Payday loan mess

[imogen1166]

Hello everyone.

 

OK i've gone and done something really stupid and am now in a mess with payday loans. I'm a single mum and I was struggling and thought one payday loan wont hurt, how wrong I was! At the moment the situtaion isn't too bad but I know it is going to get a whole lot worse if I don't get some advice on how to sort the problem out. One loan has turned into two loans which has now turned into 3 loans and I know I will get myself into an even worse situtation if I am not too careful.

 

I currently owe the following:

Cash genie: £130 - They are currently just letting me pay interest and have been fine so far.

Txtloans: £112 - I managed to pay this off but then had to borrow off them again, its a vicious circle.

Payday Express: £412: - Ouch! Most worried about this one!

 

I CAN pay these loans off on payday but it will leave me with £200 to survive on for the rest of the month so I know I will just end up borrowing again.

 

I haven't yet defaulted on any payments which is good.

 

I have been trying to find a 12 month loan to help me get out of the mess but i'm not a homeowner, I don't have great credit and I can't provide a guarantor. I have no one who I can ask to help me financially.

 

What would you do next? Can you offer me any advice please?

 

Thank you

[rebel11]

Hi imo

 

Welcome to CAG

 

The guys will be happy to advise as soon as they are available.

 

Please let us know how your problem has been resolved, it could help fellow Caggers.

 

Thread has been moved to the correct forum.

[renegadeimp]

Ok. First thing. Calm down, take a deep breath and don't worry about them. It is relatively easy to get your finances in order. Compared to a lot of people on this forum, you don't owe that much which is a good thing .

 

Forget about more loans. WHat you need to do is sit yourself down for an hour or two, and work out all your incomings and outgoings, MINUS the PDL debts. Basically, you need to get yourself on a strict budget until your debts/loans are paid off.

 

http://www.nationaldebtline.co.uk/england_wales/budget_sheet.php?country=england_wales is a very good budget sheet for your own use. Do not send it to any creditors.

 

Fill it in and then go over it with a fine tooth comb. Notice how it says priority debts. These are mandatory debts you need to pay each month. They do NOT include PDL loans or unsecured loans.

 

Once you have filled it in and are content with it. Work out exactly how much spare money you have left each week/month for your PDL loans, then split that amount between each one. Once youve done that, then you can recontact each PDL by recorded delivery letter and tell them that you have a limited amount of money each week/month to share between them all. Even if it means they only get £5 a month each.

 

As for you paying the interest each month, youve already fallen into stage one of their trap. Unless the interest is like £5-£10, then it is unfair for you to pay it, as you are simply wasting money and not paying off the debt, not to mention that the interest itself and any charges can easily be classed as unfair if they are above the base rate of the bank who is clearing the funds.

 

 

Download or print that sheet and fill it in, take a good amount of time to make sure you have gotten it filled in corectly, and then work out your disposable income for the PDL loans. Post the amount here along with details of each PDL debt, and we can go from there and give you comprehensive letter templates so you can contact your PDL.

 

The key is not to worry about it. Everyone on these forums has been in debt at one time or another, so we know what you are going through but most importantly, how to get YOU through it.

 

 

One more thing. If they ever try to contact you by phone, ignore it completely. You need to only have contact with them and to you by either letter or email. No other method is acceptable.

[citizenB]

It might also be worth you trying to find where your local Credit Union is. They have been known to offer some assistance.

[renegadeimp]

Not sure if imogen1166 is still around, but i'm curious to know the status of the situation atm.