WageDayAdvance

[manontheweb]

I am trouble with a lot of payday loans and am going to cancel my card and try to send them all letters offering payment terms, but I think Wagedayadvance have setup a direct debit on my account, if i cancel the DD will they still be able to get my money or setup another DD?

 

I'm getting paid on monday so need to sort it this week

 

PS i was also considering a debt management company and have seen that Bridgewood Financial Solutions have not setup fee, are they any good?

[uk007]

You will have to report the card stole or tell the bank to cancel the CPA if I was u and if u have acess to another bank put your money in there and it's safe, as for a DMP go to your local cab office

[manontheweb]

I am with barclays, does anyone know if i can cancel a CPA by ringing them?

[manontheweb]

also is it best to ring WDA before monday or wait for them to ring me?

[Bombaymix]

Yes, best advice is to get your money paid into a different account. WDA can keep setting up a direct debit as often as you keep cancelling it.

 

DMP... I went with a fee paying company quiet a few years back. They worked for me. I didn't have the good advice from CAG at that time, if I'd have found the advice back then, I'd have gone with a non fee paying company and probably would have been debt free by now!

 

Any idea of your total debt? Cccs and payplan are good free dmps if your debt is more than 5k!

 

First priority though, protect your wages! Have them paid into a different account ASAP, if it's too short notice, maybe ask your payroll department for cash or cheque this time, tell them that your bank account has been compromised.

 

Keep us updated

 

Regards

 

BM

[Bombaymix]

Also, not sure if barclays will cancel a continuous payment authority. Really not sure. Think Banking by RBS blocked all transactions from WDA for me but I ha my wages go into a different account anyway so I'm not sure if they ever tried to take payments

[manontheweb]

ive asked them to pay my wages into my barclays saving account which im hoping should be safe from the current account?

[maroondevo52]

Thread moved to PayDayLoan Forum.

[2009dg]

use CCCS or payplan they are completely free.

[sillygirl1]

I wouldn't touch Bridgewood, whilst they are free they may turn out to be one of the companies who keeps the money in a pot and pays out after a couple of years.... not the way to go.

 

Have you thought about snowballing your debts, in this method you pay the smallest debts off first and then the bigger ones usually start making offers of 30% discount, some people say it is fairer to pro rata but had I pro rata'd my debts I would still be paying them off.... I got rid of 9 debts in 7 months using this method. A DMP at the time suggested I would still be paying 9 years down the line.

 

Stick to either Payplan or CCCS as they are recognised agencies who do not rip you off with any hidden charges.

[sillygirl1]

As suspected, Bridgewood are NOT a completely free service, only the initial consultation is, you would be paying a fee of between £15-£75 per month continuing... complete rip off. Here is the section from their site

 

Their statement about 'mornally when taking out a DMP is wrong as Payplan and CCS do not charge anything at all...

 

Debt Management fees

 

Normally when take out a Debt Management Plan the company you decide to use will charge you fees that fall under two different categories, a set-up fee (usually 1 or 2 months' worth of your payments into the plan) and an on-going monthly fee.

As the set-up fees mean your creditors are not paid during the first month or two of your plan, you fall further into arrears and may be subject to further penalties and charges.

Unlike the majority of commercial Debt Management companies, Bridgewood do not charge any set-up fees.

The only fee we take is our on-going monthly fee (detailed below), meaning your creditors begin receiving payments from the very start of your plan without interruption.

As you can see from the comparison table below we also charge amogst the lowest monthly management fees in the industry, meaning more of your payments are used to pay off your debt, helping you to become debt free quicker.

On-going monthly fee

 

Our ongoing fee is 15% of each of you monthly payments and is subject to a minimum of £15 and maximum of £75.

[citizenB]

You dont have to use a Fee paying DMP at all - there are no end of free options by way of CCCS and PayPlan or you could also DIY it. Have a read of the following and then contact one of the agencies mentioned.

 

 

If you are experiencing difficulty in repaying your debts, CASHflow is a way for you to negotiate affordable repayments with your creditors. Before you can use CASHflow, you must have spoken to one of the free advice agencies licensed to offer CASHflow to their clients. The advice agency will start by talking to you about all of the options available, and can help you to decide if CASHflow is the right one for you.

 

If you decide to use CASHflow, you will be provided with all of the tools you need to be able to complete your own financial statement and negotiate offers of repayment with creditors yourself. This will enable you to stay in control of your situation, but still have support from an adviser at any stage if you need it.

 

You can contact a local advice agency to check if they offer CASHflow. You can find a list of free advice agencies that are near to you by searching for a money adviser in England or Wales, Scotland, or Northern Ireland.

Alternatively, you can call National Debtline on 0808 808 4000

CASHflow: http://www.cashflow.uk.net/

National Debtline: http://www.nationaldebtline.co.u k/

https://www.mymoneysteps.org/

Also as highlighted in the CAG newsletter...

There is the new CAB system that might also be worth a look, this system saves all your details, has guidance allowance figures to work with if you wish and you do not need to be invited / signed off etc with this system, just log in and away you go (see below)

 

(Also, there are a number of other self help tools and systems around so might be worth a little exploration if this is what you eventually decide on.)

 

http://mymoney.nedcab.org.uk/moneyadvice/

 

http://mymoney.nedcab.org.uk/moneyadvice/ (example of completed dmp)

 

Your bank MUST cancel the CPA as soon as you ask them.

 

Have a read of the following..

 

http://www.consumeractiongroup.co.uk/forum/content.php?850-Continuous-Payment-Authorities-How-to-stop-them

 

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?336569-How-to-remove-a-lender-s-continuous-payment-authority&p=3813990&viewfull=1#post3813990

[manontheweb]

Thanks for the advice. I am trying to do it myself and have agreements in place with several PDL companies already, however I had heard 247moneybox and wagedayadvance were particulary hard to deal with so like a fool i have kept rolling them over. Now I have opened an easy cash account with halifax and will not be giving anyone the account details, i have spoken to 247 on the phone to day and they tried to get me to discuss it their and then,"As i had phoned them", i said i want to do it via email so he gave me the addy (customer.services@247moneybox.com) (could have guessed that really lol)

 

Are you saying that maybe one month if I owe say £300 to one PDL company I should offer them say £210 as a full settlement just to get it out the way, and then the next month another one?

Obviously i would need to save some money somewhere during the month to do this

[sillygirl1]

It could be worth a try to get them off your back - state it is that or they will have to go into the 'pot' with your other debts and get a small proportion over a longer time, and that if they went to court a judge may even say you should pay the token payment of £1 a month.