Winjas PDLs, Payment plan help

[winjas]

Following on my from previous topic (moving banks) i am now looking at contacting the PDLs (4 of them!) with a template letter (email) from AAD and offering a payment plan to each.

How do i work out an affordable amount for each that they will accept (ie not too low) but still allow life of course (not too high). Is there any kind of magic formula etc?

Also how soon do they default your credit report? Unbelievably i checked mine over weekend and its almost clean at 996 (been overseas for 6yrs!) so would be nice to try and not tarnish it from PDLs if i can

(before you ask, i went to PDLs as even a score of 996 wouldn't even get me a 100quid overdraft! mainly as only had account open for 2mths and wasn't on electoral roll)

Its "possible" that when i get put on electoral roll in two weeks (according to council) i may be able to get a proper bank loan (shoul i?) and just payoff the PDLs and be done with them.

Looking for a starting point here
Of course i made the start with changing banks, so my income next week should be safely ringfenced at least.

On a side note tempted to have a go about my bank, as when i applied for the 100quid overdraft 3mths ago the guy said "no sorry we cant give you it, if your really short may i suggest a payday loan" ..!! From Barclays! And now look where i am..

[winjas]

Re: Winjas PDLs, Payment plan help

I am sure bumping topics is frowned upon, but could really some of this great forums advice?
I wanted to get my emails sent off to the PDLs today but still looking for a starting offer and plan.

[Undercover Elsa]

Re: Winjas PDLs, Payment plan help

This is AAD...we don't frown

I'm just about to go out but IF has flagged this up for attention so someone will be along shortly. Sorry it got missed first time round!

Elsa x

[Riz]

Re: Winjas PDLs, Payment plan help

There are various budget calculators out there.

For example: http://www.nationaldebtline.co.uk/pe...eet/income.php

Or to post on forums: http://www.stoozing.com/msoc/soacalc.php

Just don't leave yourself short or feel forced to reduce things beyond the point where you will inevitably get into trouble with your essential payments.

[winjas]

Re: Winjas PDLs, Payment plan help

Thanks Rizzle, i was thinking more of what PDLs are likely to accept, i read a pile of topics and Niddy has suggested figures for people before so i guess there is a "recommended" formula for what's likely to get accepted and what's not even going to be entertained.

Any thoughts on my other points at all? Defaults on CR and should i complain about Barclay's suggestions etc. Forgive me been reading the forum for a week or so before joining and now i started my journey and making a move on sorting this mess out surprised how quiet my topic is.

Thanks for your help

[BBoo]

Re: Winjas PDLs, Payment plan help

I still think the calculators suggested by Rizzle (add NEDCAB to the list) would be the best starting point. If you choose to offer than it says you can afford, that's up to you, but at least it stops you offering MORE than you can afford which is critical.

I think the standard for PDL's is to repay the debt plus one month's interest and then tell them they can take you to court isn't it?

[winjas]

Re: Winjas PDLs, Payment plan help

So pay back what i borrowed and what was the original interest / fee? And let them swing for the rest you mean?

Anyone know how fast if at all PDL firms default your file?

[jon1965]

Re: Winjas PDLs, Payment plan help

Some PDL's do place defaults on your file and some don't. Wonga did to me a long time ago and some will mark late payments.

One thing to be aware of is that they will almost certainly refuse your first offer, however if you stick with it they will probably come round .

[winjas]

Re: Winjas PDLs, Payment plan help

Oh well i never had good credit since i was 18! Its just it was good for now, go back to the norm then i suppose..