debt managment plans

[daisy72]

Has anyone considered a debt management plan to sort out payday loans?

I'm seriously thinking of contacting one to help me consolidate my debts as i owe;

Paydayuk £652.00

Wonga£350.00

WDA£659.00

Payday express: £552.00

Sunny £249.00

Money shop £249.00

Nationawide £1270.00 overdraft

 

Halifax £1277.00 alot of money. I get paid £1658.00 and feel lost and in a rut im so stupid im in such a mess with money need some serious help!!! dont think payday loans will accept my £10.00-20.00 offer such a fool for going back to them what a mess

[fletch70]

Hi there

You can of course run a debt management plan yourself.

 

Do you bank with either the lloyds group ( Lloyds, TSB, Halifax, BOS) or Nationwide?

 

If you do I would be getting a new bank account for your wages to pay into asap, hopefully intime for payday.

You can set up a DMP with the likes of stepchange but I would be more inclined to talk to National debt line and do it yourself. It gives you more control although initially it will be harder work.

[daisy72]

thanks for your reply, i guess i am afraid that my repayment offers will be refused and ill be in a worst situation. Im in such a mess my own fault. but with an income of £1658 and debts that are way out of control i guess im just afraid of what may happen its my own fault i know stupid woman i am ;-(

[renegadeimp]

Hi there. Dont worry. Your debts are very easily dealt with, although it will be frustrating, as PDL's do not really respect the rules.

 

 

here is my suggestion.

 

First, you MUST secure your bank account. This means kicking the banks arse and demanding they cancel all transactions to the companies mentioned AND have every single CPA cancelled on the account. Do NOT let the bank say there arent any. Every single one of those PDL's put a CPA on the account pretty much immediately.

 

Once your account is secure, then go to https://www.nationaldebtline.org/EW/steps/step2/Pages/Step_2_11.aspx

 

Fill that in, then click the budget summary on the left. The budget summary is for your creditors. You send that ( Not the full I&E) along with an edited version of http://www.consumeractiongroup.co.uk/forum/showthread.php?387346-Ask-Creditor-to-Accept-Pro-Rata-Payments And ask them to consider a repayment plan based on your circumstances.

 

Since you have proven to them via the budget summary that you cannot afford the original repayments, If they ignore it, then we can take the next steps.

 

Also, if you do this, PLEASE do not send them ANYTHING at all until you get full confirmation that they accept the plan and most importantly, all charges and interest amounts are ceased for the duration of the plan. You also need to tell them that you require their bank details and a reference number to set up a standing order, so YOU remain in control.

 

Do NOT under any circumstances allow them to set up a direct debit or gain your debit card details. They WILL strip your account clean if you let them in.

 

Regarding the charges and interest, do NOT let them levy anything. Including any upfront "repayment plan charges" or frontload a set amount of interest, such as 60 days.

[daisy72]

my wages go into a completely different account as nationwide and halifax have suspended my accounts with them. At present i receive £1658.00 working fulltime. i will do a budget planner now and go onto the debt line website and see what they suggest although i know im not going to have alot left to repay debts off given the time frame. I'm hoping to repay all the debts within 24 months. Thank you.

[renegadeimp]

If you need any more help, advice, or reassurance, feel free to come back and we will help as best we can