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p2white1972

Self managed DMP but charges getting out of hand

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Ok.. Im in a self managed DMP after an attempt at a DMP with stepchange failed..My creditors have all accepted my offer of £5 a month each and its being going fine for 6 months untill one more debt turned up I had forgotten about..

This debt which was a £52 payday loan had become £181 and although they accepted the £5 offer I looked up the original paperwork and found that the last balance with the original firm ( Ferratum ) was £92...but since being sold on had virtually doubled to £181...

This led me to having a look for other paperwork and on my credit file and I discovered that appart from a couple of high street bank debts which have not had any charges etc added nearly all the 'payday loan' type debts have all nearly doubled or in some cases tripled the original debts due to multiple charges..and Ive now worked out that at the current value ti will take me nearly 9 years to pay off all these debts but if I only paid the original amounts ( including interest just not charges ) it would be only 5 years..

Is there any thing I can do about these charges as these firms all seem to be able to charge what they want literally willy nilly and Im not happy to be paying silly over the top charges if I shouldnt have to..

 

Any advice welcomed

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Yes get reclaiming the fees. Secondly stay off the phone unless you record them finally get copies of all of your agreements via CCA request send one off to each of your creditors unless it's for a mobile phone as these are service agreements and are not covered...


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