PDL hell

[daisy72]

Hi all,

After a year of being PDL free i stupidly took out PDL with the above companies to help with my daughter going to university. I kept on rolling over the debt hoping that the next month i could pay it off. It became a cycle and now im so stuck i dont know what to do. With sunny, wonga CFO lending i have repayment plans which are as follows Wonga 39.00 sunny 20.00 cfo lending 37.50 247 30.00 but i now cant afford to repay the rest of the pdl's i feel as though im drowning here Im almost tempted to call in a repayment company. Ive tried to set up a repayment plan with WDA but my emails are just being replied too but an automated one now the debt has gone upfrom 525 to 770 lending stream also say i owe money which i dont even recall taking out a loan with them!! Please cn anyone help me i have no way to repay these debts i feel stupid irresponiable and disappointed inm yself for getting in so deep with this debt.. i feel like repaying 10.00 to each company i work part time so my income is very low and as my daughter goes to uni i dont qualify for any benefits.. i feel very lost thanks for reading this

[renegadeimp]

Hi daisy. Your problem can easily be solved, but it will be stressful at times.

 

The first thing you need to do is cancel all transactions and CPA's on your account in relation to the PDL's. However, doing this with some banks is very hard, as even though it is your legal right to do so, the banks will refuse. In this case, i would suggest a parachute account and have your income paid into there. Once you have your finances secure, you need to write to each PDL, inform them of your financial circumstances, supply a very simple budget summary, and request that they stop all charges and interest and allow you to propose a repayment plan you can afford, with a view to reviewing the payments in 3-6 months.

 

Most of the PDL's will ignore you, and continue to harass, but thats easily dealt with. You need to secure your finances as a priority as some PDL's will strip your account clean when they hear you cant afford to repay on time. Secure your money and they cant touch it.

 

Once you have agreed repayment terms, you need to get their bank details so you can pay by standing order. Do NOT pay by direct debit or by debit card. Doing so allows them full access to your money as and when they want, although you can claim it back via the DD guarantee.

[daisy72]

Thank for your quick response i have tried contacting WDA leading stream, PDUK but they ignore me and continue adding interest. I'm not sure if the wording u use is correct at the moment i am reapaying a cost of £116.00 a month to sunny, cfo lending, clear account and wonga i do have WDA, 247 money, money shop, leading stream and pduk to repay hence i dont know if i can comfortably afford to £200 in PDL i know its my own fault i really do but i just want this to stop i feel as though it will take me forever to repay if interest continues to be added. Is there a letter I can send the PDL's Many thanks for your help

[renegadeimp]

Almost all the PDL's will ignore you. They send out thousands of loans, and maybe 2-3% of those are people that know their rights. Therefore the PDL simply ignores everyone and keeps on adding charges. Theres a reason why they have earned the nickname... Legal Loan sharks.

 

Please follow my advice above. Deal with the PDL's once your finances are secure, or they WILL strip your account.

[daisy72]

can i just ask can PDL affect your credit score by placing defaulted loan on your credit file??

[renegadeimp]

They can do yes. But only as an accurate record of the history of the account.