Refinance loan?

[wgtdyeer]

Hey guys,

 

 

lloyds TSB has potentially offered me a refinance loan due to...

 

Cutting a long story short

 

I'm a 19 years old and past year I got myself stuck within the payday loan circle

 

and also did developed an addiction to money a year ago which is now treated and gone thank god.

 

I've now been left with around 12K of debt under my hood from various payday lenders and cash shop loans.

 

I also dipped into my overdraft on my lloyds account which started paying back slowly.

 

I was originally with Gregory Pennington via debt management plan however month down line they dropped me

and cancelled on me even though paid on time so wasn't impressed by them,

 

also tried baines and earnst and there pretty much same sorta company (£70 upfront etc) so i said no.

 

I tried towards step change and would take months for an appointment so was loosing hope

and my debtors/debt recovery agent threatening me via all communications.

 

I've now setup up £50 a week deal with lloyds TSB then out the blue the advisor mentioned I maybe eligible for a refinance loan to cover all my debts

and I just pay them only.

 

I know you shouldn't take money out to cover money but all the "support agencies/companies" have simply put me down alot

whereby I don't trust them or they take too long to process everything.

 

If anyone has one currently or have had one these refinance loans? & are they any good at all?

 

Plus what's the whole process like? (As loans with banks are much better plus been customer with them since born)

 

 

They say I maybe eligible for one so I'm just finding out what they are like if I get offered one?

 

If I'm not does anyone else have suggestions on companies to help and sort out debt as the following

companies have let me down...

- Gregory Pennington

- Step change

- Baines and Ernest

 

 

Many thanks

William

[Bombaymix]

I'd be very surprised if LTSB offered you the loan. I should imagine your credit file is shot to bits by now.

 

Why did Gregory Pennington drop you? Did they give you a reason? With all that unsecured debt and the monthly management fee Greggles charge I'd have thought they would have wanted you on their books for the duration!

 

Try CCCS or Payplan (one of them I think changed to step change, can't remember which one though)

 

I don't know what to suggest with Llyods TSB. A friend of mine got invited to a review where she was told that they could offer a consolidation loan only to be turned down on the day.

 

I think the way forward is to get in touch with one of the debt charities or CAB.

 

Have you made arrangements with the PDL company's?

[dx100uk]

list your debts please

 

dx

[cwab_sticks]

Hi,

You need to make your own decision whether to take the loan, or whether to decline the loan , but here's my little story.

 

A few years ago, I too got myself into considerable debt, multiples of your debt!

I was taking cash outon CC's regularly to meet repayments, and got into a right old mess.

I finally took responsibility, CCCS suggested bankruptcy, I really didn't want that and I started a DMP with PayPlan to last over 6-7 years.

 

I informed all my creditors of my situation, and LTSB offered me a consolidation Loan - to cover only THEIR overdraft and loan debts!

Ok, these were at the time just over 20k on their own.

 

The problem was I had already told LTSB I was in dire straights, had not make any repayments on my loans, cc and overdraft (with them and many other cc and loans with other companies) for 5 months and they also offer me this consolidation loan. My credit file was shot to bits, but they still offered And approved it.

 

The best part, the loan was quoted with PPI and I would have paid back £47,000 by the end of it, whilst still having to pay my other creditors. I don't know how they thought I would manage their repayments considering my other debts.

 

PayPlan submitted my proposals, started my DMP, and after two months of repaying my DMP, whereby LTSB loan department had agreed my entering into a DMP they still sent me letters asking If I still wanted to take out the consolidation loan!

 

I am so glad I didn't, this was clearly just for their own benefit and they were not helping me in any way!

 

My story is also more complex, LTSB have really stitched up my CRA files, they have incorrectly dated my defaults on both my CC and Loan, charged interest after 'terminating the accounts' and charged interest on only interest on my current account. So far it's taken me a year, with their refusal to provide Full SAR disclosure, and many formal complaints and now some with the FOS to try to get this remedied, with a long way to go yet. As documented on here, internal departments do not communicate and they just basically refuse to cooperate reasonably.

 

If you are able to cope with defaults on your CRA files and harassing(!) letters from your creditors and DCA's then you should take the advice of others and start with a free DMP provider. PayPlan were fantastic in setting up the DMP but I still endured major harrasment and excessive threats of court action (mainly LTSB funny enough) from the creditors and DCA's. If it wasn't for this site I would be in deep trouble. 6 years down the line, I am still paying off my debts but not one of them has taken me to court and I know my rights. You are in the right place for help.

 

What I'm trying to say is that it can be a stressful at the start of a DMP, when they are all chasing you, but be strong, and with guidance from all on here and quite a bit of letter writing you will come out of the other side knowing you did the right thing.

 

Are the accounts already defaulted?

 

CS

[wgtdyeer]

I'd be very surprised if LTSB offered you the loan. I should imagine your credit file is shot to bits by now.

 

Why did Gregory Pennington drop you? Did they give you a reason? With all that unsecured debt and the monthly management fee Greggles charge I'd have thought they would have wanted you on their books for the duration!

 

Try CCCS or Payplan (one of them I think changed to step change, can't remember which one though)

 

I don't know what to suggest with Llyods TSB. A friend of mine got invited to a review where she was told that they could offer a consolidation loan only to be turned down on the day.

 

I think the way forward is to get in touch with one of the debt charities or CAB.

 

Have you made arrangements with the PDL company's?

 

My credit file is destroyed pretty much. Gregory Pennington dropped me because they felt It would be best for me to setup payment plans with the debtors even though I would be paying probably £50-£100 more? So wasn't too pleased. I know, I would of been paying them for around 8+ years.

 

I'll have a look into those companies I think whatever comes first i'll take up and whats best for my future. Okie dokie i'll give them a call at some point.

 

I have tried making arrangements with the actual debtors/debt collection agencies but all the advisors I speak to are rude, arrogant, not understanding and require £30+ a week which I cannot afford.

 

 

list your debts please

 

dx

 

Here it goes:

- Advantis/Textloan £260

- Scotcall £105

- Moorcroft £75

- Credit Resolution Services £220

- Wescot £1162

- Power2contact £860

- Midas credit services £940

- Scotcall (diff account) £980

- Natwest £500

- Barclays £1050

- DWP £100

- Llloyds £2500

- Quickquid £3000

- Speedcredit/Toothfairy Finance £800 (There under investigation from FOS at the moment)

- Minicredit £900 (Also under investigation from FOS at the moment)

- Wage day advance £100

 

 

 

Hi,

You need to make your own decision wether to take the loan, or wether to decline the loan , but here's my little story.

 

A few years ago, I too got myself into considerable debt, multiples of your debt!

I was taking cash outon CC's regularly to meet repayments, and got into a right old mess.

I finally took responsibility, CCCS suggested bankruptcy, I really didn't want that and I started a DMP with PayPlan to last over 6-7 years.

 

I informed all my creditors of my situation, and LTSB offered me a consolidation Loan - to cover only THEIR overdraft and loan debts!

Ok, these were at the time just over 20k on their own.

 

The problem was I had already told LTSB I was in dire straights, had not make any repayments on my loans, cc and overdraft (with them and many other cc and loans with other companies) for 5 months and they also offer me this consolidation loan. My credit file was shot to bits, but they still offered And approved it.

 

The best part, the loan was quoted with PPI and I would have paid back £47,000 by the end of it, whilst still having to pay my other creditors. I don't know how they thought I would manage their repayments considering my other debts.

 

PayPlan submitted my proposals, started my DMP, and after two months of repaying my DMP, whereby LTSB loan department had agreed my entering into a DMP they still sent me letters asking If I still wanted to take out the consolidation loan!

 

I am so glad I didn't, this was clearly just for their own benefit and they were not helping me in any way!

 

My story is also more complex, LTSB have really stitched up my CRA files, they have incorrectly dated my defaults on both my CC and Loan, charged interest after 'terminating the accounts' and charged interest on only interest on my current account. So far it's taken me a year, with their refusal to provide Full SAR disclosure, and many formal complaints and now some with the FOS to try to get this remedied, with a long way to go yet. As documented on here, internal departments do not communicate and they just basically refuse to cooperate reasonably.

 

If you are able to cope with defaults on your CRA files and harassing(!) letters from your creditors and DCA's then you should take the advice of others and start with a free DMP provider. PayPlan were fantastic in setting up the DMP but I still endured major harrasment and excessive threats of court action (mainly LTSB funny enough) from the creditors and DCA's. If it wasn't for this site I would be in deep trouble. 6 years down the line, I am still paying off my debts but not one of them has taken me to court and I know my rights. You are in the right place for help.

 

What I'm trying to say is that it can be a stressful at the start of a DMP, when they are all chasing you, but be strong, and with guidance from all on here and quite a bit of letter writing you will come out of the other side knowing you did the right thing.

 

Are the accounts already defaulted?

 

CS

 

Sounds like you've come a long way and well done for that! After readin that i'll most likely contact payplan and see what they can offer me. Yeahh all the accounts are defaulted and all about 6+ months old or older. Had various last litigation/court threats etc.

 

Cheers William

[dx100uk]

Here it goes:

- Advantis/Textloan £260

- Scotcall £105 - whats the debt for, who's the oc?

- Moorcroft £75whats the debt for, who's the oc?

- Credit Resolution Services £220 whats the debt for, who's the oc?

- Wescot £1162 whats the debt for, who's the oc?

- Power2contact £860 whats the debt for, who's the oc?

- Midas credit services £940 whats the debt for, who's the oc?

- Scotcall (diff account) £980 whats the debt for, who's the oc?

- Natwest £500

- Barclays £1050

- DWP £100

- Llloyds £2500

- Quickquid £3000

- Speedcredit/Toothfairy Finance £800 (There under investigation from fos at the moment)

- Minicredit £900 (Also under investigation from FOS at the moment)

- Wage day advance £100

 

the debts with dca's need a cca request firing off to, [as long as they are not bank account]

 

the pdl debts could be better covered by starting a thread in the PDL forum.

 

dx