Your views and questions.

Moderators: TalbotWoods, JaneClack

By Jameeesss
#471993 Hi,

I really need some serious help, I am 21 years old and stupid enough to get into debt with many payday companies. I did turn to help with Harrington brooks but missed one payment and scared to call them and explain. My debt totals to about 7 grand at the moment and it has been about 3 months in which I am yet to pay Harrington brooks anything.

What is the best advice I can get, contact them asap and explain or take matters into my own hands?

Thanks in advance
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By JaneClack
#471994 Harrington Brooks are charging you money to deal with your debt issues so will not mind if you ring them up - they just want your money! I know that sounds harsh but they will not have paid the creditors - like all debt management companies - and will want you to resume service as soon as possible so that they get their money and will then just pay to the creditors again. So that is one worry off your shoulders however - why pay?

You can either deal yourself or contact one of the free providers - Payplan and Step Change both offer non fee-charging debt management plans and will go through your creditors again and leave you a sustainable income to live on so that you are paying what you can afford so that you should not need to resort to payday loan companies who make their money because a lot of people using them cannot pay off on payday!

Both companies have online presences which you can find from the sentence in red at the bottom of the post.
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By TalbotWoods
#471996 I FULLY concur with what Sarah has said, especially as to why pay them.

With either Payplan or StepChange ALL you monthly payment goes towards the debts, not just a percentage as it is with HB. This is what they charge YOU (from their website, but well hidden)

Financial management fees

An Initial Fee is the set up cost of your plan, which is set at 50% of your first 6 months payments up to a maximum of £1400 with minimum of £240. Whilst you pay initial fees, available payments will be made to creditors as soon as is reasonably practical.

Thereafter a monthly fee of £38 will be charged subject to a maximum of 50% of the payment received.

And there is worse to come, Harrington Brookes has been censured by the FCA for NOT communicating with some customers’ creditors, meaning that interest and charges on their debts were frozen late or not at all, and worse still they had not informed customers of this fact. This meant that debts were going up and not down!. (FCA released information)

So please also look at PayPlan or StepChange sooner than later, and make it one of your New Year Resolutions that you keep.