline.org/EW/factsheets/Pages/41%20EW%20Payday%20loans/Default.aspx
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
Both have defaulted against me without warning (I understand my fault and fully accept) but being hounded daily and it's worrying me sick.
Any advice?
Most payday lenders will be open to the arrangement of a payment plan.
They tend not to hang onto accounts very long though, so dont be surprised if they sell them on to a debt collector before very long.
That wont necessarily be a bad thing, they should be just as amenable to an arrangement.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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