Please please help!!

[deelad]

Im in a total mess and this has now got to the stage of no return.

 

First of all im a boy in my mid 20s and have fallen into the trap of gambling heavily. I have now been seeing to my gambling problem and have not had a bet in 3 weeks.

 

Now here comes the mess.

 

I have a total of 12 payday loans YES 12:-(

 

SAFETY NET CREDIT

SWIFT STERLING

SATSUMA LOANS

CASH FLOAT

PIGGY LOANS

SUNNY

PIXIE

MR LENDER

CASHASAP

FERRATUM

SAFELOANS

PDUK

 

Im so terrified of the mess that im in i have not eaten in nearly a week.

 

My problem is that some of these loans are around the £450 mark however after i have paid my rent and family i only have £240 left to pay the loans.

 

Wht on earth do i do??

 

It works out at £20 per month i can pay each loan.

 

Im off work tomorrow and im going to get up early and start calling and emailing my offers.

 

Im now looking for some advice, What happens if they say £20 per month is not enough?

 

Im so confused and feel sick.

 

Please please can someone help me with some experience, go easy on me i know i have been an idiot!!

[fkofilee]

STOP!... Can i make a suggestion... First off change your bank account. That way you can be safe knowing your money will be untouched.

 

Also well done for seeing the light

Next thing to do is to contact your current bank and cancel the CPA and ANY Direct Debits listed for funds to be taken.

 

As its a tremendous amount of money that you potentially owe to PDL companies, can you list how much you have borrowed off each one?

[fkofilee]

Also as these ARE NOT priority debts, you can reduce them to £1 a month if need be per lender, only if not really working.

If you do arrange a repayment plan, make sure you get it in WRITING they will freeze all charges and interest.

 

How recent are each one? It may make a difference to what rules may apply due to a change made by the FCA...

[deelad]

Hi and thank you both for the response

 

SAFETY NET CREDIT £450

SWIFT STERLING £400

SATSUMA £300

CASHFLOAT £244.80

PIGGY £110

SUNNY £500

PIXIE £150

MR L £350

CASHASAP £375

FERRATUM £400

SAFELOANS £120

PDUK £150

 

These are fairly recent mabey all within the last year.

 

Thanks so much for the response

[fkofilee]

Is that how much you borrowed from each or is that including all charges?

PDL are a pain purely because of how quickly the charges can escalate whether or not the FCA has acted or not...

 

My concern is Safeloans... Well known for applying for CCJs... But that wont happen for a while yet... and even then its a long process.

Whos your bank?

 

£3500 borrowed? Hmm okay let me get the site team involved here

My concern is that could very well turn into £7k under new FCA rules, but lets sort this out. (PDL cant charge more than 100% on top of the loan for charges etc)

[deelad]

Hi

 

Yes these are all with interest included.

 

I bank with RBS and have a £1000 overdraft which i use EVERY month down to the last pennie.

 

Thanks

[fkofilee]

Hi

 

Yes these are all with interest included.

 

I bank with RBS and have a £1000 overdraft which i use EVERY month down to the last pennie.

 

Thanks

 

You need to open a new account by the time the first loan is due. Stay away from Natwest etc and start afresh. RBS are a pain because they refuse to refund on PDL when they should.

FYI your credit rating will be trashed for 6 years...

 

Once upon a time, I also fell into the trap you did, it took a while to wise up, you are in good hands here.

[deelad]

What would happen about my rbs overdraft tho?

[citizenB]

You need to write to your bank and advise that you are cancelling your authority for any of these companies to take money from your account.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?336569-How-to-remove-a-lender-s-continuous-payment-authority

 

You will then need to write to the PDL and make some arrangement to make reduced payments.

 

When you took out these loans and you completed the application forms did you let each company know that you had so many PDLs ?

[citizenB]

What would happen about my rbs overdraft tho?

 

You would obviously need to pay that back - but perhaps you would be able to come to an arrangement with them to make reduced payments.

[fkofilee]

You would obviously need to pay that back - but perhaps you would be able to come to an arrangement with them to make reduced payments.

 

Yes , once you cancel the CPA with the bank, you can then arrange something a bit more rounded with your bank. This is your chance to start a fresh while taking care of a bad situation. RBS are quite flexible.

That i do know, and 95% of the time will work with you to sort it out. But your main issue now is protecting your income...

[deelad]

I have to be honest i didnt let them know of the amount of loans i had.

 

I was desperate but i guess thats my problem , im just all over the place with this to be honest.

[fkofilee]

I have to be honest i didnt let them know of the amount of loans i had.

 

I was desperate but i guess thats my problem , im just all over the place with this to be honest.

 

Course you are... Addiction is a curse but if you have seen the light then its all good

Next step is to help you get back on track.

 

If you didnt tell them , then you cant complain about irresponsible lending, however my view would be depending on how much time between loans as this went on they could obviously see using your CRA that you have lots of loans.

I want you to go to Noddle.co.uk , get your Callcredit CRA.

 

Callcredit are the leading CRA for reporting PDL as they now use real time updating for Short Term Loan Applications (IE Payday Loans), so these should DEFFO be on there.

 

Youll need a bank card for verification however its free forever... They wont take any money for verification.

 

Once you have your CRA please let us know what it says.

 

For Clarification; Steps you need to take

 

1. Open a new bank account at another bank ASAP, and get all salary / benefits changed over to protect income

2. Speak to RBS to cancel CPA and also discuss repaying your OD

3. Get your CRA, see what stage the loans are at through Noddle.

4. Do an Income + Expenditure for you only, how much can you afford to pay each PDL and OD and still live with Food Etc?

5. Send letters to PDL companies outlining an offer. Up to you to send an I+E if you like to support your offer, but your choice

6. With your new bank account, set up Standing Orders to each PDL comp. Do NOT Give them you card details. This is why you have had to change over to another bank.

[citizenB]

I have to be honest i didnt let them know of the amount of loans i had.

 

I was desperate but i guess thats my problem , im just all over the place with this to be honest.

 

Ok..

 

IMHO

 

However, what is done is done. So your plan of action is

 

1: Telephone bank first thing in the morning and tell them you want to cancel the CPAs in favour of those companies.

2: Follow the call up with either an email or letter confirming your request.

3: If the bank refuses then in order to protect any income, you need to look for another bank account and have your income redirected to the new account.

4: You will then need to deal with the issue of the overdraft by asking for an arrangement to pay.

 

I do not see you getting an overdraft with the new bank - so you might need to look at your income and expenditure sensibly.. sort out your priority expenditure. Rent/mortgage - utilities - council tax - tv licence - food and transport.

 

Then once you know what your disposable income is.. (whatever is left after the priority expenditure) you can share that out between your unsecured creditors.. ie the PDLs and the overdraft.

 

Ellens Budget Sheet.xls

 

I have attached a budget sheet for you above. However, you might want to speak with National Debtline and have them help you work out a proper budget.

[fkofilee]

Course you are... Addiction is a curse but if you have seen the light then its all good

Next step is to help you get back on track.

 

If you didnt tell them , then you cant complain about irresponsible lending, however my view would be depending on how much time between loans as this went on they could obviously see using your CRA that you have lots of loans.

I want you to go to Noddle.co.uk , get your Callcredit CRA.

 

Callcredit are the leading CRA for reporting PDL as they now use real time updating for Short Term Loan Applications (IE Payday Loans), so these should DEFFO be on there.

 

Youll need a bank card for verification however its free forever... They wont take any money for verification.

 

Once you have your CRA please let us know what it says.

 

Ok..

 

IMHO

 

However, what is done is done. So your plan of action is

 

1: Telephone bank first thing in the morning and tell them you want to cancel the CPAs in favour of those companies.

2: Follow the call up with either an email or letter confirming your request.

3: If the bank refuses then in order to protect any income, you need to look for another bank account and have your income redirected to the new account.

4: You will then need to deal with the issue of the overdraft by asking for an arrangement to pay.

 

I do not see you getting an overdraft with the new bank - so you might need to look at your income and expenditure sensibly.. sort out your priority expenditure. Rent/mortgage - utilities - council tax - tv licence - food and transport.

 

Then once you know what your disposable income is.. (whatever is left after the priority expenditure) you can share that out between your unsecured creditors.. ie the PDLs and the overdraft.

 

[ATTACH]56306[/ATTACH]

 

I have attached a budget sheet for you above. However, you might want to speak with National Debtline and have them help you work out a proper budget.

 

 

My and Cit B's advice is sound. So follow it to the letter , youll get out of this hole

 

For information on Bank accounts, Barclays and Coop do great basic accounts which give you a Visa Debit card etc and will allow you not to go overdrawn etc,

 

Nationwide's Cash Card account is also pretty awesome. You need to realise that with your CRA being trashed, thats probably all you are going to get for now. These PDL will default and it will be a headache. But one step at a time

[deelad]

Thank you so much both of you!

 

I will be back on here tomorrow with updates

 

Thanks again:-)

 

I feel a little better due to the advice

[citizenB]

[fkofilee]

Good Please keep us updated...

[deelad]

Sorry just another thing.

 

Do payday loan come out via CPA, sorry if this is a stupid question?

[citizenB]

Sorry just another thing.

 

Do payday loan come out via CPA, sorry if this is a stupid question?

 

Unless you have set up a standing order or Direct Debit, then yes the PDLs generally use CPA (continuous payment authority)

 

The link below gives advice on how to cancel.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?413527-Continuous-Payment-Authority-(CPA)-How-to-Cancel-CPA-**Correct-at-December-2013**

[deelad]

Many thanks your a star:-)

[fkofilee]

If RBS refuse... COMPLAIN! You'd find they start to back down quickly.

[deelad]

Hi all.

 

Can i first of all thank the people who were on here lastnight, they were a huge help.

 

SAFETY NET CREDIT

PIGGY

SUNNY

PIXIE

MR L

FERRATUM

 

All above have agreed to a £20 per month repayment plan which is a huge start.

 

SWIFT STERLING

SATSUMA

CASH FLOAT

CASHASAP

SAFELOANS

PDUK

 

All above i still need to speak to but this is a huge step today.

 

Will keep you all updated.

 

Many thanks

 

Deelad

[citizenB]

Excellent news Yes please do keep us updated.

[deelad]

Thanks citizenb,

 

I must say i was very surprised at how easy it was to set these plans up. No real fight from these companys to get a higher monthly payment. Could this be because of the new law that was introduced for these PDL companys?