lots of PDLs - Out of my depth - HELP

[Wotafool]

Dear all, this is my first thread so please be gentle. Apologies if I'm posting in the wrong place.

 

I've been the most stupid woman in the world & have had to finally admit I need help.

 

For some time now I've been getting payday loans,

some that are payable in full each month,

others that are rolled over from one month to the next.

 

Come payday & the debts/minimum payments are repaid, I'm short of money so I take out another.

 

I've finally taken my head out of the sand this morning & totalled up that I owe almost £3000,

 

I'm mortified, I hadn't realised my stupidity had spiralled to this.

 

I cannot admit my failings to my husband,

he's not a well man & this would destroy our marriage.

 

We have separate bank accounts so he isn't aware of my finances.

 

He pays the mortgage & household bills, I buy the groceries, household extras & my own expenses,

but this month it's another fortnight til payday & I've no money for food nor petrol.

I'm not on a bad wage so by rights I should be quids in.

 

As much as I deserve it, please don't lecture me on my stupidity

but instead can anyone advise if any of the debt consolidation services are worth using?

I don't want to go down the bankruptcy route.

 

I feel so ashamed of what I've done.

[Conniff]

No, if you use a 'so called' debt consolidation service you will even worse off than you are now.

 

Is this just payday loans or is there bank overdrafts and club accounts etc as well ? If so, then list them please.

 

If anyone were to lecture you on stupidity they would have to lecture half of the country, you aren't alone in this by any length.

[Wotafool]

No, if you use a 'so called' debt consolidation service you will even worse off than you are now.

 

Is this just payday loans or is there bank overdrafts and club accounts etc as well ? If so, then list them please.

 

If anyone were to lecture you on stupidity they would have to lecture half of the country, you aren't alone in this by any length.

 

 

Hi there. My debts are purely payday type loans, although I do have a credit card with a small amount on it. I'm unsure what club accounts are

[dx100uk]

I've moved you to the PDL forum

 

have a read of a few thread here

 

you'll see you are NOT alone

 

lots have travelled this path before.

 

please list the PDL's you have going.

 

dx

[Tawnyowl]

Hi -Welcome to the CAG

I can not say your name,can not write it.You are not a fool,just been targeted by predators.

I understand.The PDLs then the rollovers,trapped on the cycle of debt.Just where the legal loan sharks want you.

 

No money for food,petrol etc-Time to act before your next payday.

It is time for you to take back control.You can not now make these payments.So let us sort things out.

You are now amongst friends,not the sharks.

 

Now the husband,obviously it is up to you,but stress you are going through is no good for you,and he will spot this sooner or later.

Talk to him,tell him you have got yourself in a mess.No use hiding things.But perhaps chose your time.You will know when this is the right time.But it is up to you.

Your marriage if strong will stand this.Many more will come as your life progresses.Just grab hold of them the problems,give them a damn good beating and move on.

We will help you,stand by you.

Thousands are going through the same thing,you are not alone.

Before you do get some confidence back read the following links.

 

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.c o.uk...van-law-centre.

 

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

 

http://www.which.co.uk/consumer-righ...ith-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-righ...what-can-i-do/

 

 

How about this idea.

Send the letters to the predators this way.

http://www.consumeractiongroup.c o.uk...your-computer/

 

Just in case.

Harassment by telephone - response letter

 

http://www.consumeractiongroup.c o.uk...esponse-letter

 

I will keep a beady eye open for any replies,and am usually around at different times.

Tawnyowl.

Edited October 12, 2013 by tawnyowl

[Wotafool]

Thank you all so much for taking the time to help, I really don't feel so alone now.

 

Here goes, my stupidity extends to

Lending stream - £617.16 total with an instalment of 233.16 due this month

Liquid advance - £216.00 payment in full this month

Mr Lender - £520.00 total. Instalment of £120.00 due this month

Payday UK - £674.74 payment due in full this month

My Jar - £240.00 due in full in 3 days time

 

I've read the 'survival guide', which is a great help, but the question I now have is about the 'menu of possible grounds of complaint''. Don't theses lenders cover all grounds within their loan agreements? I've seen statements saying "we're a responsible lending source, please don't agree to our terms if you feel you can't repay", or words to that effect. Isn't the law on their side?

 

Linda

Edited October 13, 2013 by Wotafool

[Tawnyowl]

Hi Linda.

You have to get back in control.

Cancel the CPAs at the bank.

Phone them today.

Or take the letter to them on Monday.

Then we will think about Misselling-and grounds for complaint.

You will then be able to work things out.

Have time to think,fill budget sheets out etc.

You will have stopped them hoovering all your wages out of the bank.Leaving nothing for you.imagine that.

And Linda,at one time believe me,my debts were so out of control,i did not know what to do,till i arrived here.

Many years ago.I am just going to change the CPA cancellation letter,make it easier for you.

First of all,know your rights when cancelling a CPA.

In most cases, regular payments can

be cancelled by telling the company

taking the payments. However, you

have the right to cancel them directly

with your bank or card issuer by telling

it that you have stopped permission for

the payments. Your bank or card issuer

must then stop them – it has no right to

insist that you agree this first with the

company taking the payments.

Be aware, though, that you will still be

responsible for paying any money that

you owe.

 

Letter to take to the bank.Tomorrow

Your Address

Date:

Bank

Street

Town

Postcode

 

Dear Sirs,

Account no: XXXXXXXXXX

Please act upon the following instruction with immediate effect:

No payments in any form are to be made from my above numbered account to NAME OF (company) , including continuous payment authorities (the Payment Services Regulations 2009 apply).

Yours faithfully,

XXXXX

 

Then we will sort things out from there.When you are back in control.

 

 

 

.

Edited October 13, 2013 by tawnyowl

[mikeymack2002]

Hi since you are paying one off in full this month, DO NOT RENEW IT under any circumstances, you need to get out of this trap asap, the best way is to be honest with your husband, TOGETHER you can get this mess sorted out once and for all.

 

With his help it should not take long. But getting another one to pay the 1st one is EXACTLY where the PDL''s want you, we know it is going to be tuff for a while BUT there is a light at the end of this tunnel. All you can do is write to each one stating that your circumstances have changed and need to pay at a lower rate than you are now.

 

PDL's really don't care how you give them the money as long as they get the most from you in the shortest period of time. Advice here will get you on the right track and in control of your finances. There are always local groups that can assist in the short term with advice, but you need to look much more into the future and understand WHY you have a need to use such lenders. Most of us here have been in a bad way with debt one way or another, so we are non judgemental to those needing help.

 

Personally I would pick the biggest deal with that one first and trickle feed the smallest ones, as the biggest will cause you more interest than you can repay. once the biggest is dealt with the smaller ones will seem like a walk in the park to deal with.

 

How have you been paying your PDL's cash or DD? if by DD have you had any charges placed on your account? is it possible that you can change the method of payment to these people? I you are short of money try budgeting food and fuel differently and taking the money you have each month a week later than you would normally, this way you get an extra month every few months, but please don't panic it's not the end of the world just a little messy and we will help you help yourself.

[Wotafool]

Mikeymack, you're absolutely right, I know that, but it was all so easier said than done. In the beginning I was in control, I initially borrowed from PDUK, & paid it back in full, no problem, but then found that I was short again so borrowed again, then found that I spread the borrowing over to another lender, then another til it got well out of control & I couldn't keep track of how many lenders I'd borrowed from.

 

A few weeks back I'd sunk so low I wrote a 'goodbye' letter to family apologising for being an absolute failure, thinking if I wasn't here the debts would die with me, & the family would be better off without me. I couldn't go through with it. My parents lost my sister to murder less than 3 years ago, to put them, my husband & offspring through more grief would've been downright selfish of me.

 

For info, this is on the website of Myjar.....

We offer 18 day loans and do not allow rollovers.

You should only borrow from us if you are sure that you will be able to repay.

Short-term loans should not be used as a long-term financial solution.

Loans for over 18's only and subject to status.

 

Yes I'd read that before I chose to borrow, did I think I'd pay it back? Yes I did, but can I pay it back right now? No.

 

Forward on onwards I feel I can deal with this now, I have to.

 

L

[Wotafool]

Tawney owl, thank you so very very much, you're a saint, you really are. I'll do exactly what you've said. What would you suggest I do with the PDL companies? I don't want to shirk my responsibilities, I want to pay them, but in sizeable chunks. Should I write to them & asking for manageable payments?

 

L

[Tawnyowl]

This part,is no problem at all.Cancel those CPAs then we will do budget sheets etc,to suit what you can afford to pay them.We will not be asking them,we will be telling them.

I will just go and find you a budget sheet so you can have a look.You can fill them in then print even email them to the lenders.If they get funny,well there are then other letters to send them,they will not win.You will.

As things progress maybe we will challenge them on certain things.But for now this will do.

Not to much all at once.

Thankyou for your kind words.

 

Here is a budget sheet,and some info for you to practise on.

http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#5

Edited October 14, 2013 by tawnyowl

[dx100uk]

heres the info on cpa's etc:

 

We have been telling people to put a letter into their bank instructing them not to make any payments under any circumstances to these companie

http://whatconsumer.co.uk/visa-debit-chargeback/- it works!

 

banks MUST follow written intructions from their customers !

This fsa [now the FCA] 11:24 31/05/2013 guide has now been updated:

 

http://www.fsa.gov.uk/pubs/consumer_...ghts_guide.pdf

 

Here's the text:

 

Cancelling a regular

card payment:

 

When you give your credit or debit card details to a company and authorise them to take regular payments from your account,

such as for a gym membership or magazine subscription,

it is known as a ‘recurring transaction’ or ‘continuous payment authority’.

These are often confused with direct debits, but do not offer the same guarantee if the amount or date of the payment changes.

In most cases, regular payments can be cancelled by telling the company taking the payments.

.

However,

you have the right to cancel them directly with your bank or card issuer by telling it that you have stopped permission for the payments.

Your bank or card issuer must then stop them – it has no right to insist that you agree this first with the company taking the payments.

Be aware, though, that you will still be responsible for paying any money that you owe.

.

see: http://www.consumeractiongroup.co.uk/forum/showthread.php?336569-How-to-remove-a-lender-s-continuous-payment-authority(2-Viewing)-nbsp

.

http://www.fsa.gov.uk/pages/consumerinformation/product_news/banking/know_your_rights/solving/index.shtml

and

Attach the following to your claim and in the interim period write to your bank and attach the following (Keep a copy)

Regulation 55 of The Payment Services Regulations 2009:

55.—(1) A payment transaction is to be regarded as having been authorised by the payer for the purposes of this Part only if the payer has given its consent to—

(a)the execution of the payment transaction; or .

(b)the execution of a series of payment transactions of which that payment transaction forms part. .

(2) Such consent—

(a)may be given before or, if agreed between the payer and its payment service provider, after the execution of the payment transaction; and .

(b)must be given in the form, and in accordance with the procedure, agreed between the payer and its payment service provider. .

(3) The payer may withdraw its consent to a payment transaction at any time before the point at which the payment order can no longer be revoked under regulation 67.

(4) Subject to regulation 67(3) to (5), the payer may withdraw its consent to the execution of a series of payment transactions at any time with the effect that any future payment transactions are not regarded as authorised for the purposes of this Part.

This means that you can simply ask your bank to refuse the payments, it is also good practice to let the lender know too.

So, if you would like your creditor to stop trying to take a payment all you need to do, in theory, is to inform them that you remove their authority. It's probably better to do this in writing and via recorded delivery - if possible.

You can learn more about your rights via the following fsa guide :

Ending recurring payments from credit cards

57 Recurring payments, is the term used to describe transactions for which a client has granted written permission for her/his credit or debit card to be debited for recurring goods or services, for example, club membership subscriptions, insurance cover or payday loansicon. The card may be debited annually, monthly or at other regular intervals.

.

58 In most cases, recurring payments can be cancelled by telling the trader taking the payments. However, a client has the right to withdraw consent by simply telling whoever issued the card (the bank, building society or credit card company) that s/he does not want a payment to be made. S/he can tell the card issuer by phone, email or letter.

.

59 The card issuer has no right to insist that the client ask the trader to stop taking the payment first. The card issuer has to stop the payments if the client has asked them to. The client could point out to the card issuer that they should follow the FSA guidance available in the FSA know your rightsicon booklet which is available on the FSA website at www.fsa.gov.uk.

.

59a If money is still taken from the client's account, it will be deemed to be an unauthorised transaction, and the card issuer must give her/him an immediate refund. The card issuer will have to cancel any interest and charges added to the her/his account because the payment was taken. It is not up to the client to prove that s/he told the card issuer to stop taking payments. Instead, the card issuer would have to prove that s/he did not tell them to stop making payments.

.

60 The client should make a complaint to the Financial Ombudsman Service when all the internal complaints systems within the company issuing the card have been exhausted.

I hope this information is of assistance

 

New june 2013

 

Regulator orders Banks and mutuals to review complaints about not cancelling recurring payments from November 2009.

Consumers who have set up a regular payment from their account will now be able to successfully cancel that arrangement

by contacting their card provider, the Financial Conduct Authority said.

The FCA has been examining how easy it is for customers to cancel Continuous Payment Authorities (CPAs)

due either to payday lendersicon or for other regular payments such as subscriptions or gymicon memberships.

 

CPAs, which are also commonly called recurring transactions or recurring payments,

are relatively easy to set up but can be hard to cancel, causing problems for consumers trying to manage their finances,the FCA said.

 

Now, following the FCA review of how the largest high street banks and mutuals process requests to cancel CPAs, they have agreed that they will ensure that when a customer asks for a recurring payment to end, that will be sufficient to cancel the arrangement. They have also confirmed that should a payment go through by mistake following cancellation by a customer the customer will be refunded immediately.

 

In addition to securing this commitment, the largest banks and mutuals have agreed to review every individual complaint they have received about the non-cancellation of a CPA and to pay redress where payments have continued to be made despite the customer cancelling the arrangement. This applies to all complaints since November 2009 when the Financial Services Authority, the FCA’s predecessor, began regulating banking conduct.

 

Clive Adamson, the FCA’s director of supervision, said: “It’s important that consumers are confident that banks are meeting their everyday banking needs. Today customers can be confident that when they ask for a Continuous Payment Authority to be cancelled – it will be cancelled - and that it can be done easily.

 

“We recognise that historically this is an area where some customers have struggled but the banks and mutuals have responded positively to our work on this issue. From now on we expect them to be getting this right. In addition, they have committed to review past complaints.”

 

http://www.ftadviser.com/2013/06/28/regulation/regulators/fca-banks-have-to-cancel-recurring-payments-if-requested-UxbeHUuYQIy0SEYbGRE4tJ/article.html

 

 

 

...........

 

dx

[Wotafool]

I really don't know what to say. I've got tears in my eyes, not through fear this time but through emotions due to the sheer kindness of everyone here. I would love to say I'm indebted to all of you but it was debt that got me into this mess lol.

 

Seriously now, I'm taking all the advice on board. I've contacted 1 of the companies already & preparing the letter to take to the bank tomorrow lunch

 

I contacted Myjar to say that I won't have the funds on the 16th to pay the £240 & they've replied to say that they're prepared to wait to take payment of £285 on the 25th. That's helping in the short term but Not sure that's really going to help long term.

 

I'll update this thread in due course

 

Linda

[Tawnyowl]

 

I contacted Myjar to say that I won't have the funds on the 16th to pay the £240 & they've replied to say that they're prepared to wait to take payment of £285 on the 25th. That's helping in the short term but Not sure that's really going to help long term.

 

I'll update this thread in due course

 

Linda

Hi Linda,cancel them all,some of the lenders speak with forked tongues,tell you one thing then hoover your bank out with the worlds biggest hoovers.The 16th is not far away.Just in case.

Get back in control with them all.You do not have to contact them warn them,just cancel them first.

And i feel this is the time to add a little spice,good news.In a mo.

 

 

Controlled by Errol Damelin,the one who no matter how i try will not answer me,or take on a challenge.

They say we do not like surprises,well here is one for you.

 

 

WONGA LOAN----Borrowing £400 + interest & fees £127.15 = Total to repay £527.15 - For 30 Days

 

CREDIT UNION LOAN Borrowing £400 plus Interest& 8.93 = Total to repay 408.93- For 30 days

 

Now in London and Birmingham.Expected to go Nationwide.

Thread here,tell us if you join yours.

.http://www.consumeractiongroup.co.uk/forum/showthread.php?405703-Creditcredit-union-loans-comparison-hopefully-soon-to-go-nationwide-join-today.

 

Oh dear,do i see 35 million being transferred to Geneva,Mr Wonga,Planning something.

 

This news is surely going to destroy the Legal Loan Sharks.

 

Looking forward to your updates Linda.And when you take the letter insist,keep a copy get it signed.

Tawnyowl.

Edited October 13, 2013 by tawnyowl

[mikeymack2002]

A few weeks back I'd sunk so low I wrote a 'goodbye' letter to family apologising for being an absolute failure, thinking if I wasn't here the debts would die with me, & the family would be better off without me. I couldn't go through with it. My parents lost my sister to murder less than 3 years ago, to put them, my husband & offspring through more grief would've been downright selfish of me.

 

Having just read this please DO NOT CONTINUE down this path... your husband maybe cross at you BUT with HIS HELP you WILL overcome this, you are married to a guy that knows nothing of this, having been at a total loss myself 2 years ago and at the same place you are now, let me reassure you there is life in those bones of yours.

 

I believe you are in serious need of support and please trust your instincts and speak to hubby NOW. He would rather talk and hug you than the place you wanted to go. Here is a warm hug and to let you know that there is always tomorrow and it DOES get better, trust me I am now totally debt free with help from the great CAGGERS here. Please do not let yourself get this low again YES?

 

Now take a deep breath pick your first debt post up all you can so WE can ALL help you get your life debt free. It can and DOES happen OFTEN read the success stories here http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?190-DCA-Legal-Successes read some of themI have a few myself there, then smile come back and lets start the ball rolling YES lets fight together

 

MM

 

A ps from me to you, with regards to the success stories I WANT to see YOUR name in there too saying you have won for yourself (with help lol) and that you will be feeling much better in yourself soon .

Edited October 13, 2013 by mikeymack2002

[optikal101]

Hi Linda,

 

I can't really offer good advice to you because I'm currently fighting very similar problems myself. I too fell into the PDL trap and felt that my whole life was spiraling into chaos, but advice from this site helped me to regain control and get things back on track.

 

Having read your posts I just wanted to pop a quick post up to say that even though it may not seem that way right now, there is always light at the end of the tunnel. You are not alone and the folks on here are amazing. Stay strong and best wishes

[manontheweb]

The thing i would say is get a new basic bank account and have your wages paid into that. I know that requesting the bank cancel the CPA's should work, but I have read stories on here where it doesn't. The only way to be 100% sure is a brand new account. Owing money to Payday lenders is not the end of the world, if you arrange payment plans most are happy to accept, if not they will sell your debt to a debt collection agency, and they usually are easier to setup a payment plan with

[mikeymack2002]

Hi Lynda any updates please?

 

MM

[Wotafool]

Hi all, well steps 1 & 2 have been taken.

1. I've started a new account & arranged for my wages to be paid into that.

2. I've requested the bank not pay CPA's

 

I now need to contact the lenders & advise them that I've cancelled the CPA's. At the time of doing this should I also be asking for an easier payment plan? What would you advise?

[Tawnyowl]

Hi Linda.

Seems you are now back in control.Good news.

When you requested the CPAs stopping at the bank what did they say.

Were they happy doing this.Give you written confirmation.Or anything like that.A copy,a receipt anything at all.

A email perhaps saying this has been done.Just wondering.

As you now have another account anyway,they can no longer hoover your account out anyway.

Yes i would now be offering them what you can afford.Only what you can afford.After filling budget sheet in.

I know you have seen it before,but always handy to have nearby.

Here is a budget sheet,and some info for you to practice on.Only offer what you are comfortable with.

If they get funny,well tough,we will deal with them then.And never give them your new bank details.

Arrange to pay other way.

http://www.nationaldebtline.co.uk/en...t_advice.php#5

Edited October 19, 2013 by tawnyowl

[mikeymack2002]

Well now things are looking better for you. Don't forget if you do an I&e this is for you only. Dca's don't let them have it. Also keep away from more PDL's in future. We know its going to be hard for a while just stay on track and be happier

 

 

MM

[Wotafool]

Thanks Tawny. When I took my letter to the bank, it was packed to the brim, & I was on a short lunch break, so handed my letter to a cashier & left without requesting she looked at it nor did I request a receipt for it, oh dear now thinking I should've done. I'll contact the bank tomorrow & check that my request is being actioned.

 

Thanks for the budget sheet link

 

Linda

Edited October 20, 2013 by Wotafool

[Tawnyowl]

Hi Linda.

I will look forward to your news.And feel relieved when the bank has said yes,your request has been completed.No further payments or attempts will be made to hoover your bank account out.

Some people have very little capital in the banks,most i suppose, and when the people ask to cancel a CPA and this is not carried out,all sorts of fees come in.Overdraft fees,no money in account fees,every kind of fee the greedy banks can muster.

I have lost all faith in the Banks and as soon as i can i am joining the Credit Union.

I feel the Banks could have brought products out to help people in towns and cities to compete with the sharks.

But decided not to.Possibly because they also are making plenty on the back of the problems out there.

Maybe even as community banking kicks in,will look into them as well.

Good luck tomorrow Linda, best to check, the alternative does not need thinking about.

A bit of a pain but worth it.

Look forward to your updates.

Bye for now.

Tawnyowl.

Edited October 20, 2013 by tawnyowl

[Wotafool]

Hi Tawny, sorry to encroach on your time even more, but I've now completed that budget forecast & I have a PDF copy of the personal budget sheet. Does this complete form need sending to these companies, even though it shows who else I owe money to along with the amounts?

 

Linda

Edited October 20, 2013 by Wotafool
Dreadful grammar & words missing

[Tawnyowl]

This is my personal opinion.

As you are clearly getting to grips with your problems.

If you have filled it out and clearly left yourself enough to live on.And not given a offer that you may not afford in the future.

Why not.If they do not accept what is the worst that can happen.Passing it onto a DCA perhaps.

The offer till your finances improve will not change.

It is truthful and a honest statement of where you are at this time.

If they do not accept we will tell them this more firmly.

What else can any fair minded person do,but accept.

As i say this is my view only.Fair if you ask me.

But as said before do not give them your new bank details,pay another way.

If you need to know how just ask.

Good luck Linda i will be around,just shout if you want me.

Tawnyowl.