Pounds To Pocket

[Morkel123]

Hi,

 

I have a loan with these guys which I am struggling to repay. Old story of trying to get one loan to clear another.

 

I will have 11 payments of £189 owed at this point and struggling financially with this and other debts. I dont want to default on any of course but I need to try and get all my debts sorted. Has anyone dealt with these before or know what I can expect?

[renegadeimp]

Simple answer, your main debts come first, such as bank loans, secured loans, rent, electric etc. PDL loans are classed as non priority. They might not like it, but thats how it is. Send them a letter by recorded delivery or email, advising them you are in financial difficulty and ask for a repayment plan. See what they say.

 

Remember, it is a LOW PRIORITY debt. Contact them by letter or email, see what they say, and you can go from there. Dont give them specific info. Just a standard " i cant afford the repayments right now so can i enter a repayment plan."

[Morkel123]

Thanks - Just in a mess with everything and cant cope with it all. I have several paydays loans & 3 credit cards. I have a joint mortgage with my ex which is really worrying me, though she pays for that out of the money I agreed to give her each month. So all those payments are up to date. My credit cards are over the limit and trying to get a temp relief on these. Guess will ahve to write to them and see what they do next. I can handle a DCA but dont want it to go to court obviously.

[renegadeimp]

In a court you can prove to the judge what you say. The DCA's hope they scare you enough into paying the full amount, or that you wont defend yourself in court so they win by default. Usually when you submit a defense to a court in regards to ANY DCA, they usually backtrack pretty fast and offer a much lower settlement. This is usually because when you submit a defense, the DCA and lender must send out a representative who must explain everything related to the debt in full. If there are excessive charges, then they must prove that they are fair.

 

However, the first thing to do is send them a simple letter/email telling them you are in difficulty and would like to defer payment for a month, or come to a lower payment arrangement. Send the letter/email and let us know the reply.

[Morkel123]

Thanks - I have deferred this month but need another month and I know they wont do it which I obviously can understand. Will have to e-mail them and wait for the response.

 

Thanks

[renegadeimp]

If they dont defer it, then youll need to change your bank or get your debit card blocked and the CPA stopped. They have a habit of taking payment even if you have told them not to. Some even take multiple amounts out at different times leaving the person with no money in the account to live on or pay other bills. With PDL's, if they have your bank info, then you can guarantee that they will use it.

[Morkel123]

Hi - The card they have on file has been cancelled and havent given my new ones as yet. What is the process for this to cancel their authority?

[renegadeimp]

Go into your bank and ask them to cancel the continuous payment authority on the account in relation to the merchant/vendor thats stated on your bank statement. If there is one relating to your debt ( and there will be since it is a multi-payment plan), then they cannot refuse to do it. if they do, then they are breaking FSA regulations, and you can submit a complaint with the banks head office and the FSA.

 

The only bank that seems to ignore this is halifax. Who appear to be staffed by a bunch of inept monkeys.

 

In a worst case scenario, you can just open up a new account with a different bank and have all money transferred there, so you have full control of your account. That way you can tell the PDL that you are only paying by standing order or prepaid debit card.