pdl help urgently needed

[stephenweslo]

hello everyone,im in desperate need of help,i have 1700 due in pdls on the 30th of this month and i just dont have it,heres what happened,in May this year my car failed its mot and would cost 230 to do the work needed as it was the middle of the month i didnt have that kind of money so after seeins wonga tv adverts i applies for 230 and got it,i repaid that loan on due date but that was me almost 300 out of my wage for june so i had no choice but to get another loan just to survive so that was me caught in the pdl trap.

As the loan was now at the start of the month i was paying back even more,so found my self rolling over loans paying the intererst and charges and getting other ones just to get by,i now have 9 pdls with various companies and have no hope in hell of paying them.

I work in a care home and earn the grand sum of 6.27 for a 38 hour week,up until October i had a part time job in a local pub which gave me around 240 a month bit lost that job in October as pub shut down.

I have switched back accounts and i am going to default as after reading posts on here that seems to be the first thing to do,then going to try and set up payment plans,but this is where it gets bad,after rent and council tax(half my income)gas electric food and petrol i have 50 to spare,but thats divided between all pdls not 50 to each one,and i know they wont accept that.

The place i work only has 8 residents and 20 staff and the thought of phone calls at work terrifies me,what is the worse thing that can happen to me,im ready for the nasty texts,calls and e-mails and even debt collectors to take my stuff i dont have anything of real value,my big worry is can they take my car,i really need it for work as i work in a rural area with limited public transport.

Thank you all for reading this and having got all that of my chest it has helped,im happy i came across this site,knowing im not alone in all this also helps,i know i have been incredibly stupid and wish i could turn the clock back a few months but i cant.

Any advice would be greatly appreciated.

this is my 2nd thread on this as i think i done the last on wrong and posted it on wrong forum,if ive done the same again could someone please move it fot me or let me know how to post it to correct forum.

stephen

[stephenweslo]

this hasnt shown up on the pdl forum i dont know what im doing wrong can somoene help me please

[stephenweslo]

can any one help me?people are reading this

[asmilecostsnothing]

Hi StephenWritten from the heartTell your Manager as he/she seems to care and has sussed that something is up, maybe can help with receiving of calls - don't get further depressed by keeping this to yourself or worse lose your job if work mates are feeling your misery "A problem shared is a problem halved"Do yourself the greatest favour:-Open new bank account and close existing one asapDon't apply for more loansResearch your rights - threads on here will helpPrepare yourself - though not all creditors will call you so there will be letter or email writingWork out what you can afford - leave a couple of £'s for a beer so you can celebrate each loan being paid of : )Be realistic - some will be helpful dare I say it and some notMake offer of repayment - in writing and repeat if at first they don't say yesSet up a file for each one - keeping all their letters/emails and where possible note any callsIf calls persist there is a letter that can be sentRemember there is a complaints procedure if they get difficultIf your find it to much on your own try the National Debtline - they don't charge a fee for help and to me they were like the SamaritansGood luck buddie - come on you can do this and I bet you'll be surprised!

[asmilecostsnothing]

Hi StephenWritten from the heartTell your Manager as he/she seems to care and has sussed that something is up, maybe can help with receiving of calls - don't get further depressed by keeping this to yourself or worse lose your job if work mates are feeling your misery "A problem shared is a problem halved"Do yourself the greatest favour:-Open new bank account and close existing one asap (basic account is best)Don't apply for more loansResearch your rights - threads on here will helpPrepare yourself - though not all creditors will call you so there will be letter or email writingWork out what you can afford - leave a couple of £'s for a beer so you can celebrate each loan being paid of : )Be realistic - some will be helpful dare I say it and some notMake offer of repayment - in writing and repeat if at first they don't say yesSet up a file for each one - keeping all their letters/emails and where possible note any callsIf calls persist there is a letter that can be sentRemember there is a complaints procedure if they get difficultIf your find it to much on your own try the National Debtline - they don't charge a fee for help and to me they were like the SamaritansGood luck buddie - come on you can do this and I bet you'll be surprised!

[stephenweslo]

thank you asmilecostsnothing,ive arranged for wages to be put into new bank account,i can afford 5 a month to each pdl but im actively looking for another higher paid job but thats not easy as there is not a lot out there,im going to bite the bullet and speak to my boss,im pretty sure shel be ok and tell pdls to stop calling me at work when they do start calling me

[UnionCityGirl]

Hi Stephen,

 

Try not to panic, maybe you can post a list of who you owe money to and when, and I'm sure people will be along to advise about certain companies.

[stephenweslo]

hello union city girl,ok here goes

wonga-750

quick quid-68

text loan-115

swift sterling-250

lending stream-400

waga day uk-300

capital finanace 1-320

i have seven pdls all together and all due on the 30th of this month,i thought it was 9 so apologies for that

[Jon1965]

Hi

Lets not panic. First question to answer is about your car. They these debts are unsecured so no they can not take your car at this point. They would need to have taken you to court, got a judgement for your repayment, you failed to keep to that, they go back to court and get an order. But, IF they do take you to court you can do an income/expenditure form and the judge will accept your offer.

As for dealing with these people you can either do it yourself, use a free service , national debtline or CAB or a paid for debt management company , my advice would be CAB or daebtline. A paid for service would end up costing you more than you owe.

Do not worry about them contacting your employer, if they say anything about details they have broken the law and you can report them to the information commisioner and the OFT. If need be you can send them all a recorded delivery letter saying how and when you can be contacted, I would suggest that it says in writing.

Send each of them an offer(I would include an income/expenditure form) offering £x per month to each. Try to work the income and expenditure form so that you have say £35 permonth left. Don't leave yourself short, but don't be extravagant. CAB will help with this.

Probably the best way is to pro rata it so say you have £35 month to spend, the total from the figures you gave is £2203. So for wonga it would be (35/2203)*750=11.92 for quickquid it would be 35/2203 *68=1.08 do you see where I am going with that.

Remember to ask them to stop charges and interest and that you owe the money borrowed+ 1 months interest. It will take a while for them all to agree, might even have to go to debt collection agencies who tend to me more reasonable . If you manage to save a little up then make an offer in full and final settlement to these comapnies.

 

Again I would recomment CAB or national debtline.

Good luck, stay strong and don't let them get you down. Remember they have not been responsible lenders to let you get into this mess.

Oh and I wish i only owed 2000, mine is more like 42000 and i am on benefits

 

Oh and one more thing, when you do make payments, do not under any circumstances use your debit card...tell them you want their bank details so you can make standing order payments

Edited November 17, 2011 by Jon1965
Extra info

[asmilecostsnothing]

Get writing, trick is to get to them before they get to you ! - the 30th gives plenty of time to really get underway now to avoid late charges If any consolation out of your lenders I found Quick Quid and Lending Stream didn't make calls to my work numberCFO did once but they never stuck on the telephone long and I was able to have email contact - to be honest thats how I found all the ones that did ring were like to.The others I personally can't comment on and really feel everyones experience could be completely different although keep your approach the same to each one.Let us know how you get on and if you need contact details.

[asmilecostsnothing]

@ Jon1965 the opening poster has already put he has worked an amount out - a fiver "i can afford 5 a month to each pdl" In my honest opinion people who are in some form of work are treated completely differently so I fear Stephen will have to remain really, really strong because I think I see on here someone who is out of work being made to pay a lot more then a fiver of their benefit money per month.Also I did the snowballing method where I could along with raising cash to pay of the debts that DID levy additional charges because it would have only got worse. I got rid of these as a priority and will be left with the 'fairer' ones that would accept my payment amount and 'agreed' to freeze interest.I believe the notion of one month plus loan amount only exists at the point when you have actually paid this back. Not before.In some respects I now feel a simplier solution would have been to let court claims take me to court and then would have had the option to apply for an administration order although I wouldn't have wanted it dragging on for my own sanity. Just my experience.I've had lenders wanting me to settle in 3 months to some happy to be repaid over 14 months for the total of £1700.00 that was owed in total! well thats how I've managed to come through on my own.

Edited November 17, 2011 by asmilecostsnothing

[Jon1965]

Hi

Just a quick message to asmilecostsnothing, yes he had worked out a fiver a month, thats where the 35 came from (7*5). Originally he thought there were nine which would have been 45. My point was not to make things too tight, and at every stage I suggested the possibility of free professional help. The pro rata system I was suggesting, was a suggestion and one way to show fairness, again something in his favour should a defence every be needed. Maybe I didn't express myself well, or maybe you missed the point.

 

As you say he will need to stay very strong, we all do , even those of us not working (which is not out of choice I can assure you).

He must not let them make him pay more than he can afford and as you say maybe letting them summons him to a county court is a possibility. It was indeed something that I suggested to these bastards when they were harassing me.

As for someone being made to pay more than a fiver out of benefits, that may have been for priority debts, or possibly where no defence was offered to a summons. It would not happen to someone on the basic rates of 67.50 per week

[asmilecostsnothing]

Hey John1965 if working by pro-rata works for you then that is also another valid method not saying it isn't. Personally for me I didn't see it working.

 

We can only hope for the op that they will accept his offer.

 

On a seperate note, I also feel it is hard to make someone out of work pay more then a £1 - lord their the ones who should be paying this token amount (not people in work) which is also the point I was really making that the £5 may not work or be accepted for long if employed, this is certainly how I see it and what made me accept reality x

[ivansmagic.]

Guys, I am in employment and TXT Loans accepted £10pm to be reviewed in 6 months without much difficulty. I just had to get past the automated responses which purely quoted from their website's FAQ's ! I found them very reasonable.

 

Currently dealing with WDA in email with one of their collections teams. Not quite as easy to deal with. But I have kind of pre-emp the response I will get from them from the emails I send, so I am about 4 emails ahead of them !!!

 

Swift Sterling - well, they are a bunch !!!! Not easy to deal with at all. They wont accept my offer and said it will be passed to a DCA. I emailed tham saying I understand their right to do that but that action would not increase my income or reduce my outgoings so it is a pretty pointless exercise and my offer of repayment to them would be the same. Heard nothing back and am currently paying £10 per month into thier bank account !!!!

[stephenweslo]

thanks everyone for replies im going to prepare income and expenditure and send it off to all of them,what really annoys me is the way these companies target people with little or no expendable income ie me!!.an acceptance criteria of being over 18 employed and earning at least 750 and thats it,hardly responsible lending,im quite hopeful of finding a higher paid job soon and know itl take me a long time to pay these of i will do it,no one to blame but myself for this mess but i was desperate.

[stephenweslo]

me again,i know its silly o clock but up early for work,my take home pay a month is 860,so not a lot left to play with losing my part time job was a blow but i am hopeful of finding something soon,at the moment 7 per month is the maximum i can afford to each pdl but will increase this when i find a new job or another part time one,i will follow all the advice given on here and make an appointment with cab and see what they can do to help me,after reading lots of threads on here im shocked by the amount of nasty texts and e=mails these companies send out,but after being on here im prepared for that after all they are only words.

Are these companies not regulated in any way?thanks again every one,your advice and comments mean a lot and its good to know im not the only one in a mess with pdls.

[asmilecostsnothing]

Hi, Morning StephenYep they sure are just words...If you do hit problems, one thing might be to check if your lenders are registered with a trade association as I found the BCCA really helped with one.Also make sure you get them to confirm, in writing, what they agree to - I had one lender accept reduced x amount per month without to much of a battle, great I thought but didn't tell me or make it clear they still intended to charge interest on the capital of balance owed so in effect my payments although reduced meant nothing - this was Lending Stream so please be on your guard.

Edited November 18, 2011 by asmilecostsnothing
.

[stephenweslo]

hello,im going to do every thing by e-mail and snail mail(recorded delivery),clearly state what i can afford to pay and promise to increase amounts i pay when my financial situation improves,in fact i just applied for a job today that pays 2500pa more than i earn now so fingers and toes crossed for that,at the moment i cant pay what i havent got,thank you again for your help,does my heart good to know that there are such nice people out there,and one day i hope to be in a position to help others.

[asmilecostsnothing]

Good to hear you sounding much more focused and determined Stephen thats the spirit! : ) Open door always here I imagine !

 

Just picked up some rare overtime at xmas so I'm well happy again ! : ) and finally in the last couple of days now changed my mobile phone number so now I won't have to endure any more annoying and nuisance calls from our "friends" offering me any more loans at least! last thing needed!.

Edited November 18, 2011 by asmilecostsnothing
.

[ivansmagic.]

Good to see you are dealing with things. I would offer a few words of caution. Dont "promise" to increase payments if your situation improves. Just simply say you are willing to review repayments in say, xxx months.

 

Dont make promises you cant fulfill as they will try to hold you to that and you will be back in the same situation again. Just be careful with your words, I know you mean the best, but remember how hungry these bastards are for your money and more !

[stephenweslo]

thanks ivan and a smile,if the calls and text get to be to much il switch sim cards,and i will state on e-mails that will review payments as and when my situation improves.

[stephenweslo]

hello,i just received e-mail from quick quid stating that they are aware ive cancelled direct debit and to supply them with bank details,i replied saying my income has dropped significantly and would like to set up a repayment plan off 7 per month and ask if they would freeze interest and charges.i await there reply,can my bank details be traced through my national insurance number?this worries me,on the plus side,in order to save money i have cancelled my land line and broadband im now using a pre paid dongle thingy,which is why i havent been on recently.

Once again thanks in advance for any advice or info specially about ni number

 

stephen

[asmilecostsnothing]

Hi Stephen,

 

You will be ok - bank details are not associated with your ni number.

Quick Quid's bank details are not obtainable I'm afraid - I've paid by DD which has gone smoothly but they did in the end only set up a 4 month plan and wouldn't budge unless you can perhaps wait for their DCA who may be better to pay if you don't want to do the direct debit

 

Gotta run !

[ivansmagic.]

In short, no, they can't.

[sillygirl1]

It is unlikely they will have the resources to do what you think, trace a bank account via a NI number. Just to be on the safe side set up a basic account with Halifax, Barclays or Co-op, you set the Halifax Easycash account up online, and Barclays you go into the nearest branch. The Post Office also have a good basic account.