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    • I'm on happy pills (anti depressants) but they aren't cutting the mustard anymore and I do need to see my GP soon to see if he can help in anyway. With regards to gambling it's so complicated; through my life I have made money (as well as having had some jobs)  being a "professional gambler" (gambling where the odds are in your favour - think card counting for example, fruit machines years ago for a long time.... Other things.) But I've also been totally compulsive at the same time. It;'s so entrenched in my psyche that it's hard to imagine just giving it up totally. I also have drug issues that have plagued me and it's a shame because I am fairly intelligent and could have been successful in life in theory but mainly due to those two things (and not really having any drive, ambition, whatever... I could go on and on but this isn't a therapy forum :P) I've not managed to. I'm 36 by the way. Cheers
    • Oh I just remembered I have a long defaulted account with Halifax balance approx £3700 I believe (from around 2015) but they aren't chasing me for it or anything. It was actually over £5000 but they refunded me a load of unfair charges (their words)  This does however push me over the £20,000 limit for a DRO I think?  
    • Hi.   I think you've made a good start by setting out in writing what you need to deal with. People should be along later to advise on how to deal with your creditors.   For the mental side of things, have you talked to your GP about getting some help with what's getting you down? Or support with the gambling issues?   HB
    • Hi people.   So I've managed to get myself into a sorry state financially. I'm insanely depressed which I guess is common for many. I don't think all of it comes down to the financial stuff but it is really crushing me now.   Facts: A lot of debt has been due to living on credit and gambling. I don't have a job. I know I should get one but I just totally despondant at the moment (due to many reasons). I don't expect any sympathy but I thought I would share this.   It's tempting to bury my head in the sand and wait for the inevitable calls from various collections departments but I want to be as proactive as possible. I think I've cancelled all direct debits so I don't get bouncing charges from the banks...   So onto the debts:   Loans livelend; £2400 was 4k 13% interest Bamboo £3000 (only just made the first payment this month) supid interest Likelyloans approx £3500 stupid interest  One payday loan for £200 I just got to cover some bills (knowing that I'd unlikely be able to pay it) - this is the only thing I haven't cancelled with the bank as they just take it from your card   Credit cards: Aqua approx. 3900 Capital one approx. 1200 Amazon approx £500 Paypal Credit Approx £1100 Overdrafts Santander £1500 Barclays £1k limit (I don't actually pay anything for this)   So all in all approximately £18,000     I also have a negative Paypal balance of £5000 but I don't believe this classes as a debt and I don't think they can do anything about this having read up on it quite a lot.   I guess my question is what is my best course of action. Should I look to do a DRO? Should I go bankrupt? (eurgh. Full disclosure I did this 15 years ago when I was 21. You think I would have learnt!) Should I write to each creditor and offer them £1 a month? Should I talk to one of the debt charities?   It is all my fault that I'm in this state but I also know that it's not the end of the world because they are all non priority debts. I probably am slightly behind on the council tax but not significantly.   I started claiming universal credit a couple of weeks ago and had my first appointment last week but managed to miss the next one due to not being able to sleep and then oversleeping and so I guess they've probably kicked me off that already and I might have to claim again.    So yeah. I take responsibility for what's happened but I don't see any way out. I've been very depressed lately due to this and other things. There is no one to "bail me out" and I probably don't need or want that anyway. Any advice appreciated          
    • Hi All,   I left the UAE 2 years ago. Have my bank clearance letter from HSBC.  I have been receiving emails from a company based in Hemel Hampstead IDRWW about money owed to the bank of RAK in the UAE which I’ve ignored as thought it was spam. I have now received a letter through the post saying the same thing (no idea how they have got my new address) that they are acting on behalf of RAK bank. I’ve never had an account with them but know how dodgy things are over there so would be nervous going back!.... Do I just ignore it or reply? It must be identity theft?  I am also nervous about travelling as I travel a lot & wouldn’t want to be arrested!!  I obviously have no intent on paying a debt that is not mine plus have no assets here anyway... Can they actually take me to court for something that isn’t mine??  Any info gratefully received.  Have spoken to citizens advice & they couldn’t help. Thankyou   
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rosey21

Enforcing 14 day right of withdrawal - experiences shared, savings are possible!

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Hi all,

 

Just thought I'd post this in case this was a help to anyone. I've used a few PDLs over the past couple of years and sometimes there comes that magical time when its possible to pay them off early, or you realise that you don't need the loan at all.

 

This is based purely on my own experience, but I thought I'd let you know the experiences I've had when contacting them to enforce the '14 day right of withdrawal'. In some cases this has saved me hundreds of pounds, so its always worth thinking about if you are quite early on in the loan. In all cases, its worth reading up on the small print in the loan agreement so you know what to state when you enquire about it.

 

Also worth noting that if you enforce your right of withdrawal, you also have 30 days to repay in some cases! However, in the following instances I did repay instantly as I wanted to clear loans.

 

This has never affected my accounts with them either and it doesn't appear to be problematical to credit rating either.

 

PDUK - The best of the bunch for this from my experiences, emailed them the request, and they emailed back instantly stating they wouldn't even charge any interest (despite their loan agreement stating interest at about 66p per day). I phoned back to make payment and the assistant was aware of the withdrawal clause, and also was primed to only take payment of the initial loan, with no interest. This was about 7 days after the loan started.

 

Another good thing about PDUK is that when you rollover as I had previously done in the above instance, they send a new loan agreement every month so you effectively have the first 14 days of each new period in which potentially you could repay that particular month interest free!

 

Lending Stream - Also good for this, repaid them early on and they only charged a nominal daily fee of interest which I seem to recall was also no more than a pound a day.

 

Quick Quid - Charged a percentage of the whole interest that would have been paid for the loan term. Basically using early repayment formulae. They are always worth considering if you wish to repay outside the 14day period, as even if you pay back 3 or 4 days earlier than repayment it could save twenty or thirty quid. Every little helps!!

 

Txtloan: If you text them to take their 15 day loan back early, you still get charged full amount including full interest. They seem to operate a rolling credit agreement to prevent this action, so I guess it could be enforced within the first loan with them but I've never tried.

 

Payday Express: Ignored all my requests to take loan early. Have seen other reports around the web suggesting they refuse to take early repayments so they can charge the whole interest.

 

 

So please feel free anyone to add their own experiences, there are actually savings on interest to be had here that possibly people don't always know about!

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Even though you have 30 days to return the money they can charge you daily rate of interest.

 

If you cancel one pay it back straight away or it could cost you more than the original loan.

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26072004

 

not an army number i hope

 

mine started 2455

 

sorry for going off topic

 

just interested

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Yes, I'd always agree to pay it back straight away - all my previous experiences were based on doing that.

 

In all honesty, I wouldn't trust the book-keeping, systems or the general integrity of a PDL to not try and take the previously scheduled payment inbetween the day of withdrawal and the end of 30 days, and things would get messy then!

 

So yes, if its going to be enforced, pay back there and then while they are dealing with the matter would certainly be my advice too. Always ask for an email of some kind too to confirm the balance on the account is cleared as well.

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