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Hello all

 

I know I should not have got into this mess, but I have so I am looking for some help (advice).

 

I have managed to accumulate 9 payday loans with different companies totalling around £2k due to not being able to work for 3 weeks in September, due to a stress related issue, and was only paid SSP.

 

To date I have managed to scramble together the funds to extend/rollover each loan at the end of every month and it was my intention to repay all of them over the coming months but this is now not feasible.

 

This month however I am unable to afford the rollovers and with other credit card arrears, mobile phone arrears, other loan payment arrangement arrears, I am in a right state.

 

All of my rent/utilities and council tax are up to date and all of the debt is unsecured, I have no mortagage and I live alone. If I rollover again this month my priority debts would not be paid.

 

So with a few days to go (I know I have left it late) I have a load of Payday loan payments due to be coming out of my debit card, none of which I can afford.

 

I have arranged for my salary to be paid into an alternative account so my priority debts can be paid but I need some advise about how I should approach each company and when.

 

I have worked out I have about £235 excess income available to pay creditors and I will probably be approaching CCCS to help administer this.

 

I need some advice on what to do imminantly as I know they will be trying to take payments from the debit card (there is £2.00 in the account), with no overdraft, in the next few days and I will get constant SMS, phone calls, emails etc.

 

I did read in a thread that I should report the debit card stolen, is this neccesary?

 

Thanks in advance of any help/advice.

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Hi,

 

yes, definately report your card as lost. Otherwise, transactions may be forced through, causing your account to go overdrawn and so incurring more charges. Not what you need.

 

Then, you can work out how much to repay each company each month and offer it to them. There is a formula for working out pro-rata payments on one of the debt charities websites. It is doable without using cccs.

 

Be prepared for demands off the payday loan companies but stick to your guns.

"In this situation, you know what you have to do? Just keep swimming, swimming, swimming." Dory - Finding Nemo.:wink:

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Hi guys

channel99 I am in exactly the same boat as you. I owe over 2k to payday loans and now cannot even afford to rollover. I have mortgage arrears now as well so I have decided to deal with that quickly. I am going to call my mortgage company and ask them if they will take £200 per month in order to clear my arrears, which will take about 6 months. Then I am going to have my wages put into a new account, move over my DD's from the old one and report my card as lost. That way there will be nothing in the old account for the paydays. Then try and negotiate with the paydays (gulp!) I know they're threatening bullies but I think I can deal with that. My fear is that they will keep ringing my work and tell my boss (yikes!!) I really really do not want everyone in my workplace knowing my business so if anyone has any advice on this it would be much appreciated! After dealing with mortgage arrears I could afford to pay approx £300 to paydays, not sure if they will accept this - probably not, but don't know what else to do.

Kitten1 - I think I'll take a look at the formula if I can find it. Is it really doable to deal with these companies without the help of a DMC?

Channel99 - keep in touch and let us know how you're doing! We can both give each other advice and support. Good Luck x

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if you always answer your mobile you'll be fine. private numbers everytime they will be more forthcoming to an agreement and once agreed on something confirm in email and get their bank details to make payments yourself. i wouldnt bother going to CCCS as i always see lenders more forthcoming when dealing with them directly. it really depends what lenders you have in order to see how each will work with you... who have you got?

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