lots of pdls

[minjara]

My partner had an accident just over 3 months ago which left us without his wage and to cut a long story short, he is now disabled. DLA hasn't been sorted out yet, ESA has......so to cover for a while pay day loans were taken out, and as ashamed and embarrassed as I am I need to talk to someone, all I want to do is cry all the time. They are as follows

 

PaydayUK - 516.00

Paydayexpress - 425.00

minicredit - 156.00

WagedayAdvance - 388.50

1monthloan - 80.20

Lendingstream - 123.50

 

I am more than happy to cancel card as I have another anyway where my wage goes into. but I'm just so scared and have no idea what to do or where to start. All are due at end of the month, just been deferring and rolling over.

Please help. Oh also paying bk wonga £53.91 a month due to muck up at there end

 

Loz x

[renegadeimp]

Hi there. Welcome to CAG.

 

First thing to say.. CALM DOWN. There is no reason to worry or panic. All these debts are classed as low priority in the eyes of the law, and will be repaid back on YOUR terms.

 

Is the person who has these debts on government benefits?

 

If so, then only give them £1 a month. NO NEGOTIATIONS. If they tried to take you to court, a judge would agree that £1 is enough, he might lessen it, or even wipe it altogether.

 

What YOU need to do is cover your back now. Send a letter to each creditor by recorded delivery, or by email and cc'd to yourself, and tell them (not ask), that you will be paying £1 a month from now due to you being on benefits, until your financial situation improves.

 

Post any replies you get in this thread, minus any personal info.

 

 

Edit: If you are paying off any PDL's above that rate atm, then report your debit card as lost, cancel any Direct Debits on the account and cancel any CPA's on your account. Make sure you tell the bank NOT to authorise any payments.

 

Send a quick letter to the PDL's that you are paying above that rate, and tell them in very simple and clear terms what is happening.

[sillygirl1]

You are by no means the worst we have had here, some people have had 8 or 9 loans and no income to cover any.

 

As the above post the payment of £1 a month is ALL that should be made, even a judge in a court of law would say this.

 

The companies may huff and puff and threaten to send bailiffs round, they cannot do this without a court order, they also will say that your loan is increaing by massive amounts, again they cannot do this, just because it is in the T&Cs that is no excuse.

 

You also must get another bank account for your benefits to go into, do NOT give the PDL companies the details of this account under any circumstances - some have been known to clean your account out.

 

If anyone gets really heavy you complain to the OFT and Trading Standards

 

http://www..oft.gov.uk

http://www.tradingstandards.gov.uk

 

Go onto the OFT website and read the OFT Guidelines on Debt Collecting and complain every time one of these guidelines are broken.

[minjara]

No they are all in my name and its me that is working, I get £950 approx a month without any commisions. They had to be in my name as my partners had a previous bankruptcy from 10 years ago. at the moment we get about £1450 between us.

 

Can I just get my card cancelled as I don't need that card any more anyway.

[renegadeimp]

If you report it lost and cancel the CPA on the account your 90% safe. As sillygirl said, it's much better to get a parachute account so your money can be sent there, and you can use the old account purely as a bill paying account.

 

 

SInce you arent on benefits, the first thing you need to do is get a full I&E form written out so you can see your finances and work out what you can realistically afford to pay them back.

 

In your list, you say you have a few loans with some very shady PDL's. Be warned. You are going to be in for a rough ride with those guys, but persistance and a LOT of patience will see you through it.

[minjara]

well i already have another account set up where my wage goes in, so do I still report this one as lost or do I cancel it totally? Im opening up another account with Lloyds too.

 

Oh I know, I've just sent off for Debt Remedy pack with CCCS is this right thing to do?

 

I have done and I&E and we have £143 to share out among them at the moment.

[renegadeimp]

Up to you. But as an example i have 3 accounts now.

 

Account 1 for any money to go in, regardless of where it came from.

 

Account 2 for my day to day needs ( Money comes into it by standing order from account 1 or by direct transfer)

 

Account 3 for all bills. (Money only gets put in by standing order so i know exactly what transactions are authorised).

 

 

Account 1, i very rarely touch unless i need to alter bill payments. No bills etc touch that account. Same with Account 2. The only account ANY of my bills get paid through is Account 3.

 

To date, this has worked for around 5 - 6 years if not longer and i've never had a problem with it.

[minjara]

so if i say i lost the card what happens, n dont they view it oddly if im denying cpas at same time as me reporting card lost.... the banks i mean.

[renegadeimp]

Why would they say anything? Simply call your bank and tell them youve lost your card on the train or something and you want it cancelled.

 

Then write a short and simple letter to your bank telling them to cancel the CPA on your account and hand it in to the nearest branch.

 

They might view it oddly, but it has nothing to do with them. You lost your card and want a new one. And want the CPA relating to a PDL cancelled as well.

 

You are worrying and overthinking everything. Calm down and follow advice

[sillygirl1]

If your income is going into another account you don't need to 'loose' your card.

[dizzy]

Hi minjara,

 

I am posting just to let u know u are not alone. I have also been very silly and bn embarrassed to pay that due to pride not wanting to ask family for help when extra expenses have occurred, i have a list of 8 payday mans that i am struggling to upkeep every month. I either roll them over or pay the ones off that won't roll over and reloan with them again! I have 'lost' my card but gave in to the guilt and my phone constantly ringing and gave them my new details. This only got me where that month, they all charged me a late fee , one being 59quid for the privilege of paying a few days late.

 

i have not slept properly in months but after reading the advice on here, going to start my own thread too for more, i have decided that they can't hurt me, remain calm about it and just write to them all offering what i can before without my months salary being wiped out of my account.

 

I do hope that this can be resolvedfor u. Remember, u are not alone and these pay day companies are just a voice on the other end of the phone for now. . . Good luck

 

Now i have joined this forum and read the advice to others i am going to stop losing

[minjara]

Im still very scare but Im ok. So should I just report CPAs then to the bank if no money is now getting paid into that account. What I'm worried about is them taking me in to an overdrawn amount that isn't authorised. I have no OD at all but I dunno. Writing up letter to send to them all at the weekend.

 

If amounts have not been sorted with them by the time their due dates come, what do I do for the due dates, do I let them add all the charges, do I pay, do I do nothing,?

 

Thank you everyone though, as horrible as it is, its nice to know I'm not the only one like this.

 

Loz x

[sillygirl1]

Stop worrying about what might happen and concentrate on what is happening.

 

If you tell the bank to cancel all CPAs on that account they should obey your instructions.

 

If the PDL companies insist on set up fees for arrangements, add interest etc etc etc report them to the OFT and Trading Standards.

 

Get any letters/emails out as soon as possible.

[dizzy]

Have thought the same about the charges and other threats minjara but like silly girl said, take the advice of the oft if and when that happens. I will start a post of my situation tonight, which is similar to urs and let u know what happens when i do the same.i will keep an eye on urs for advice and updates. Good luck

[dizzy]

Sorry tho guys, what's a cpo?

[minjara]

Hey there, right I have worked out what I can pay to each company and put a letter together, just want to see if it is ok. Do I include that I am withdrawing their right for CPA? and that they should only contact me by email or post?

 

Heres the letter

 

 

Dear Sir/Madam

I am sorry that I am unable to pay the amount requested to your company. This is

because of a loss of income in our household due to a change in my partners benefits. The situation is unlikely to improve for the near future as he cannot work due to injury and is still awaiting sugury to his damaged leg.

 

Our combined income at the moment is £1687.00 per calendar month, £950.00 of it my take home pay from work. After rent, household bills and expenses, I only have £143.00 pm to offer my creditors.

 

From this amount that is left, I have worked our what offer I can make to my creditors, and the offers have been worked out based on what I owe so that each creditor gets a fair share of the money. Here are my list of creditors and the amount I can pay to each of them.

 

1monthloan - £98.00 - £8.00pm

LendingStream - £160.00 - £13.00pm

Minicredit - £156.00 - £13.00pm

PaydayExpress - £425.00 - £35.00pm

PaydayUK - £516.00 - £42.00pm

WageDayAdvance - £389.00 - £32.00pm

 

 

 

The amount I can pay you is £ a month. I will be able to make my first payment on. Please send me details of the account to pay this into and which reference to use with it.

Please agree to freeze interest and other charges on my account as long as I keep to the

payments. I will let you know about any changes in my circumstances.

If you are unable to accept my offer and freeze interest and charges, please explain why.

 

Thank you for your help and I look forward to hearing from you.

 

Yours faithfully,

 

 

 

Any changes or info or comments welcomed

 

Loz x

[renegadeimp]

To be honest, remove that list and simply say " see attached sheet for my current I&E".

 

 

Read and fill in http://www.nationaldebtline.co.uk/england_wales/debt_advice.php#5 Section 3 and send each creditor a copy.

 

Your letter doesnt need to go into detail like that.

 

Just say something like " I would like you to consider a repayment plan and here it is. blah blah blah. Please see attached I&E sheet as proof that i can only pay this amount."

[minjara]

how much do i need to give info wise for my i and e?

[minjara]

Also That form u directed me to I can't fill in online. I don't have a printer. is there any I can fill in on computer?

[renegadeimp]

You can convert the PDF, or simply rewrite it into an email.

[minjara]

do i include anything about cpas at this stage?

[renegadeimp]

All you need to do is state that until the repayment plan is accepted, you withdraw the authority to process transactions on your account. Any violation of this instruction will result in a formal complaint to the relevant authorities. They will give you some rubbish about how its in your terms and conditions. Ignore it.

 

As for the CPA, you need to write to your bank and hand it in to a branch and get a receipt for that to be cancelled. Also, "losing" your debit card and gaining a new one is another good way of stopping them taking money from your account.

[minjara]

Cool cool. letter is done and dusted now all I need to somehow find is where to send it to each of them!

[Space2001]

I dont think you need to mention your combined income. If it is only you liable only mention your take home pay of £950.

[renegadeimp]

The ONLY income you need to state is the icome of the person who has the debt. Everything else is irrelevant.