Big mess - my fault - advice appreciated

[gullible]

Hi all,

 

This is my first post on here, but I’d really like to use this as another step in a life-changing day. My story is no different to many others on here, I’m sure, but I’d like to go a stage further and admit that the problems I find myself in are self-inflicted and stem from a gambling addiction that I have let creep back in to my life after many years of abstinence.

 

So, I’ll understand if you choose not to offer help and advice, but equally, I’d ask that you don’t respond with insults, as I can assure you I have enough self-recrimination to cover everybody.

 

In a nutshell, I’ve fallen horribly into the pay day loan spiral, to the tune of about 5 grand, after constantly rolling over 7 different loans for many months. After realising that I couldn’t even cover the interest payments this month, I began scouring these forums for help and advice and came across the conversations about Continuous Payment Authority and the possibility of getting the bank to stop these payments, whilst I considered how to go about creating repayment plans and getting out of this hole. So, I set off to my local bank this morning and sat down with a lovely girl who had never even heard of CPA and suggested that it was unlikely they could do anything for me. I was considering going down the ‘legal’ route and creating a fuss, but instead I was invited into the manageress’s office and we sat down and began talking. After looking through some of my online transactions, it quickly became clear that the cause of my problems was my gambling habit, but rather than chastising me, we talked for 30 minutes openly and frankly and I have to say the advice she gave me was above and beyond the call of duty. Our final word was to make an appointment for August 1st when we will review my account, under the proviso that there are NO gambling transactions on there.

 

And so, to the problem in hand. Pay day tomorrow and the vultures will be after their money. The trouble is, there won’t be any, as my wages will be going elsewhere. So, presumably I will default on all of them and the horror of the phone calls, texts and e-mails will begin. I’ve made my bed, so now I’ll have to lie in it, but the advice I am really looking for is:

 

1) Once I have defaulted, should I use PayPlan to try and sort out the mess?

2) Should I contact everyone myself?

3) The wages going elsewhere is just a temporary fix. I CANNOT get another bank account, but obviously if I have any money in my account it will be swallowed instantly. Does anybody know of any alternatives? Think Bank?

 

I have a genuine desire to sort my life out and get back on track and will be returning to the GA group I went to for years again next week. I also genuinely want to repay what I owe, but will be massively grateful for any help I could get from you guys.

 

Thanks for reading

[renegadeimp]

Give CCCS a call and see if they can help you with a DMP with the pay day debts. Those guys are brilliant at helping, and if they are unable to, they will give you advice on what to do next. They are VERY patient, knowledgeable and very understanding.

 

http://www.cccs.co.uk/

 

Also, if you get any texts, phonecalls or threats of doorstep collectors, read and send them:

 

http://www.consumeractiongroup.co.uk/forum/content.php?441-If-you-do-receive-a-doorstep-visit-we-give-these-suggestions-to-Members for Doorstep Collector threats

http://www.consumeractiongroup.co.uk/forum/content.php?493-Harassment-by-telephone-response-letter for harassing/threatening phonecalls.

 

 

One thing to remember is you only owe them the original loan + interest stated on your agreement. The abundance of charges they try and pile on you are not enforceable at all.

[steve00117]

Hi, I cant offer any advise as I am in the same situation myself (apart from the gambling part) I have 3 PDLs totaling around £2800, they are due next Wednesday.

I have arranged my wages to be paid into a different account and am ready for the battle to begin trying to arrange repayment plans with them all.

 

I am sure that Renegadeimp and a couple of the other wonderful people on this site will be along soon to advise us.

[steve00117]

Oops beaten to it!

[renegadeimp]

Oops beaten to it!

 

Hehe. If you are still having probs steve, try CCCS as well. They have a whole host of info and schemes they can advise on to help you reduce and pay off your debts. They are also able to put you in touch with free legal advice ( if you qualify for it).

[steve00117]

Thanks for the advise Rene, unfortunately I am one of those silly fools who is already on a DMP with CCCS and stupidly fell into the PDL trap.

 

But I am determined to fight my way out of it! (with your help hopefully)

[gullible]

Thanks guys. The bank account issue really is a problem for me. I have a very short-term solution for this month, but even if I managed to get a repayment plan sorted, I wouldn't trust these people not to help themselves anyway. Any ideas?

[renegadeimp]

Get 2 bank accounts with different banking groups. 1 for your bills, 1 for your day to day money.

 

If you are struggling to get an account, try the co-op. They usually allow anyone to get a very basic account unless they have a history of fraud.

[sillygirl1]

New guidelines coming out for the PDL companies, organised by themselves, so they will HAVE to tell you three days in advance when they are going to take funds....

 

http://www.credittoday.co.uk/article/14041/online-news/payday-lenders-sign-new-code-of-practice

 

A very small step into a positive way of dealing with the murky side of the market.

[gullible]

Unfortunately, the Co-op turned me down, even for their most basic account. I really can't get another account. I don't have any fraud history, have never been bankrupt or had an IVA etc, I'm just obviously in such a credit state that no one will touch me. In fact, at my Loyds meeting this morning, I noticed my 'risk factor' was 99, which, when I asked, was confirmed to be the highest possible number!

[sillygirl1]

What about the Post Office, they have a very basic account.

[gullible]

I hadn't considered the post office. It could be an option for me, although I believe that they don't give you a debit card, or direct debit facilities, which would make paying the PDL companies (and other bills) difficult I guess.

[renegadeimp]

Could always do an account to account transfer.

[Bombaymix]

Hi gullible, Typed out a long message for you on my phone, But it died! Grrrr I'll try again later lol.

 

Anyway, Just a quick reply this time for you...

 

Not sure how many CAGgers are fans of this idea, But if it's a last resort, This may work in the short term also.

 

Just googled it, And it might be worth looking into... Some of the pre paid debit cards allow you to have your wages paid into them! for example, This is the first one I found, But if it is something you're interested in, Have a look around for others http://www.mycashplus.co.uk/top-up-card/wages.aspx

 

I think I was also declined for a Co op account a few years back... I don't know, I've known people with really bad credit get a Natwest Step account... Not tried myself, I'm ok bank account wise.

 

Will post back later.

 

Regards

 

BM

[gullible]

The Post Office account could be my best/only hope. Ultimately, I will probably have to close myLloyds account (it’s only a basic cash account with debit card), as any money thatgoes into it will get taken at some point by the PDLs. So, once I’ve set up (hopefully) a repaymentplan, I will only have cash to work with, as there are no facilities on the POaccount. This is the price you pay Iguess…..

[renegadeimp]

I used to use mycashplus. It's a good idea for small random payments but i would never have my money paid directly into there.

[renegadeimp]

The Post Office account could be my best/only hope. Ultimately, I will probably have to close myLloyds account (it’s only a basic cash account with debit card), as any money thatgoes into it will get taken at some point by the PDLs. So, once I’ve set up (hopefully) a repaymentplan, I will only have cash to work with, as there are no facilities on the POaccount. This is the price you pay Iguess…..

 

You dont have to close it you know. Make an appointment with your bank manager, take in as much info as you can to back up what you say, and talk them through what has happened and what you think may happen. If you have proof and your manager is understanding and semi-decent at his job, then he will personally be able to authorise the ability to block payments on the account, and cancel all CPA's.

[gullible]

Wow, the time and trouble people take on here is even more inspiringto sort my sh1t out. Much appreciated.

I have looked at the pre paid card idea and this mayultimately be where I end up, but I’ve seen some horror stories online aboutthis. My number one priority is to get a plan sorted out asap, as I am notlooking forward to the barrage of calls and e-mails!

A combination of a post office account and a pre-paid cardmight be the short to medium-term future for me.

[renegadeimp]

Wow, the time and trouble people take on here is even more inspiringto sort my sh1t out. Much appreciated.

I have looked at the pre paid card idea and this mayultimately be where I end up, but I’ve seen some horror stories online aboutthis. My number one priority is to get a plan sorted out asap, as I am notlooking forward to the barrage of calls and e-mails!

A combination of a post office account and a pre-paid cardmight be the short to medium-term future for me.

 

We've all been in the same situation at sometime or another. Thats why we give our experiences here, so others can benefit. As i said above. Give CCCS a call, and see what they can do for you. They are amazing at what they do, and could advise on different bank issues etc.

 

Even if you decide to go it alone and deal with everything yourself, you can get some very strong starting points from them.

 

And the best thing? It's completely free.

 

ALso http://www.nationaldebtline.co.uk/

[gullible]

You dont have to close it you know. Make an appointment with your bank manager, take in as much info as you can to back up what you say, and talk them through what has happened and what you think may happen. If you have proof and your manager is understanding and semi-decent at his job, then he will personally be able to authorise the ability to block payments on the account, and cancel all CPA's.

 

I did that this morning, but as pleasant and understandingas they were, she wasn’t prepared to discuss cancelling CPAs. Perhaps if I visited again and explained thatI might leave (to my shame, I actually earn decent money) it might make adifference. However, I’m not sure I’dever ‘trust’ that account again, if you know what I mean.

[renegadeimp]

Did you speak to the actual Branch Manager? They have MUCH more leeway and flexibility than a supervisor who thinks they are some bigshot of the banking world.

[Bombaymix]

Another idea... you mentioned it in your opening Post. Think Banking. I was with them for 4 years. You pay a set up fee, £25 I think (taken out of your first income) and then a monthly fee of (I think £15).

They'll provide you with your bank account number and Sort code really quickly. Can all be set up over the phone. As long as you can verify your identity, You're pretty much guaranteed acceptance.

[gullible]

Another idea... you mentioned it in your opening Post. Think Banking. I was with them for 4 years. You pay a set up fee, £25 I think (taken out of your first income) and then a monthly fee of (I think £15).

They'll provide you with your bank account number and Sort code really quickly. Can all be set up over the phone. As long as you can verify your identity, You're pretty much guaranteed acceptance.

 

A bit scared of Think. Many stories of being unable to access money and never being able to get through to customer services......

[Bombaymix]

A bit scared of Think. Many stories of being unable to access money and never being able to get through to customer services......

 

I've read the horror stories also. I left them after my PDL nightmare. Purely because I was scared that they allow the PDL companies to wipe me out.

 

I had a good 4 years with them without too many problems. They honoured a direct debit that was cancelled to an ex girlfriend and when I contacted them they told me to get in touch with her to get the money back.... Lol. The only other problem I ever had was a problem with maestro itself declining every transaction for 24 hours...

 

Other than those two things, they were great lol

[sillygirl1]

You need to throw BCOBS (Banking code of business) at them and make them know you know your rights.

 

The Post Office account does have a debit card and you can do bills from it, details here

 

http://www.telegraph.co.uk/finance/personalfinance/6926513/Post-Office-bank-account-could-help-1m-poor.html