Debt relief order..........payday loan intrest !!

[yaafc]

Hi guys my first post so hope its in the right place so i got myself in debt with payday loans and other finance mainly payday loans though... so to cut a long story short i applied for a debt relief order and at the time of doing this the debt was obviously under £15000...anyway after looking at some of the payday loan debts the totals risen alot and is slowly getting to the £15000 mark. to unrealistic intrest ammounts like £650 intrest on a £200 loan!! anyway my question is what if the totals rise above £15000 will my DRO still be accepted? there seems to be a 3-6 week waiting list at the moment so iam panicking abit about this.

Ps all my forms have been submitted to the national debt line so now iam just waitning!!!

many thanks guys

sam :tinysmile_twink_t2:

[FlamingParrot]

Re: Debt relief order..........payday loan intrest !!

Hi guys my first post so hope its in the right place so i got myself in debt with payday loans and other finance mainly payday loans though... so to cut a long story short i applied for a debt relief order and at the time of doing this the debt was obviously under £15000...anyway after looking at some of the payday loan debts the totals risen alot and is slowly getting to the £15000 mark. to unrealistic intrest ammounts like £650 intrest on a £200 loan!! anyway my question is what if the totals rise above £15000 will my DRO still be accepted? there seems to be a 3-6 week waiting list at the moment so iam panicking abit about this.

Ps all my forms have been submitted to the national debt line so now iam just waitning!!!

Welcome to LB

Sadly not, your total debt should be below £15k at the time your application is approved.

You may want to consider the following:
Try to persuade your creditors to freeze the interest (easier said than done, I know )

• If you are able to do so, you could make payments to prevent the debts reaching the £15,000 limit. Be careful to treat all your creditors fairly if you decide to do this.
• Try to get some help with repayments from friends and family while you sort out your DRO.

You need to include all eligible debts in your DRO, otherwise you would be committing an offence if you leave anything out deliberately to keep it below £15k. :mod: However, the below cannot be included:

• magistrates' court fines;
• child support and maintenance payments;
• student loans;
• social fund loans (budgeting and crisis loans);
• any obligation arising under a confiscation order made under section 1 of the Drug Trafficking Offences Act 1986 or section 1 of the Criminal Justice (Scotland) Act 1987 or section 71 of the Criminal Justice Act 1988 or under Parts 2, 3 or 4 of the Proceeds of Crime Act 2002;
• any liability to pay damages for negligence, nuisance or breach of a statutory, contractual or other duty, or to pay damages under Part 1 of the Consumer Protection Act 1987 in respect of the death of personal injury to anybody
• secured debts – a DRO does not affect the rights of secured creditors, however, if you own property, you are unlikely to qualify for a DRO, as your assets are likely to exceed £300.

[Wombats]

Re: Debt relief order..........payday loan intrest !!

Have you sought professional advice over this? If not, I'd be inclined to go to somewhere like National Debtline for this type of debt. There are lots of options for dealing with debts, and while this may be the right one for you, you may find they come up with something better.

[yaafc]

Re: Debt relief order..........payday loan intrest !!

hi thanks for your reply yes everything has been included in my DRO application...i have sent some "hold off action" forms what national debtline gave me.. not had any replys as of yet....with making payments i do not have any money spare to pay these companys hence the DRO... iam just crossing my fingers all goes ok.... so if say for example it does go over £15000 would it be a straight refusel or would i be able to challenge the decison on the basis of unfair charges etc?? its litrally the payday loan companys who are putting the massive ammounts of intrest on..... and a particular company who will not even give me balance!! like i say it was under £15000 at the time of submisson just hope it stays that way.

thanks for your reply

Sam