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How much trouble can multiple Payday Loans cause?


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I'm very relieved to find that there are lots of people on this forum who have multiple Payday Loans (I thought I was the only silly person out there until I discovered that!).

 

Just wondering HOW those people have managed to get multiple Payday Loans since most of the lenders don't lend to people who already have a Payday Loan??

 

I did not admit that I am already in a DMP or I don't think they would have given me the loan in the first place.

 

Has anyone else got Payday Loans when they are in a DMP??

 

I now have a MASSIVE problem though......I have NINE Payday Loans (very stupid I know) plus Text Loan but I don't really count them as they are very short term and WILL be repaid (I never know when I may need to use them again).

 

I resigned from my job in December due to illness and am currently on my 3 months notice period but I have actually been signed off by the doctor for the last few weeks and so quite likely will not work the rest of my notice.

 

Once I receive the last of my wages I am out of work, unfit to work and don't know if I will receive benefits as technically, even though I haven't been fit for work for the last few weeks, I DID voluntarily resign from my job (well, illness forced me to). I guess that's a question I should be asking in the Benefits section though.

 

Anyway, by the time my final wage runs out (probably the day I receive it because of all the money I owe out!), I will either have little money (if I receive benefits) or NO MONEY AT ALL.

 

Either way, it will be impossible for me to pay my DMP and the Payday Loans.

 

Firstly, would Payplan who manage my DMP, allow me to add the PDLs to my DMP (plus 2 outstanding catalogue debts and a Capital One credit card that I haven't owned up to them about yet)?

 

Then would they be able to negotiate with ALL my creditors so that I can pay each and every one of them no more than £1 (one pound) per month?

 

I have February and March wages to be paid to me yet (although I still don't know if these are full or lower due to my sickness), however, March will be lower in any case because it will not be a full month.

I'm thinking that I could really do with every spare penny from these 2 wages so if I stop paying my PDLs NOW, I can at least save the money I would normally give them so that I still have a bit of money to pay for essentials and utility bills. Can anyone please give me any advice on this?

 

Also, because I have taken out PDL's when I am on a DMP (I have never lied about how much I earn though), once I stop paying the PDL companies can they report me for fraud? I'm really worried that I can get into deep trouble for lying. Help please!

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ok, chill, lets start by listing the lenders and we can work out who's going to take you to court and who's going to accept token payments and at what rate. in any event i think it is a total waste of money to go on a DMP so i really hope you're not paying for it although it seems quite clear that you are... let us know the lenders.

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ok, chill, lets start by listing the lenders and we can work out who's going to take you to court and who's going to accept token payments and at what rate. in any event i think it is a total waste of money to go on a DMP so i really hope you're not paying for it although it seems quite clear that you are... let us know the lenders.

 

Hi Jamie,

Ok, I have a DMP with Payplan so it doesn't cost me anything but do you think it's worth my while to stop this with Payplan and do the whole thing on my own?

Regarding the PDLs, my next payday is tomorrow (15th Feb) and the lenders and outstanding payments and due dates are as follows:-

 

PAYDAY UK £262.50 O/S - I am due to pay £92.50 on 15/02 so this will have to go ahead as it's too late to change this month

POUNDS TILL PAYDAY £695.40 O/S - I am due to pay this in full on 15/02. Again, too late to change this month and will have to reloan to keep me going until next month

LENDING STREAM £130.00 O/S - I am due to pay £80.00 on 15/03. Again, too late to change this month

TEXT LOAN £234.00 O/S - Due to pay on 16/02 and I will pay this off this month

E-PAYDAY £375.00 O/S - Due to pay £102.00 0n 18/02. This is one of those cheque lenders and it is set up with a different account to where my wage is paid in. It's a Halifax account that I hardly use...only keep it open because my CO-OP basic account doesn't have a cheque book.

WONGA £840.67 O/S - Due to pay on 23/02 but will not have the money to pay it. This is the big problem one. Can't rollover anymore as I've reached my rollover limit. HELP!

ONE MONTH LOAN £130.00 O/S - Due to pay 23/02

WAGE DAY ADVANCE - £187.50 O/S - Due to pay £37.50 on 28/02

MISTER CHEQUE £437.94 O/S - Due to pay £145.98 on 28/02. Again, this is a cheque lender and it's coming from my Halifax account

MINICREDIT £132.00 O/S - Due to pay 01/03

 

That's the PDL's. I'll confirm the catalogues and Capital One card asap.

 

My salary is £1345.00 this month (hopefully, if I am still on full wage as I am on sick leave). It will be less next month due to my notice period ending on 10th March.

 

Hope you can give me some advice on how to proceed with this mess and BTW, can I be done for fraud??

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Personally I would stick with payplan if it is not costing you anything. With the number of lenders that will be persuing you some impartial professional help is not such a bad idea.

 

However nothing to stop you doing it yourself if you wish. First priority is to make sure your funds are safe. A new bank account would probably make sense for you.

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BIG problem now, today I have received my salary and it is only £159.40 not the expected £1345.00 (see my other post for explaination) so none of the crditors will be getting any money ever again!! Due to this, my Co-op account will also be closed. I just don't know what I am going to do!! No money to even eat let alone pay creditors.

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Should be 15th March but I'm not even sure if it will be then or if my employment contract has been terminated.

I'm struggling to get answers from my employer.

I didn't know I was only going to receive £159.40 until payday today when I checked my bank account balance. I queried this with my employer and they told me they had sent a letter to me at the end of January telling me that from February I am only going to receive SSP. I never received the letter so today was a complete shock to me.

I did receive my wage slip in the post later today and it showed payment date of 28th Feb so I'm now thinking they have paid me that far and now my contract is terminated but I really can't get them to confirm this. It's a complete shambles and I have been left with no money whatsoever.

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I have been reading your thread and am a little confused, how can you stay on DMP when you have no income?

 

Well I will let Payplan know that I have no income now and I guess they will inform the creditors who are with their DMP. Or do you think it will be easier to take the DMP away from Payplan and deal with ALL creditors myself and tell them I have no income at the moment?

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personally I would just be honest with payplan. Tell them about ALL your debts (I am not being condecending in anyway - just trying to help), and let them deal with your creditors.

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personally I would just be honest with payplan. Tell them about ALL your debts (I am not being condecending in anyway - just trying to help), and let them deal with your creditors.

 

Ok thanks, I will do that. It's probably best to keep too much pressure away from myself with my current state of depression.

I expect Payplan may refuse to deal with me though as I stupidly got more credit when I was already in a DMP.

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