me and my debt resulting from gambling hell - help

[Desperate Daniella]

Hi joshmark,

 

You'll need to cancel the car insurance direct debit with the bank too but you can leave that until next week. The car insurance company will want to put in a first direct debit date within a month, so it's a bit too early to speak to them. I would call them next Monday.

 

DD

[joshmark]

Hi guys

 

I just emailed all my debtors with the 28 day freezing letter template

 

I had to use a secure contact us form to email nationwide - will this be okay? can anyone find an email for them? i cant

 

Should i send a posted copy too or this may just confuse them?

[joshmark]

i just got a response from natiownide saying thanks for email we reply in 24 hours at least thats something

 

i didnt have any reference numbers for the loan so i just said can you locate my details via my address - hopefully this will be ok!

[joshmark]

just recieved a reponse from peachy:

 

Thank you for the e-mail.

 

We have put a hold on your loan until 01/08 to collect the agreed

settlement amount.

 

In case we fail to collect the agreed amount from your debit card all

additional charges and interest will be added to your loan according

to our Credit Agreement, which will eventually result in your debt

being handed over to a Debt Collection Agency.

 

they have kindly given me 8 HOURS to sort this out lol...

 

i have replied and asked them to follow my original request to put a hold for 28 days - are they legally required to do this? i have asked them to put a hold on the payment before but not in an official manner

[Tawnyowl]

Hi joshmark

Did you manage to cancel the CPAs at Santander.Stiil time if you can do it by phone Just get a ref no and name.

Times tight now.

Peachy

I do not think they are legally required to do this.The request.So do not hold out much hope there.

Banks and others usually take notice when sending these.Well they used to.

Sounds like they want their moneys worth

 

Charges and interest then eventually to a DCA

At least if the CPA has been cancelled the charges will not add up from your bank.Even if finishing with them.

If funds would not have been available.

Do not give your new bank account details to them.The payday lenders.

They will keep trying to empty it if you do.I feel you know that already.

It will be interesting to see what your other creditors say when receiving the 28 day request. letter.

A lot going on for you.Hope you are managing the pressure you are feeling ok.

And as before we are here for you

Tawny.

Edited July 31, 2013 by tawnyowl

[slick132]

Just a brief warning about the PDL's.

 

When they see the CPA is blocked and they are unable to access your OLD account and take what they want, there's another trick they are known to use.

 

They contact you using a different trading title and offer to lend you some money. Part of this will be to ask for your NEW bank details.

 

As soon as they get the CPA for the new bank a/c, they raid the a/c and take what is owed on the old PDL.

 

So, no matter what special offer or good deal you're offered, turn it down. Borrowing will not get you out of this rut and, in the above scenario, it could easily lead to a major raid on your account.

 

[joshmark]

Hey Guys

 

I have about 5 payday loans totalling £3000

and I have 2 bank loans totalling £10,000

 

I wondered if you guys thought its better to negotiate a payment plan myself or to use a company such as stepchange?

 

My biggest fear is the companies not sticking to the agreement / even worse if they didnt stop interest on my account and i wasnt actually paying anything off

 

I am not the most organized person so I am personally leaning towards using stepchange

 

please advise

[citizenB]

IMHO, and having read your other threads, I think one of the Free Debt Charities would be in your best interest. Although, they tend not to push for freezing of interest rates.

[joshmark]

Citizen B

 

If they did not freeze the interest on my payday loans, i am not even sure that I would have enough to be paying off the debts, rather just rolling them over?

 

I guess ill have to see what they suggest and if i am still struggling ill call national debt help line

[sequenci]

Hello there.

 

I like to think of self-negotiating where you would do 100% of the work whereas a DMP the DMP provider does about 70% of the work. I think it's important to still keep a slightly hands-on approach to ensure that the creditors are playing ball - especially where payday loan firms are involved - as some of them are notorious for being a bit of a pain to deal with.

 

- Seq.

[sequenci]

Oh Hi Josh. Didn't even realise it was you that was asking.

[Tawnyowl]

i keep getting a popup from thsi site called "money manager" it looks like a good tool but whenever i click it it dissapears!

 

Hi joshmark

Just been going through the thread.

Remember we talked about a pop up.Old Tawny could not understand these magical happenings,that materialise right in front of you.

And you said it seems good but keeps vanishing when pressing this mysterious object.

Since then you have said you are possibly going on a DMP - it may appear again now,magically.

Well i have looked around and maybe you would like to look at this thread that i have found.In a corner of the CAG.

I dusted it off , maybe you would like a look at it .Tinkle about with it .Fill whatever is there and see what happens.

Here is the link-I will update if needed,when i myself have been through it all

Here is the link.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?333518-New-CAB-debt-tool-amp-online-Assisted-Self-Help-Debt-Management-Plan&highlight=money+manager+tool

 

Hope you are ok.

And do not worry if you have not managed much.

It is a lot to take in.

We will work it out.

Tawnyowl

 

Slick132.

I have read many things about the payday lenders but did not know about that trick.

It stunned me for a moment.

I will use that warning myself on my thread.

 

joshmark i have read your posts below and was hoping communication with sequenci was happening.

I am so happy i could put a tune on.But will not.

Perhaps i have put enough on for now.

But maybe when things are progressing the way we want them to i will not be able to resist.

Thankyou joshmark i am smiling at your compliment about the writing.

My feathers have fluffed up.

It just comes out.

 

3k in the past now,but i must admit i nearly fell of my perch.

Fading addiction now.

40 pound in the old bankvault. .Brilliant.A new start.

Edited August 1, 2013 by tawnyowl

[joshmark]

tawnyowl you have such a beautiful way with words

 

Sequenci has been helping me a great deal via pm.

 

I spoke to the national debtline yesterday

 

i am still trying to make a decision as to if i contact all these lenders myself to arrange a DMP or if im going to do it through stepchange

 

to arrange myself would work out better, but i am not the most organized of men... so i am still making a decision

 

I tried to contact peachy regarding a repayment plan and they reply with things such as " you have already agreed to pay on 01/08/2013... if you dont pay £12 charge will be added."

 

I could reply telling them I can only pay off via a monthly payment over an x amount of months, but it seems like if it comes from me and not a debt charity they will just reply with some, well, to be frank, bull****...

 

I have another chat with the debt counsellor tonight as I had to get off the phone after 20 mins yday, so hopefully I will make a decision today

 

thanks for your concern

[joshmark]

p.s i was telling Sequenci how i have gambled and lost £3k before, but i put £40 in my new bank account the other day, and it felt amazing

 

lol

[maninstripes]

Joshmark, how's it going? You are in the exact same position that I was in in March last year. I had 12 payday loans, from 12 companies (about £6000), plus debts in the tens of thousands from gambling.

I complained that these payday loans should not have been granted, that sufficient checks were not made and demanded that they be written off. 11 out of 12 have been. Some companies wrote them off at the first time of asking, some were referred to an adjudicator at the Financial Ombudsman Service and they decided in my favour.

 

In terms of gambling - try GamCare or, and I found this to be brilliant, the NHS Problem Gambling Centre in London (they offer CBT sessions, but I did mine remotely because I'm up North). I'll copy the letter that I sent:

[maninstripes]

It's saying I have links and so can't post it, anybody know why? Anyway, a version - without the gambling info is posted in Linz's thread. Hope it helps

[Desperate Daniella]

Hi maninstripes,

 

It's great to know you are doing so well and hopefully Josh may also get them to write off the loans.

 

Gamcare and the Problem Gambling Centre are good ideas too.

 

DD

[joshmark]

Joshmark, how's it going? You are in the exact same position that I was in in March last year. I had 12 payday loans, from 12 companies (about £6000), plus debts in the tens of thousands from gambling.

I complained that these payday loans should not have been granted, that sufficient checks were not made and demanded that they be written off. 11 out of 12 have been. Some companies wrote them off at the first time of asking, some were referred to an adjudicator at the Financial Ombudsman Service and they decided in my favour.

 

In terms of gambling - try GamCare or, and I found this to be brilliant, the NHS Problem Gambling Centre in London (they offer CBT sessions, but I did mine remotely because I'm up North). I'll copy the letter that I sent:

 

Hey guys

 

Just a general piece of news from today, despite all of my loans I had a letter from a debt collection agency, saying I owe lovefilm £60. The only reason I didnt cancel this JUNK service ( netflix / blinkbox ftw ) is because they require me to call 0845 number to cancel!

 

I have the fire in my belly to destroy these barstewards! They have got so far up my nose, even further than the payday loan companies! At least they send the money, lovefilm are useful for NOTHING! lol.

 

Anyways - MANISTRIPES - You are the way, you are the truth... I have been waiting for you to come along! I want to fight these f*ckers. Sorry I am in a swearing mood today.

 

I also think my santander loan is the worst. They paid me £5000 loan when I had 6 outstanding debts, a cancelled phone contract due to non payment, and loads of other things. I have no idea what credit check they did because mine is the worst I have ever seen.

 

Plus I had a loan from nationwide that they didnt even tell me they had accepted I just went on my bank one day and had £5k in there!!!

 

Do you only have experience vs payday loan companies:?? Please help me draft a letter / email to them!

 

I am feeling chirpy tonight folks, im at the bottom but only one way up

[maninstripes]

You're welcome. Some people on here are very quick to suggest sorting out a repayment plan - but if the company shouldn't have given you the loan, then they shouldn't be able to demand it back! I also got a credit card written off, but that was for different reasons. I suggest you get totally organised - get a folder just for PD loans and keep everything. Then you can send the FOS a huge wad of info/complaints! Not just a credit check - but Santander had access to your bank statements and should have used that as a basis for judgement. Complain about the lot.

 

Here's the letter I sent to each company. Keep in touch and let me know if you get any responses, I'll see if they're the same as mine!

Neil

 

 

 

Dear Sir

I am complaining about theloan issued because I class myself as vulnerable and these loans should not have been granted causing me further problems to an already very dire situation.

I have a long standing gambling addiction which has resulted in severe financial difficulties. I have been receiving one-on-one counselling through Gamcare since summer 2011. As a result of my financial situation I have been suffering from stress and have consulted my GP (most recently April 2012).

Matters were not helped by a car crash for which the other driver was deemed responsible but left me with back problems. The £2000 compensation I received for the car was used to settle some of my gambling debts. I have been unable to buy another car because of my debts.

My father was made aware of my problems in October 2010 and, due to the severity of my debts, lent me £* between Oct 2010 and April 2012. These loans were made through his retirement savings and I promised to repay him in full. This seemed achievable in the early stages. However due to my escalating gambling and financial problems I have only been able to repay £* leaving £* outstanding. I am now no longer able to repay him and I know that he has had to defer his plan to move house with my mother because of this. I have also had to cancel my own plans to move into a flat with my girlfriend. My father has made it clear that he cannot and will not lend me any more money.

As I was unable to meet my liabilities through my salary therefore I sought pay day loans.

I attach a list of my debtors at the time of my application for this pay day loan. (Appendix A.)

I had been refused loans from Tesco Bank and Zopa and so I applied for payday loans in a very anxious state and also because I did not know where else to go. During my application I was only asked very brief questions (to confirm my salary and workplace) but none about other debts and my ability to repay the loan. Only cursory credit checks could have been made as I had previously had applications rejected by Tesco Bank and Zopa. In hindsight these two lenders had acted responsibility by making thorough checks and refusing my application.

 

 

I was never in a position to repay the loans. At the time I applied and was issued with the loan from Lending Stream I had *number* outstanding payday loans from *number* different companies. It cannot be right that I was granted short-term, payday loans of *number* when my salary was only *number*. The 1 Month Loan loan meant that I then had nine short-term, payday loans. I was then given a further three loans from three different companies. I cannot pay off these loans. The loans have compounded my problems – not helped them.

The Office of Fair Trading (OFT) Guidelines of Responsible Lending state:

“4.2 Whatever means and sources of information creditors employ as part of an assessment of affordability should be sufficient to make an assessment of the risk of the credit sought being unsustainable for the borrower in question. In our view this is likely to involve more than solely assessing the likelihood of the borrower being able to repay the credit in question. We consider that before granting credit, significantly increasing the amount of credit, or significantly increasing the credit limit under an agreement for running account credit, creditors should take reasonable steps to assess a borrower's likely ability to be able to meet repayments under the credit agreement in a sustainable manner.”

I believe that they, if acting responsibly, should have checked for other payday loans and asked me about other debt. None of this was done.

“The OFT encourages the sharing of data between creditors subject to data protection and other legal considerations. The process of assessing affordability is assisted by creditors registering accurate data with credit reference agencies, in a timely manner, about the performance of an account and/or settlement of outstanding debts/arrears.

4.3 The OFT regards 'in a sustainable manner' in this context as meaning credit that can be repaid by the borrower:

· without undue difficulty – in particular without incurring or increasing problem indebtedness

· over the life of the credit agreement or, in the case of open-end agreements, within a reasonable period of time “

 

“4.10 As previously stated, in the OFT's view, the extent and scope of any assessment of affordability, in any particular circumstance, should be dependent upon- and proportionate to- a number of factors - which may include some or all of the following as appropriate:

• the borrower's financial situation at the time the credit is sought “

My financial situation at the time that I was applying was, once again, that I had *number* outstanding payday loans from *number* different companies. It cannot be right that I was granted short-term, payday loans of £

“• the borrower's credit history including any indications of the borrower experiencing- or having experienced- financial difficulty”

• the borrower's existing and future financial commitments including any repayments due in respect of other financial products and significant non-credit commitments “

“4.15 In our view, creditors who do not require documentary evidence of income and/or expenditure as part of their assessment of affordability, but rather accept information provided by the borrower without any supporting evidence or, in the alternative, do not seek any information on income and/or expenditure at all as part of their assessment, should ensure that whatever means and sources of information they employ are sufficient to make an appropriate assessment.”

My situation shows that any checks carried out into my assessment of affordability were not sufficient to make an appropriate assessment.

The OFT’s guidelines state that Unsatisfactory business practices and procedures include:

“4.20 Failing to undertake a reasonable assessment of affordability in an individual case or cases

4.21 Failing to consider sufficient information to be able to reasonably assess affordability, prior to granting credit, ...”

As previously stated, at the time I was accepted for the loan I had *number*outstanding loans from *number* different companies. No reasonable assessment of affordability can have been conducted.

I am trying everything to overcome this dreadful, destructive gambling addiction, but with my current level of mounting debt it seem like a losing battle and is making my stress and depression worse. With the support of my parents and counsellor I just want to get my life back on an even keel. I wish to live my life as I did with confidence and self respect. At this point in time I still have major problems. Due to the lack of checks done into my financial history/current borrowing at the time of application, I feel that this loan should be written off and this is the basis for my complaint. If you do not accept this outcome I will forward my complaint to the Financial Ombudsman Service.

Yours faithfully

[joshmark]

Dude I CANNOT BELIEVE i have not thought about that.

 

My bank statement is literally the most frightening document a man could ever read.

 

I wanted to send an email to these companies, but you are right, you just get some idiot copy and paste a response, I will get the letters sorted tommorrow...

 

Thank you so much!

[Tawnyowl]

Hi joshmark.

How is it going.

A lot to take in.

Hope you are ok.

[Tawnyowl]

Hi Joshmark.

Just in case you are still around and going with the misselling thoughts.

May be this letter will help you

For the payday lenders anyway.Mix it about a bit,to fit your circumstances.

Maybe you already have.

Letter to complain about a payday loan

 

 

 

• 1 - Introduction
  
• 2 - Write
  
• 3 - Preview
  
• 4 - Download
  

For more information about when you should use this letter, see Payday loans - making a complaint.

 

 

 

 

If you have a problem with your payday loan you can use this letter to complain.

http://www.adviceguide.org.uk/englan...ayday_loan.htmGood luck,wherever you are.

 

 

• There was no proper affordability check as the online payday lending took place instantly.
  
• No fair assessment was given of the suitability of the loan and the consequences of not settling within the contractual term.
  
• Instantly selling a very high APR payday loan, without a cooling-off period, took advantage of a vulnerable consumer.
  

Best wishes

Tawnyowl.

Edited August 10, 2013 by tawnyowl

[joshmark]

Hi Guys

 

This has been my situation for months but I am finally out of my depression and can deal with.

 

When I was 18 I had £40k inheritance and I became a gambling addict.

 

Currently I have nothing and:

 

£10k in bank loans

£3k in payday loans

£1k in outstanding phone contract

£2k in debt to betting companies

£500 in debt to car insurance company i stopped paying and they continued to insure

£2k in overdraft fee's with various banks ( and growing )

 

I have done nothing about these but send most of the companies an email telling them I have depression and not 2 pennies to rub together

 

I am at work earning minimum wage - getting paid into my Moms account as all of mine are -£

 

I would like nothing more than to go bankrupt and forget about it all -

 

However

 

A) I am a clever guy and work in an industry were being bankrupt would severely impact my career chances into future

B) I feel a lot of these loans are illegal - I was already hugely in debt when I got given some of the loans, - I could not have matched the affordability criteria - Santander loaned me £5k even when I was already massively in debt, and they could see my current account - overdrawn all the time - constantly paying back fee's to gambling companies.

C) The gambling companies have had over £30k off me over the past years, and I have been in debt with them so often, yet when I come out of the debt they still offer me huge credit limits... this is ILLEGAL!

 

So what are my options and what do you think is best?

 

Option 1 - Pay back all - this would requite them to freeze interest and would take around 3 years by my guess - but I would need to get a bank account sorted to pay them back from? All of mine are massively out of pocket.

 

Option 2- Bankrupt - really dont wanna do this as It will be looked into if i get offered a promotion and will most likely stop any promotion from happening

 

Option 3 - Try to get the debt wiped!? I honestly believe some of the companies I may have a chance -

 

Santander for example gave me my last £5k loan - They held my current account info which showed I was consistantly overdrawn, consistantly taking out and paying back loan companies - and was already in huge debt - I have no idea what criteria I matched that allowed them to give me the loan.

 

It seems like my choices are spend 5 years paying back or go bankrupt and lose all career prospects!?

 

i would enjoy seeing the gambling companies in court too... as sometimes I was £1000 in debt, paying back for 6 months, and then boom they give me another £1000 credit limit....

 

Please help me as I feel I have no option, sometimes the worst seems the best option...

[joshmark]

Hi Guys

 

This has been my situation for months but I am finally out of my depression and can deal with.

 

When I was 18 I had £40k inheritanceicon and I became a gambling addict.

 

Currently I have nothing and:

 

£10k in bank loans

£3k in payday loansicon

£1k in outstanding phone contract

£2k in debt to betting companies

£500 in debt to car insuranceicon company i stopped paying and they continued to insure

£2k in overdraft fee's with various banks ( and growing )

 

I have done nothing about these but send most of the companies an email telling them I have depression and not 2 pennies to rub together

 

I am at work earning minimum wage - getting paid into my Moms account as all of mine are -£

 

I would like nothing more than to go bankrupt and forget about it all -

 

However

 

A) I am a clever guy and work in an industry were being bankrupt would severely impact my career chances into future

B) I feel a lot of these loans are illegal - I was already hugely in debt when I got given some of the loans, - I could not have matched the affordability criteria - Santandericon loaned me £5k even when I was already massively in debt, and they could see my current account - overdrawn all the time - constantly paying back fee's to gambling companies.

C) The gambling companies have had over £30k off me over the past years, and I have been in debt with them so often, yet when I come out of the debt they still offer me huge credit limits... this is ILLEGAL!

 

So what are my options and what do you think is best?

 

Option 1 - Pay back all - this would requite them to freeze interesticon and would take around 3 years by my guess - but I would need to get a bank account sorted to pay them back from? All of mine are massively out of pocket.

 

Option 2- Bankrupt - really dont wanna do this as It will be looked into if i get offered a promotion and will most likely stop any promotion from happening

 

Option 3 - Try to get the debt wiped!? I honestly believe some of the companies I may have a chance -

 

Santander for example gave me my last £5k loan - They held my current account info which showed I was consistantly overdrawn, consistantly taking out and paying back loan companies - and was already in huge debt - I have no idea what criteria I matched that allowed them to give me the loan.

 

It seems like my choices are spend 5 years paying back or go bankrupt and lose all career prospects!?

 

i would enjoy seeing the gambling companies in court too... as sometimes I was £1000 in debt, paying back for 6 months, and then boom they give me another £1000 credit limit....

 

Please help me as I feel I have no option, sometimes the worst seems the best option...

[Tawnyowl]

Joshmark,have we met before my friend.

I wondered how things were going for you.

You are a bright young person,that there is no doubt of.

Minimum wage,bright prospects,yes that is true.

But the gambling addiction my friend is the root of this trouble.

You do not need telling this.

Maybe going Bankrupt in the Financial Sector is not a good idea.

If you do this,you may have to find another career.

But you are still young,if this is the final option after all others have been exhausted.

Colleges,study,uni,at your age are options as well.

And throwing those computers,the online ease of gambling is another,straight through the window.

 

What are your other hobbies,interests Joshmark.

Do you like other things away from the Financial Sector.

Personally,i know everyone is different. i did 6 months in the Civil Service,i felt trapped behind those windows.

Those walls,waiting for the tea lady with her cakes clanking around,my highlight of the day.

Perhaps you may have other interests,jobs you would consider.

Edited October 13, 2013 by tawnyowl