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Starting the PDL debt reduction Plan


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Hi There,

 

As with many I made a few mistakes and got into the PDL spiral!!!!!! I'm now trying to get out of it.

 

I'm starting by contacting (via email) any company I've had a PDL with to set up a repayment plan (on my terms not theirs). Am I right in thinking I can ask them to set up the plan for the amount of loan + 1 months interest only?

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Nope. First thing to do is check for any unenforceable penalty charges and contest them.

 

We advise repayments based on the original loan amount plus original contracted interest term. before you enter into a repayment with them, you want to make sure that all interest and charges are stopped for the duration of the plan. Also, say you want to set it up but with a view to re-evaluating it every 3 months.

 

If the PDL doesnt agree to stopping interest, then you send them a firmer letter restating your stance. If they still refuse, you tell them they will only get £1 a month for the duration of the repayment plan, as other creditors have agreed to it, and it would be unfair and a detriment to them for you to give the PDL more.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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