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Hi i have foolishly fallen into the payday loan pit, by borrowing once i have had to borrow more and more and more to pay or keep up with repayments. I have been offered by a debt management company for them to consolidate the loans and pay them instead over 2 years. This will cost me an extra £1000 in interest/admin fees. Also the first 2 months worth of payments(£200) will be held back by the debt company for what reasons i do not know. Also they have said that after all this wonga, pduk etc may not even comply with them anyway. What do i do? Should i trust the debt company or go direct to the payday loan companies and try to sort it out myself?

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hiya cj, you can do everything youself and it will save you money.i personally wouldnt go to a debt mangement company as it would cost more. List all your creditors and maybe we can help x

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I'd say the debt man company would be a last resort, my other half was with one, she paid them £25 per month(on top of her bills), over 2 years she paid them £600, the amount she owed after 2 years was less than that, and she could have made the arrangements herself, just didn't know how. had she done so, she would have paid all her bills off sooner and cheaper, so beware.

That said, I think there are some free services out there if you really do need help.

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Why not go to Payplan or CCCS, they are both free, and don't forget that you only owe the PDL company the original loan amount and one lot of interest, nothing more.

 

You might be better off doing it yourself but it is vitally important to get a bank account set up where they can't access your funds, Halifax Easycash online, the Co-op and Post Office all do good basic bank accounts.

 

If you can pay one loan of this month then try to do so (its called snowballing and is sometimes more effective than pro-rating) then the next, by the time you come to the third month the companies usually start offering a 'substantial discount'.

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Hi, i must say thanks to you all to getting back to me so quickly. I cancelled my card and tried to close my account but the bank wouldn't let me unless i paid my overdraft back which is £300, so i've had to leave it open for now. I managed to get through the end of the month without wonga etc taking any money. Now the phone calls have started!! I tried speaking to mr Lender and asked if i could set up a payment plan to start getting the loan paid off and they refused! they said i should defer it then next month phone and set one up. I said well you'll just do the same thing next month and just keep asking me to defer, they said they wouldn't but i'm not sure. they also said that if i didn't defer then i would get loads of phone calls and charges even though i was trying to sort the problem out. Do you know where i stand and what should i do? Thanks Cristy

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Cristy, you do not need to defer it, stop picking there phoncalls up and write them a letter expalining your financial position and how much you will be able to pay back a month ask them to also keep all further communiction in writing. keep to your repayment plan.and they will give up and accept your offer hopefully x

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Hi, thanks again for getting back so quickly. I will start writing letters and let you know how i got on. I feel a bit stupid for not knowing what to do and am very grateful for your advice. Thanks again, cristy

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dont feel stupid wer all here for the same reason. Make sure you let us know how you get on and if you need anymore help just ask!!!! Goodluck xx

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what companies do you owe.... have you set up a repayment plan with wonga?? contacting them before you default is better, and surprisingly lately wonga has been quite accomadting for Caggers needing help!

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Cjhughes01

It seems daunting at first, but once you start to get somewhere with them you'll feel better, if you start off reasonable with them , most will be ok in response, the others you may need to growl at, but the letters for that are all on here to help you.

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