Numerous PDL spiraled out of control

[PDL idiot]

Hi,

 

First of all i would like to thank everybody for their continued support on this site and the help offered to many has been great, I have spent the late night/morning reading through the forums and getting ideas and seeing how much of a general ball ache all this is going to be!

 

So i have been in this spiral for a few months now but today is the day i miss my first payment I have been rolling over alot of loans and paying some off however now im stuck I have no more money this month due to having to fix my car and now i cant pay back one of my lenders..

 

My debt portfolio looks like this:

 

Payday Express - £630 (due today) been rolled over twice and took a further loan out this month

 

WageDayAdnavce - £160 due next month only taken out 10 days ago

 

PiggyBankLoans £250 due next month rolled over last two months next payment due next month

 

MiniCredit - £700

however have agreed a payment plan of £69 per month started that 8 weeks back. they where very easy to deal with i thought contrary to what i have read in other threads.

 

Quid - £299 just been paying minimum payment for months now next payment due next month

 

Lending Stream - £174 with two payment left of £107 (30th oct) and £87.10(nov)

 

I also have a £1600 overdraft and two credit cards totalling £400 I always make my minimum payments on my overdraft and cards. and dont see them as a long term problem as i am slowly paying the three off and don't use or even have the cards any more as I cut them up months ago.

 

This month i also paid back toothfairyfinance over £500 for a £400 loan. I made over £1000 in payments to these accounts this month and still fall short and now i need to regain control.

 

I tried setting up a payment plan with express last month however they said as i had only recently taken out the 2nd loan (the two total £490) they would not even discuss it with me and they rolled it over i made a partial payment and and had a reduced amount. This month I then took out the second loan again for a total of £490 with £630 after fees. They will not even consider a payment plan when i phoned them this morning the loan is due today i only rolled it over but I don't have the £160 and i was about to borrow off tooth fairy to pay it and after reading through all this it is the last thing i should do and i need to stop.

 

I have about £500 spare each month to pay off these loans.

 

I now have moved back home to live with my parents, my mum is aware im in financial bother but is in no position to help i have lied regarding the escalation of my debts and she has helped in the past. If a bailiff or somebody knocks at the door i fear i will become homeless. I am in full time work.

 

I have already been on payment plans with quickquid and wonga and paid them both off respectfully. in the past 6 months. Im now at my wits end and this whole situation is becoming terribly depressing.

 

I have looked at a debt management scheme with payplan and step change, however if they don't agree to work with them what else can i do?

 

Thanks

 

One very stupid man

 

PDL Total debt - 1584.48

 

Card/overdraft - £2000

[wiseajak]

Good morning,

 

I cant offer u much but, you have nothing to be ashamed off this happens all the time.

 

If u feel this may continue u, offer them what you can (tell dont ask) and pay that.

 

Bailiffs will not be involved, for that to happen you would have to go to court get a CCJ against you and fail to pay before any of these nasty buggers come into play. So dont even worry.

 

You are dong you best to pay and they should see this. If they want their money its in their best interest to co-operate.

 

Other more knowledgable people will advise further soon, hang in there

[silverfox1961]

Hi and welcome.

 

From your post it seems to me that you are paying the PDLs too much from your disposable income. Your actions are being dictated by them and not your circumstances.

 

Obviously no more loans!

 

Get a folder for each company so that you can keep on top of where you are with them.

 

Use the template letters in the library (top left-in green) to write to each one explaining your circumstances and telling them what you will pay them-not what they want.

 

In the library are some budget planners to assist you in working out exactly how much you have to spare each month then work out pro-rata what you will offer each. This is ONLY on condition that they remove all charges and interest and not to add any further charges.

 

Remind them of their obligations under the OFTs Debt Collection Guidance and that should they fail to treat you fairly, you will raise complaints with them and later the OFT.

 

Never phone them. This is silly as they will tell you stuff over the phone that they would never dare put in a letter.

[suemumof3]

Hi, I know exactly where you are coming from. I would advise you to have a look at the survival guide on this site and have a good read. There will be good tips that you can use when putting your emails together.

 

What I have done is worked out what I can afford to pay each lender and over how long, I then emailed each one and told them my financial situation has changed and I am unable to make the payment in full and need to set up a payment plan. My proposals are £x over x months commencing x date.

 

I told each one of them that I had sought professional advice and would only be paying back loan plus 1 months interest and no additional fees or charges. This seems to be a good way to approach them as I am only having problems with 1 but have now put a formal complaint in regarding their processes which are breaching guidelines!!

 

Most importantly though is contacting your bank and cancelling each and every one of their Continuous Payment Authorities. You can do this by phone and I would advise you to put it in writing and drop in to you local branch too. If you dont do this then they can raid your account whenever they want

[PDL idiot]

Ok cancel CPA's check, ill get on to that now.

 

I have drafted up a email to send to the various firms. Am i better setting up a DMP or doing it individually?

 

Thanks for all the help and support

Edited September 30, 2013 by PDL idiot

[silverfox1961]

You should be able to manage this yourself but if not, DO NOT go to any company that makes a charge for their services. StepChange is a free debt management company. Payplan are a commercial company although they do offer some products free of charge.

 

If you email, it is wise to follow up with a letter sent by recorded delivery (so they cannot then deny they didn't receive it)

 

Cancel the CPAs with your bank, not the PDL company as they will probably refuse.

 

Remember when doing your I&E calculations to put money aside for the unknown and for having some sort of life. You are allowed to socialise you know

[PDL idiot]

Here it goes!

 

Edit: Do i phone them or explicitly request to deal with them just in writing?

Edited September 30, 2013 by PDL idiot

[suemumof3]

DO NOT PHONE THEM EVER!!!!!!!!

 

Sorry for the capitals just wanted to make it clear, good luck you will be fine, stick to your guns

[PDL idiot]

They keep phoning my home, if i tell them i only wish to communicate in writing do they have to honor that?

[silverfox1961]

They keep phoning my home, if i tell them i only wish to communicate in writing do they have to honor that?

 

Yup!

 

Also in the library is the telephone harassment letter should they fail to comply.

 

The debt collection guidance clearly states that any company must follow your direction so long as you continue to maintain communication in the manner of your choice-writing

[floricita]

Does the instruction to the bank work to block CPAs? I'm just sceptical and would be in real trouble if it didn't?

 

I was thinking of swithcing accounts

[floricita]

I know things may have changed but I know that these people put in continual CPAs and the bank can't detect them prior to them being issued. I don't want them to get the money then I have to claim it back and I can't live for a month

[wiseajak]

If you tell the bank to cancel all CPA's they have to do it. Dont let them tell u they cant.

 

You can go into your bank and tell them however they may request this in writing also.

 

Opening a new account with another bank may be a good idea in the meantime in case the dont cancel them quick enough.

Hope this helps

[wiseajak]

To the best of my knowledge once these are cancellled they cant take anything. Once its cancelled its canclled

[PDL idiot]

hey guys!

 

So this is where Im up to:

 

I was able to set up payment plans for express and piggy bank loans. The rest are yet to get back to me.

 

Express finance was a bit of a pain in the arse, however I spoke (oh I know) to a lady on the phone today after phoning them back to express I only wanted to communicate in writing. However she was very helpful, agreed to freeze interest and created a payment plan over 6 months.

 

Piggy bank loans accepted my payment plan with in 5 minutes of emailing them and they where by far the easiest to deal with. No troubles at all.

 

So now Im just waiting on the others to get back to me. So fingers crossed but it seems to be going well so far.

 

Thanks

[renegadeimp]

With express finance. Make sure you get confirmation of that plan in writing AND get their bank details before you hand over a penny. We've seen it way too many times where you agree a plan over the phone, they get your card details and strip your account. When contacted, they simply say " Sorry, we havent got any record of a repayment plan".

[Tawnyowl]

Just for anyone else who may be in trouble with payday loans.

You may find this useful.

Take a look or listen to this.

I find listening to it cool.Then going through the letters etc.Reminds me what predators they are.

It also links up to a thread showing how Taking payday loans out will, not may trash your credit file even if paid early or on time.

payday loan SURVIVAL GUIDE.

 

.http://www.consumeractiongroup.co.uk...van-law-centre.

 

Also a letter to take to the bank to cancel those CPAs-VITAL.

 

http://www.which.co.uk/consumer-rights/action/letter-to-cancel-a-continuous-payment-authority-with-your-bank/

 

Also take a look at this.

 

I can’t pay back my payday loan, what can I do?

 

http://www.which.co.uk/consumer-rights/problem/i-cant-pay-back-my-payday-loan-what-can-i-do/

 

 

How about this idea.

Send the letters to the predators this way.

http://www.consumeractiongroup.co.uk/forum/content.php?943-CAGmail-how-to-send-letters-by-post-directly-from-your-computer/

 

Just in case.

Harassment by telephone - response letter

 

http://www.consumeractiongroup.co.uk/forum/content.php?493-Harassment-by-telephone-response-letter

 

Edited October 2, 2013 by tawnyowl

[PDL idiot]

Hey guys!

 

So I I just figured I would leave another update.

 

Express - Payment plan sorted

Piggy - Payment plan sorted

Lending Stream - Payment plan sorted

Quid - payment plan sorted

WageDayAdvance - Just going to pay in full this month as they wanted to add another 30 days interest on for a payment plan so I have enough to just pay it this month!

 

Hey guys so I have sorted out repayment plans for all named accounts and would like to thank everyone for their contributions to my thread as well as the great stuff that is available as resources on this site. I feel so much better that I know this will be all gone by February now whena ll my payment plans end, my credit rating is in the gutter as I looked at my Experian report so ill just have to try and get some books and look about and see how I can start rebuilding it. But my life can start to move forwards now.

 

Thanks for all your support!

[renegadeimp]

I would have pressed on with WDA, but as long as you got the result you wanted, thats brilliant

 

Keep us updated just incase you have any issues