Scared but Determind

[FrugalJo]

Right, been reading and know what I have to do, but I'm going to need some help!

 

Situation, you've all heard it before, started using PD loans in June 2011.

Now I'm in a right old mess. Haven't defaulted but it's only a few weeks away.

 

Toothfairy already overdue £760

 

Wonga £540 - £700 due end of April, no extensions left.

PDExpress £750, due 30/03/12 rollover will be £225.

PDUK £225 - due 05/04/12 rollover will be £70 (am paying 'something off balance')

Minicredit £300 - due 20/04/12 just rolled over again

Speed-e-loans £384 due 20/04/12 just rolled over again

Pounds2pocket balance £616 140 a month 6 months to go.

 

So thats £3.5k I don't have.

 

 

Have new bank account, changed all normal DD and wages to new account. However old bank account has £1k OD facility which I 'live in'.

 

I am tempted to leave the pounds to pocket account and transfer the DD to my new account.

 

Question is is it possible for the PDL companys raiding of my account to take me into unauthorised OD ?

 

So my next step is letters/emails of financial difficulty. But from whatt I've read they won't consider freezing interest until I default.

 

My real concern is the calls to workplace. I will lose my job if it becomes an issue, am really scared on this aspect.

Any advice welcome.

[renegadeimp]

Ignore toothfairy. Have a read of the sub forum. You'll see why.

 

Contact your other PDL's, explain you are in financial difficulty and request a full breakdown of the debt. They are legally obliged to help you with affordable repayments and to sop charges and interest.

 

As for them contacting your workplace, they are NOT allowed by LAW to do this, as it is considered bullying and harassment. If you recieve ANY communication that implies that they will contact your employer, contact the FOS and OFT immediately and also take legal advice. Make sure you tell the PDL this as well.

 

In regards to your question about your bank accounts, if they have the details they will debit whatever they like, when they like. Theyve also been known to pass around peoples bank details to other PDL's.

 

Easiest way to stop this is to change bank accounts, and ONLY pay them back using a prepaid credit card or standing order.

[asmilecostsnothing]

With phonecalls if they do phone just say I'm not allowed personal calls at work and put the phone straight down (this has taken some time for me to do but it does work and I even received an apology from one of my other creditors!) you'll also find some excellent other verses to use in recent threads on here

Edited March 25, 2012 by asmilecostsnothing
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[FrugalJo]

Thanks. Toothfairy were the ones that scare me the most.Will have a read in a moment.

 

Can I just say that reading through the forums has been scary but given me some hope too. Particularly the payday loan victims that have kept their experiences up to date and let us know how things were going.

 

Looks like I'm here for the long haul.

[asmilecostsnothing]

Good, in my experience Toothfairy only phoned me at home if that helps x

 

Mini Credit and Payday UK also didn't call work for definate

[FrugalJo]

Thank you ascn thats reassuring.

I will be looking for a template and doing it all on Tuesday. I have a month to get this going.

 

Did any of you email everyday ? Or just wait for the generic 'you have to default' email?

 

I read Steve Perry's book and believe that as long as I can maintain a strong front I'll get there.

[asmilecostsnothing]

Thats the spirit! even better you read the book! I like it! :-) unfortunately came out after I was almost halfway there... but I believe it is a great source

 

I emailed where I could and sent letters recorded/faxes for ones that did not want to play email tennis

 

I'd always say get in touch before default

 

edit

Try to avoid templates - use own words just like Steve did

Edited March 25, 2012 by asmilecostsnothing
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[renegadeimp]

Dont email every day. SImply send one email, or better still a letter by recorded delivery with what you want to say, and leave it at that. You have informed them, it is up to them afterwards to deal with it.

[FrugalJo]

Thank you, day off tomorrow and ready for the fight to begin.

 

I have had three emails and txts from Paycheck and Toothfairy offering me new loans over the weekend. Yet this one is O/S ????

[renegadeimp]

Just remember, NO phone calls!

[FrugalJo]

Nope no phone calls promise.

Another question, the simple i & e form, do you just bundle utilities together, and keep things fairly bland ?

 

Having looked at my budget I maybe be able to offer what I'm paying as a rollover fee on each one - if they froze the interest. I guess thats the way we all find ourselves looking at it. Is this generally too high a figure ?

[FrugalJo]

Just reading 2009dg's thread re cancelling card and payments. Am going to write to my branch requesting the cancelling of payments to PDL companies. I can't go in to local branch. This town is too small.

That's what PDL's do to you - paranoia.

[renegadeimp]

How does size matter? As long as they have a rep or a manager at the branch then thats all you need. Walk in with the letter, and preferably a copy of the FSA regulations and wait there until they block the payments. Simple.

 

If your branch has telephone banking, then use that and if the rep on the phone acts clueless, quote the regulations word for word.

[FrugalJo]

Thanks renegadimp, sadly size does matter. Don't really want all and sundry gossiping about the state of my financial affairs. No matter how professional, or confidential bank staff have to be I live in a very rural area. You can't fart without someone knowing.

Will see how I go with direct letter to my branch. Should that fail I will make an appointment to see member of staff at local branch. Actually that may be a better plan.

[renegadeimp]

They wont. Ask to speak to the manager in private. If ANY word gets out about your financial affairs, you could sue the bank for breach of the Data Protection Act. All you have to do is go into the bank, ask to see the manager for a sec, hand them the letter and say, please act upon this with immediate effect. Thats it.

[FrugalJo]

Thank you, you are the voice of reason.

[FrugalJo]

Not yet sent letters and emails, due to welcomed overtime at work.

 

However my PDE was due this morning. Received an email stating that they couldnt take full balance of £150, but have taken an extension fee of £150.

 

That makes no sense to me. Full balance is £750. Therefore extension fee should be £225, I know that was available.

 

Work on all other accounts starts this weekend.

[s4ddys]

Frugal do not put up with their shenanigans! You really need to contact the bank and cancel your card and withdraw any continuos payment authorities. Without doing this your situation will become really difficult to manage as you will have no idea what has been paid to who! You said you have another account so thats really good, even if your current account with your old bank has a £1000 overdraft we can still get this dealt with, hopefully you can use some of the freed up funds to get this cleared at the same time! First step is sorting your bank, cant stress how important this step is! From there come back and we will work out how much you have spare each month to pay all of your creditors, and go from there. I have letters, templates and previous best practice to look back on so do not worry, we will get this sorted. And as for PDE, lets just say when we write to them, there offer will be minus the £150 you have just paid!

[FrugalJo]

I know I've been putting this off, head further in the sand.

Have 7 days until I default and I know my emails have to off to all PDL's now.

 

As previously stated any calls to work and I'll be in it big time.

 

What I really need from you wonderful folk is a guide template for the first email.

 

Can anyone point me in the right direction.

[renegadeimp]

Why will you be in it? If ANYTHING happens to you as a result of them calling your work, you can sue the PDL for it especially once youve sent the letter stating that under no circumstances is a phone call acceptable.

[renegadeimp]

I'll get you a letter/email template. What exactly do you need it for, so i know what to include.

[FrugalJo]

Hi Rene

You really are awesome. In answer to your first question only been in the job 5 months and there is only one very busy telephone line. Plus the fact i love my job.

Your second question, the basic severe financial problems, wanting to set up a repayment plan sort of thing. My first targets are Wonga and PDE. Is that what you meant ?

[renegadeimp]

Simple way to deal with a problem at your work, go to the manager and tell them that you have been having harassing phone calls at home, and you think theres a slight chance that they could have gotten hold of your work number. Let them know that the government agency OFT and OFCOM are involved ( send in complaints asap to them), and that your owrk should decline any and all phone calls to yourself. If they do call, since your case is with the OFT and OFCOM, then your employer can notify those agencies, have your case file updated, and the PDL will have much harsher penalties imposed on them

 

In regards to your repayment plan questions, send them a simple email, stating that you do not have much spare cash, but are still willing to pay and want to come to an agreed repayment plan. Wait and see what they suggest, post their reply here, and then we can work from that. Some PDL's have been known to be generous and allow a couple of extra weeks grace on the payment, or advise a lower sum.

 

The best thing to do is send them a simple email and see what their reply is.

[renegadeimp]

A simple breakdown does not cost £10. A SAR costs £10 and that is a request for every piece of information they hold on you, which is not what you want. Sounds like they breached OFT regulations yet again.

[FrugalJo]

Somewhere in the depths of CAG there is a template for cancelling CPA's. Anyone point me in the right direction ?