DIY DMP - Stick or Twist

[CleverClogs (RIP)]

Re: DIY DMP - Stick or Twist

Also, when the creditors start calling me once they are receiving no payments how am I best to answer the calls?

Put on a falsetto voice and claim you are Eleanor Roosevelt, or tell them that the householder is out and that you're the local burglar.

Or just refuse to go through their "security" procedures and demand that they communicate IN WRITING ONLY.

Keep a log of when each called and on which dates, as that might be useful if you later wish to claim harassment.

[CleverClogs (RIP)]

Re: DIY DMP - Stick or Twist

I would research everything, including sequestration (bankruptcy) as it will also stay on your record for 6 years in Scotland.

Even though the Limitation Period under section 6 and Schedule 1 of the Prescription and Limitation (Scotland) Act 1973 (link) is only 5 years?

[Undercover Elsa]

Re: DIY DMP - Stick or Twist

Even though the Limitation Period under section 6 and Schedule 1 of the Prescription and Limitation (Scotland) Act 1973 (link) is only 5 years?

Yes
The 5 year Limitation Period in Scotland doesn't extend to the Credit Reference Agencies, sadly. They retain records for 6 years along with the rest of the UK.

[Kiko]

Re: DIY DMP - Stick or Twist

Hello Kiko and to AAD.

First of all I want to say well done you for getting on top of your gambling addiction

There are industry guidelines on lending and/or providing credit to gamblers which we can help you to explore.

I'm not suggesting that this is a way of fending off debts but I do think it's something that should be looked at if any of these debts were related to your previous gambling habit.

I see some are pay day loans and we have a PDL expert on the forum so I'll flag this up for their attention.

Stay positive

Plan B x

Thanks for the welcome Plan B! And the wise words!

If I am honest, every single debt is due to gambling. The Payday Loans especially were regularly being taken out. Quickquid was taken out once a month every month this year up until May. The same with Wonga, where a lot of the time I was getting one loan, paying it off days later, then taking another out, to the point where I would have had 2-3 loans from them a month.

Now I would be interested to see what the PDL expert has to say, but I have to say I want to pay back every penny I am owe. Even if they loaned me irresponsibly, I guess they helped get my fix at the time, and they lent me the money in good faith they'd see it back.

[Kiko]

Re: DIY DMP - Stick or Twist

Had you considered playing the National Lottery?

The stake isn't much and it might help overcome your addiction whilst, if you win, not only could you pay off your creditors, you could buy Noddy a pint.

The National Lottery doesn't work with me. It is a strange gambling addiction as it is only sports related. I have no interest in Casinos and their games, horse racing, greyhound racing. I have set foot in a bookies shop maybe once in the last 5 years, and the same for the casino. I am thankful for that because had I become addicted to roulette for example, I would be looking at far greater debts due to the mass of money you can lose by the minute there.

[Kiko]

Re: DIY DMP - Stick or Twist

In regards to my Payday Loans. Whilst I am planning on defaulting before entering a DMP, I plan on having these all cleared by the time the default notices comes around. Would it be any benefit do you think if I sent letters to them requesting they remove all interest, and allow me to pay back just the original amounts I took out on a loan? I could state in the letter than I am looking to enter a DMP, which if I included the Pay Day Loans would result in them seeing maybe 1% offer of the value per month over years, yet if they frooze the interest I could have them paid off within a couple of months.

Just a thought that crept into my mind. Any thoughts welcomed.

[Kiko]

Re: DIY DMP - Stick or Twist

In regards to my Payday Loans. Whilst I am planning on defaulting before entering a DMP, I plan on having these all cleared by the time the default notices comes around. Would it be any benefit do you think if I sent letters to them requesting they remove all interest, and allow me to pay back just the original amounts I took out on a loan? I could state in the letter than I am looking to enter a DMP, which if I included the Pay Day Loans would result in them seeing maybe 1% offer of the value per month over years, yet if they frooze the interest I could have them paid off within a couple of months.

Just a thought that crept into my mind. Any thoughts welcomed.

This was relating to the Mr Lender & Lending Stream Loans. I was planning paying off Sunny, Wonga & Quickquid on the 25th when paid, but I guess I could even try and include these in it as that could save me around £100 in interest.

[nanna58]

Re: DIY DMP - Stick or Twist

You are so very strong to do this well done and masses of luck xx

[Undercover Elsa]

Re: DIY DMP - Stick or Twist

I would wait and see what our PDL specialist, Saltnvinegar has to say about the pay dal loans Kiko. I'm sure he'll be along soon.
He's very experienced at dealing with these people. It can be possible to get them written off.

http://forums.all-about-debt.co.uk/s...or-PDL-debtors

[Kiko]

Re: DIY DMP - Stick or Twist

You are so very strong to do this well done and masses of luck xx

Thanks Nanna,

Facing up to my problems was the biggest challenge I have faced over the last few years. I would shy away pretending it wasn't anything to worry about. Once I admitted my problem, and began looking at ways to fix it was like a huge weight off my shoulders.

Surprisingly also, I have really enjoyed all the researching I have done. There has been a sense of achievement, and I haven't even started to repay my debts yet.

Long road, but it's gonna be alright!

- - - Updated - - -

I would wait and see what our PDL specialist, Saltnvinegar has to say about the pay dal loans Kiko. I'm sure he'll be along soon.
He's very experienced at dealing with these people. It can be possible to get them written off.

http://forums.all-about-debt.co.uk/s...or-PDL-debtors

Thanks,

Will have a read, and hopefully he will post some feedback here also.

His name alone has got me peckish

[Kiko]

Re: DIY DMP - Stick or Twist

Wonga

02-05-2015 £300
27-05-2015 £200
09-07-2015 £300
14-07-2015 £300
07-08-2015 £300 (Current)

QuickQuid

22-03-2015 £300
01-06-2015 £300
11-06-2015 £600
26-06-2015 £600
11-07-2015 £300
07-08-2015 £400 (Current)

That is my history with Wonga & Quickquid, who have been the ones I have used the most. I had never thought about irresponsible lending before, but looks like I missed that chance to pursue that in July with Wonga, and especially June with Quickquid which was 3 loans in the space of 25 days totalling £1500.

[PlanB]

Re: DIY DMP - Stick or Twist

That is my history with Wonga & Quickquid, who have been the ones I have used the most. I had never thought about irresponsible lending before, but looks like I missed that chance to pursue that in July with Wonga, and especially June with Quickquid which was 3 loans in the space of 25 days totalling £1500.

I have no knowledge of the ins and outs of PDLs and irresponsible lending, but common sense says if it was irresponsible then you ought to be able to make a complaint and claim retrospectively even if you did pay them off under pressure.

Plan B x

[SaltnVinegar]

Re: DIY DMP - Stick or Twist

Hi Kiko

Welcome to AAD!

With regard to the payday loans, when did you take out your FIRST loan with Wonga and Quickquid? Was it actually this year?

Reason I ask is their lending criteria were 'tightened up' as a result of the activities of the FCA. The fact that you numerous loans over a short period SHOULD have set alarm bells ringing, although in their consultation the FCA did not go so far as to suggest a number.

However there IS a cap on how much your balances can escalate (that is to say the maximum that they can is double).

[Kiko]

Re: DIY DMP - Stick or Twist

Hi Kiko

Welcome to AAD!

With regard to the payday loans, when did you take out your FIRST loan with Wonga and Quickquid? Was it actually this year?

Reason I ask is their lending criteria were 'tightened up' as a result of the activities of the FCA. The fact that you numerous loans over a short period SHOULD have set alarm bells ringing, although in their consultation the FCA did not go so far as to suggest a number.

However there IS a cap on how much your balances can escalate (that is to say the maximum that they can is double).

Thanks for the welcome!

Yes, it was this year where I foolishly learnt about PDL and got involved.

Whilst I last gambled at the end of May 2015, all these additional loans were knock on effects of debts I have accrued, where I was using PDL to pay off PDL with things just continually escalating.

The interesting thing with Quickquid was that as of July, you were only allowed to take one loan out per month (Unsure if this was across the board or if it was just me as I looked like a risk). So it looks like they may have toughened their lending from July onwards, which would explain why I managed to take out 3 loans in June.