advice

A question about : advice

hi everyone,
I have loans with the following people which I am struggling to pay at the moment. The companies are
Smartloan Ј204 a month
Savvy Ј176
Pounds to pocket Ј176
Sunny Ј303
Wage day advance Ј82
Payday UK Ј519.11
118 118 Ј109

I would really appreciate advice on whether to go with payplan and do a debt management plan or whether to try and negotiate with them myself?

thanks

Best answers:

• Hi loujones1982
  It isn't quite clear how much you owe overall, as for Smartloan you just give the monthly payment. What is the actual total you owe them (even roughly)? Is it a relatively small amount like the others?
  Generally speaking, you can go down either route - DIY negotiation or using a free service like Payplan to make offers and correspond on your behalf. A lot of it comes down to how confident and persistent you think you would be if negotiating on your own steam. There are plenty of resources available to help you, here on this website and elsewhere. For example, you will find budget sheets and sample letters on our website (see link in our signature).
  Dennis
  @natdebtline
• Hi thankyou for your reply all of them are monthly payments.
  smart loan is over 1 year with 10 payments left
  pounds to pocket is 7 payments left
  savvy is over a year with 11 payments left
  Sunny i have 5 payments left
  wage day advance i have 2 payments left
  118 118 i have 1 year left
  payday uk is one payment of the Ј519.11
• I would suggest you speak to one of the debt advice charities for some advice initially, even if after that you ultimately decide to do a self-managed DMP rather than a managed DMP.
  Have you started to work out an income & expenditure statement to see how much you can afford a month towards your debts?
• thankyou for your help, no i haven't done one yet, will get one done now.
• I suggest posting an SOA.
  With the help of the good people of MSE, you may be able to meet all the payments, and maybe overpay a bit too.
  https://www.stoozing.com/calculator/soa.php
• Heres the link for the statement of affairs :
  https://www.stoozing.com/calculator/soa.php