I am trying to fix my credit and dig myself out of debt. I am doing well and have everything under control but I have a few questions; I am in Repayment Arrangements with two lenders (Frozen interest) and I have a few accounts which are accumulating interest but are being paid on time. As I work overtime I receive excess money to put towards fixing my debts. My question is; Would it benefit me more to pay off the Repayment Arrangement accounts ASAP or put the money towards accounts which are accumulating interest (from 5%-15% or so). Is paying the arrangements off ASAP better for my credit score and is it something I should be prioritising? I also found one account (one of the creditors I have a repayment arrangement with) that is stating I have been in Default for the past 6 months and is reporting an incorrect amount outstanding (too much). I have emailed the company, should this be enough to fix the issue? By what they are saying I have maxed out my account and am not paying a dime, but I have met the agreement each month. Thanks for your help.

My repayment plans were set up the day the loans were due, I set up 0% interest payments I could afford with no additional fees aside from the ones I agreed with. I have paid up to 60 days interest on some of these though. No late fees.

I haven't claimed any late payment fees back, are you talking about my PDL repayments or my non-PDL direct debits? Or the bank? Any info appreciated.

Just to entirely explain the math of this situation; Bills due between today and payday = £190 Amount due on payday if these aren't paid = £300 There is an unavoidable jump of £70 extra to pay in OD fees if I don't get these bills paid today (Bank is taking £60 out today which isn't in there, it won't be returned it will just put me into OD which charges me £10/day) . Even if I cancel all my DDs or rearrange them for later, I will definitely still be charged by my bank. Amount coming in this payday = £1300 Amount due between payday (the one coming up) and next payday = £640 So, best case scenario right now is a PDL for £190, incurring £30 interest and the £640 outgoing which totals £860, leaving £440 disposable income - some of which will be used to pay extra on my accounts which incur interest. Or, not getting any money today would cost me the same £190 on Payday, but with £70 OD fees and £40+ in returned DD fees, which could be avoided by cancelling DDs and making phone calls but the £70 still stands. EDIT: I fully understand you don't recommend PDLs but I right now it just makes financial sense, either pay £30 interest on a loan I can entirely afford or pay 2-4x that to my bank.

The DDs are not with PDL lenders but phone contract, overdraft fees and paying for electronics I had on finance. Whether I cancel them or not I will still get charged £70 for OD fees when they take out last month's £60 bank fees from last month. I don't want to pay overdraft fees again.

Income £1300/mo Outgoing; Outstanding Feb-March £190 |March £640| April £516| May £516 | June £476 | .... ( Decreases monthly) .... | December £323 | January DEBT FREE. ~80% of my Debt (in value, not quantity of creditors) is in interest-free repayment plans (Interest free repayment plan is such an oxymoron for me - there's a lot of interest already on there..) to PDL's The other 20% is for store cards/loans for electronics - I obviously plan to get these paid back as soon as possible to avoid extra interest. I apologise for seeming like I'm not being open with my finances, but I have spent a VERY long time getting all my payments lined up and I am happy with how my repayments stand (of course, this month is a hickup - I have only just gotten myself in to these plans and had a few payments I forgot I had to pay)

My post with more info from other post on this board; Unfortunately I fell behind on things this month due to illness and thus lower wages, I have a few direct debits coming out between now and my payday (less than 2 weeks away) which total £190, if I don't manage to pay them then by payday it'll total £300+ due to fees. My credit must be awful as I am in default repayment plans with a few payday loansicon. Just looking for advise on what I should do, I don't have anybody to borrow from and I don't think any lenders would take me. Phoning up and asking for extensions isn't something that's realistically going to happen, not to mention that my bank will still take £60 regardless which will incur £70 of OD fees in the first week. Any input appreciated, I need help with this situation specifically, overall my finances are looking up - I have £300/month to live on after all credit/rent is paid, I just don't fancy having £100+ less this month as it's been stressful enough already! ------ Also, PDL's aren't requesting money, Direct debits are. I'll have 4x Returned DD fees from my bank and 7x OD fees from my bank if these DDs don't go out. I *AM* in the position to repay in 11 days, as I have £400 disposable income this month. It's basically pay £30~ to PDL company or £110 to my bank.

Long story short, I either have to pay £190 today or £300 in 11 days. A Payday loan at the generic 30%/month would set me back something around £210, so it's a lot more logical for me to do that. I have a few defaulting/repayment plan accounts with Payday lenders, so my credit isn't very good to say the least. Off the list; Wonga, Quickquid, PDUK, Minicredit & Lendingstream

Hi, I have been going through some financial difficulties and I've finally set up repayment plans which I can afford, I'm working lots at work and I'm focused on nailing my debt down. Unfortunately I fell behind on things this month due to illness and thus lower wages, I have a few direct debits coming out between now and my payday (less than 2 weeks away) which total £190, if I don't manage to pay them then by payday it'll total £300+ due to fees. My credit must be awful as I am in default repayment plans with a few payday loans. Just looking for advise on what I should do, I don't have anybody to borrow from and I don't think any lenders would take me. Phoning up and asking for extensions isn't something that's realistically going to happen, not to mention that my bank will still take £60 regardless which will incur £70 of OD fees in the first week. Any input appreciated, I need help with this situation specifically, overall my finances are looking up - I have £300/month to live on after all credit/rent is paid, I just don't fancy having £100+ less this month as it's been stressful enough already!

Thanks, have read into it but I can't really find a direct route of action that I should take. I'm a bit overwhelmed by everything and I'm very mentally drained at the moment, I was hoping that somebody with a lot more knowledge than me could give me pointers of where to start and what to do.

A MiniCredit Hardship Department member has replied to your application, #Numbers with the following response: Thank You for finding the time to take photocopies of the documentation. The second sicknote attachment showed that You were unfit for work starting from 13/10/13. You have applied for the loan on 28/10/13, 2 weeks after You were fully aware of the fact that You are not working and unable to make a repayment if You take out a payday loan. We are disappointed to learn that You still proceeded to apply for credit while knowing that the repayment is not affordable. It is our aim to be responsible lenders. We perform a credit check before issuing out every loan. As there were no defaults on Your credit check file and income according to Your loan application were £1377.00 we approved Your request and issued a loan of £220.00 to You on the 28th of October 2013. Credit check results do not reveal the specifics of the customer's income and expenses, therefore it is the consumer's responsibility to provide correct information so that proper affordabilty checks could be made. We had no means of knowing that You were off work due to Your medical condition in order to prevent this loan application. Even though our service was misused and we may consider ourselves to be a victim of irresponsible borrowing we are still willing to come forward and remove one charge from each of the previously given payment offers. Our revised proposals are as follows: The first option is a settlement plan for £483.10, paid through our payment collection partners. Our default period is 120 days. You would need to make at least one payment a month towards the balance and clear the whole remaining balance by the 22nd of March 2014. Choosing this option means that You are able to avoid a default on Your credit reference file. The settlement plan balance consists of the following: 1. Original due date balance £291.50 2. Reduced overdue charges £20.00 (2nd overdue of £20 charge waived) 3. Interest for 60 days £171.60 The second option is a long term payment plan for £503.10, also paid through our payment collection partners. This arrangement allows reduced monthly payments over a longer period of time, however choosing this option means that a default on Your credit reference file can not be avoided. The payment plan balance consists of the following: 1. Original due date balance £291.50 2. Overdue charges £40.00 3. Interest for 60 days £171.60​ (recovery fee £50 waived) The contractual interest rate is 1.3% of the principal per day from the date of issuing until the 60th day after the chosen due date. The above described overdue charges and interest are in accordance with the Loan Agreement. Please let us know what You decide considering the above latest by the 27th of November 2013. If no response is received or alternative arrangement set up by then we will proceed with the second option of a long term payment plan.

In short, I have been having very bad problems with my mental health and suicidal thoughts, my finances have spiralled out of control and I have been off of work ill. I contacted Minicredit asking for a repayment plan and they sent me nonsense about lots of fees and whatnot. I am not in the best of positions as my old wages were on there (£1300/mo instead of the now £850/mo). I took out the loan after already being signed off for work. I basically irresponsibly took out this loan because of a lack of judgement and I was already grasping at things. May I point out that upon taking this loan out I had full intention of paying back and that my sickness was prolonged longer than I expected. I have managed to work out repayment plans with all other creditors aside from Minicredit. They have asked me for bank statements and sicknotes which I have already sent them. It was due today, I basically would like to know how I can minimise the damage of this to my bank and get a secure repayment plan in which isn't going to require me to pay what I cannot afford.