Hi all , hope somebody could advise me. Due to reduced income and arrears on rent and council tax I have set up a self adminastrated debt managment plan.Most of my creditors are payday loan company's who have accepted month payments , with balances and interest being frozen. But one of my loans is from a sub prime lender for £300 repayable at £49 a month for 12months. I made a couple of payments before seting up my dmp. The loan company passed to debt to what I think is the in house debt collection - Chantry -. They phoned me I have offered £25 a month and offered an Income and Expediure sheet. They have accepted the offer but say that the interest will still continue at just under 10% a month. This means that they debt is still growing each month,this months interest will be £42 and in 15 months time the interest alone will be £73. I have been told after 15 months the interest is frozen. I dont mind paying the £25 a month but only if the interest if frozen or lowered.At the moment the reduced payments would hardly be making a difference. Any thoughts on the way forward? Alfie

I have an income expediture form which I designed and sent to all my payday loan company's when sorting out a payment plans. A few points to remember with I/E forms are 1) They don't have to be given to creditors despite what they may tell you.Only a court can request an I/E form.But if there's nothing to hide why not? 2) Include only your income / expediture and YOUR contrubution to household bills.The creditors don't have a right to know the ins and outs of the rest of family members 3) As said before include everything you can..including birthdays/christmas. If you want a copy of my form (blank!) PM me.I pulled the info as to what to include from Insolvency service / cccs and CAB.

My experience is this hope it helps. I had 8 payday loans but wanted , and needed, to get out of the trap of paying off then reborrowing. I phoned bank up and explained I had lost my debit card whilst out in town so they cancelled the card and sent a brand new one with 16 new numbers. A couple of days laster phoned bank and asked to have a new bank account along side exsisitng account .The reason I said was to pay direct debits from each month. I went to my employer and had wages paid into new bank account- so I knew money was sagfe.At which point started to default on loans. I was in the proccess of setting up a DMP with the CCCS and most company's were willing to wait for a pro rata payment plan from them.The CCCs took so long to get letters out to all payday loan company's they were getting a bit inpatient.The CCCs however had sent me a letter showing what each company was goint to be offered. I phoned all companies to explain that would they prefer to now to deal with me directly or continue with CCCs.Well they all bite my arm off saying they'd prefer me to make direct payments. So I would say to one creditors the CCCS were going to pay you £7 a month but I'll pay £10 a month as I want to clear the debt.The other creditor who was going to get £20 would offer £15 a month. I pay each month by bank transfer NOT debit card- and all interest is frozen. Worked for me hope this helps?

How did this pan out after you defaulted in regards to the DMP.Did the pdloan companies accept CCCS payment proposals?

Lenders tend to vary. They all have to give a 'cooling off period' of 14days - Some will let you pay back interest free within the 14 days ,others will charge an 'admin fee' which is usally, surprise surprise ,the same as the interest charge. But It is a good tool to use if you only need to borrow for a week or so , but read t/c's before applying.

Hi all an update. Defaulted a week or so ago. To be honest a pleasent company to deal with and all done by email. They did add 20% on the outstanding balance but agreed not to add any further charges or interest as long as I stuck to the repayment plan..which I will... over the next 10months, knowing the balance is reducing. Also paying by faster payments each month not debit card. Alf

Thanks for the update. I was thinking I need to get out of the 'trap' with DCloans. Did you at any point offer a payment arrangement or did they ignore and take you to court? -and- Did you write to them before defaulting explaining the sitution.I ask this as some lenders seem more likely to set up a payment arrangement if you contact them before you default and keep in contact? Thanks

HI Is there an update to this thread.I noticed the court date was set for 26th nov??

Thankyou for your advice. -The CTC we get now is based on last years income of £20700 but by April 2010 I would of earned £24700.Looking at the HMRC website it states : If the customer’s original claim is continuing and the customer is getting only the family element of Child Tax Credit we will take 100%, so the customer will receive nothing until the overpayment is repaid. So to my way of thinking in April when they ask what I earned last year , yes an award will be given but an overpayment would of occured. So they wont pay us anything until the the amount of potiential payments cover the cost of the overpayment? Alf

Hi all Hope someone can help me with this one... It looks like we will of been overpaid CTC by about £2000 by April10, due to me dong overtime at work.We have 4 children as my understanding is that we wount get any money from CTC until the overpayment is paid back.Currently getting around £150 per week. This means the new award notice will state £0.00 to be paid weekly. At the moment we dont claim housing benefit ,but due to the changes on 2nd November seems that we may be due £30ish a week as child benefit is now disregarded. My question is now when we apply for HB and we have an award notice of £0.00 per week will this mean the HB award will be higher than estimated.Online calculations indicated the Rent and Council tax will be covered in Full. I spoke to CAB and indicated it was a case of take with one hand and give back with t'other. Any thoughts experiences? Thanks Alf

In reply to Robjam they only have debit card details.NO Cheques. They are also members of CCA which hopefully means they will stick to there guidelines for defaultees. Willing to pay back but over few months Plumfairy when did you default?-Just so I can get a time scale

hi Has anyone have any experience of Wagestoday.co.uk part of ealing trading company as my payday loan is due for repayment in 10 days time and I really need to get out of my trap with them.I have defaulted on a couple of pd loans in the past but have no experience of this company. Alfie

I Highlighed that this may happen on sunday morning but the site team on this site removed my thread without warning ! All Fortress Group UK websites say this in there terms: 18. If you owe Fortress Group (UK) Ltd money through any of its brands or subsidiaries you authorise us to use the debit card details supplied in this application to recover those monies as your relationship is with Fortress Group (UK) Ltd and not just an individual brand. We do not have to notify you that we have, or intend to, do this. They also trade under these names: 1 Month Loan Fortress Securities Mayday Payday Oasis Finance Oasis Payday Payday Mayday Beware

I think that a valid reason for wanting a payment plan would be " I want to get out of this Payday Loan Trap"..if this wasnt accepted let the Judge look into it! That way Payday loans maybe on the way to be outlawed in the uk,like Canada and some states in the US. IMHO

Is this a payday loan or the SpeedLoan product?