Debt Advice

[The Snake 1985]

I am in a total mess with debt, i am not sure where to turn next. The debt has been caused by Gambling. I am now going to GA and trying to address that problem but the burden of debt I am struggling to deal with. I am 26 years old and still living with my parents and probably will be for ever at this rate. For information I am in Scotland, I know that is important as laws are slightly different up here

 

My parents took a loan out in their name for me to clear my debt. This was the worst thing that ever happened as it allowed me to run up the debt again and I am devestated that I have. I want out of this and I want my life back. The loan was for £12,700 - I have to repay £16,663.20. This is getting paid back at £347.15 a month. I need to pay this as if i dont i will be homeless plus I love my parents who have helped me so much and I dont want to let them down again

 

I have tried to address the debt but looking for advice on what to do. I earn approx £1140 a month. My travel card to work is deducted from my salary

 

I must pay the following

 

Loan Above - £347

Dig Money - £130

Phone Bill - approx £30 (Im looking into getting this contract reduced)

Car Payment - £161

 

This leaves me £668

 

I owe the following creditors money

Bank Of Scotland £3679 (£3600 overdraft so I am being charged £5 a day for being over this at the moment)

Bank Of Scotland £272 (£200 overdraft so similar comments apply)

 

I have wrote to the bank saying asking them to reduce interest charges and setup a repayment plan, I have heard nothing back. Should I phone them, they are my main creditor but I want something in writing

 

Bank Of Scotland Credit Card £287.15

 

I have done nothing with this. The minimum payment is less than a tenner so no issues paying that or do you think itd be worth asking for interest to be frozen

 

Post Office Credit Card - £1397 (credit limit £1300)

 

I have wrote to the post office saying I am struggling to pay and again asked for the account to be closed\interest frozen. They haven't came back to me. I cannot afford the minimum repayments but have been making token payments to them

 

Virgin £450

 

Wrote to them and they have agreed to freeze interest and have setup a standing order to pay £19 a month so happy enough with that

 

Granite £1100 (credit limit £1000)

 

Wrote to them, they will stop charges but not interest. They will let me pay a token payment of £23 a month for 3 months at which point they will review the account

 

Aqua £409

 

I have wrote to them again asking for reduced interest\payment plan. Not head back but the minimum payment is around £13 so not a real worry

 

I also owe my mum and dad £1585.50 for payday loans that they paid off for me. I was getting a lot of pressure with these so was glad to be rid of them. There is no rush for this money and they are happy for me to pay this back when I can afford. The major problem is this was given on the assumption I got no more payday loans - which I have and im in major bother as I cant pay these. I dont know what to do as my mum and dad quite rightly could throw me out the house. My dad shares the same name as me as there is a chance he'll receive either a call or inadvertantly open a letter regarding this. Is there any way I can get these companies only to conact me by mobile. That is another problem, they always call me when Im at work! I owe the following, original loan amounts in brackets

 

SpeedCredit - £597 (£400)

Payday Express £400 (£320) - have paid them £240 3 x 80 but still owe more than the original loan

MiniCredit £114 (£100)

 

These are all due the middle of May so I dont have much time to play with. I haven't been in contact with these companies

 

I owe my ex partner just over 4k aswell. She isn't pressuring me for that, shes got a new guy and I think things are ok but Id like to get rid of the debt as its another worry

 

I owe small amounts also

 

My brother £300

Friends £400 (approx)

 

Help ive no idea what to do!

[Im on a journey]

Hello the Snake firstly well done for actually wanting to change your ways, My situation is very similar i have a gambling problem and i am at the first stage of getting though my addiction, i am going to a GA meeting on Thursday my first one very nervous,

 

With regards to your situation with your debts i would suggest the first thing to do is tell your family what is going on, i realise how much they have helped you out already but i think by telling them wont be half as bad as always worrying about your father opening a letter its not worth the stess and anxiety.

 

Are you online now?

[The Snake 1985]

Hello the Snake firstly well done for actually wanting to change your ways, My situation is very similar i have a gambling problem and i am at the first stage of getting though my addiction, i am going to a GA meeting on Thursday my first one very nervous,

 

With regards to your situation with your debts i would suggest the first thing to do is tell your family what is going on, i realise how much they have helped you out already but i think by telling them wont be half as bad as always worrying about your father opening a letter its not worth the stess and anxiety.

 

Are you online now?

 

Yes im online. Want to be out but im stuck in on a bank holiday weekend its thoroughly depressing. I want to tell my family but its honestly very difficult as these payday loans are something I swore I wouldn't get involved with again

[Im on a journey]

ill pm you mate

[The Snake 1985]

Its not letting me pm you back as I have under 15 posts. I'll reply on here if your happy with that or if you want to send me your e-mail address by pm i'll drop you an e-mail

[dx100uk]

Its not letting me pm you back as I have under 15 posts. I'll reply on here if your happy with that or if you want to send me your e-mail address by pm i'll drop you an e-mail

 

gentleman

 

can we please not let the blind lead the blind here

 

and also there is very good reason why we do not allow newbies to have PM facilities. jon1965.

 

you need to be very carefulof 'touts' and people that want you to go to other sites where you'll get fleeced topay for advise

or be led up the garden path that your agreemets are all un-enforceable and let them take you to court

then all the 'advisors'will disappear in a poof of smoke......

 

you can get advise here for free

 

dx

[renegadeimp]

Since the OP has multiple debts and i mainly advise on Payday Loans and help people get rid of them, i'm going to restrain myself and only answer the following:

 

I also owe my mum and dad £1585.50 for payday loans that they paid off for me. I was getting a lot of pressure with these so was glad to be rid of them. There is no rush for this money and they are happy for me to pay this back when I can afford. The major problem is this was given on the assumption I got no more payday loans - which I have and im in major bother as I cant pay these. I dont know what to do as my mum and dad quite rightly could throw me out the house. My dad shares the same name as me as there is a chance he'll receive either a call or inadvertantly open a letter regarding this. Is there any way I can get these companies only to conact me by mobile. That is another problem, they always call me when Im at work! I owe the following, original loan amounts in brackets.

 

SpeedCredit - £597 (£400)

Payday Express £400 (£320) - have paid them £240 3 x 80 but still owe more than the original loan

MiniCredit £114 (£100)

 

These are all due the middle of May so I dont have much time to play with. I haven't been in contact with these companies

 

(Feel free to reproduce this part on the PDL forums if you wish. There are a lot of very helpful people who can advise more)

 

First thing to say, well done on knuckling down and deciding to deal with these debts once and for all. That is the single hardest step to getting out of debt.

 

For each of these companies, you need to print out and send the following letter by recorded delivery royal mail. http://www.consumeractiongroup.co.uk/forum/showthread.php?131250-Dca-Creditor-Harassment-By-Telephone-Letter Edit it as needed. If they break the instructions in the letter, then they are risking a very heavy fine and restrictions placed on their credit license.

 

Next, go to your bank and report your debit card as LOST, and tell them you want to cancel the Continuous Payment Authorities for each PDL on your account. If you don't, then the PDL's will still take money from your account regardless of what you say. It is much easier to deal with the random charges they make up, than to try and get a refund from your bank or the PDL.

 

Once you have done this, you need to contact each PDL and advise them of your situation. Don't go into detail, just say that you cant meet the repayments this month and would like more time to pay. Send them a email direct from your inbox and cc'd to yourself, or by royal mail delivery. Remember to keep a copy of the letter and if possible proof it was sent ( this is very important).

 

After that, you need to write to them again, and demand a full breakdown of each loan amount. You have 3 of the worst PDL's to deal with, but persistence and patience will pay off and youll soon be back on track to getting them out of your life.

 

 

Is there any way I can get these companies only to conact me by mobile. That is another problem, they always call me when Im at work! I owe the following, original loan amounts in brackets

 

NEVER, EVER phone them or allow them to call you on the phone. Especially at work. Send the letter i advised above and DEMAND that they only write to you. It is also illegal for them to contact you at work, or to consider calling your employer.

 

 

Do all the above, and reproduce the PDL debt part in the PDL forums if possible. This way we can keep all your info in one place, and you can easily let us know what is happening at each step, and it is easier for us to advise you.

 

 

Also, in regards to your parents, do the above and get responses from each PDL. Then sit your parents down and tell them what has happened. They know you have a problem, but you can show this thread/site and letters to prove you are sorting things out. You may not want to let your parents know, but lapses can happen, which is what you have suffered. Not letting them know you need more help is much much worse than not telling them.

Edited May 7, 2012 by renegadeimp