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Unable to pay a Payday loan. Help!
Last month i was struggling for cash, so I got a £200 pay day loan to get me over.
This month, unforseen bills/debts crept up and left me with £90. I tried to pay for a rollover which would give me more time to pay off the loan for a fee of £60 - When I told them to take the £60 they said it had been refused, I checked my bank statement and it said I had only £18 left. It feels like my bank account has a hole in it because it's leaking money without me knowing. Anyway, the full amount of £275 is payable today and I'm not sure what to do. I've tried other pay day loans but when I ask for £300, they only give me £150, when I ask for £600, they only give me £220. Most of these companies request drivers licences, so many statements, and so many pay slips which I don't currently have. They also require a scan to send them through email, or a fax, which I can't do either. Getting kind of panicy now.
What would you guys suggest?
Thanks
Kind Regards
Xodiac.
This month, unforseen bills/debts crept up and left me with £90. I tried to pay for a rollover which would give me more time to pay off the loan for a fee of £60 - When I told them to take the £60 they said it had been refused, I checked my bank statement and it said I had only £18 left. It feels like my bank account has a hole in it because it's leaking money without me knowing. Anyway, the full amount of £275 is payable today and I'm not sure what to do. I've tried other pay day loans but when I ask for £300, they only give me £150, when I ask for £600, they only give me £220. Most of these companies request drivers licences, so many statements, and so many pay slips which I don't currently have. They also require a scan to send them through email, or a fax, which I can't do either. Getting kind of panicy now.
What would you guys suggest?
Thanks
Kind Regards
Xodiac.
0
Comments
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Xodiac - no easy answer to this other than to ask one of your friends or family to help you out in the immediate term - not paying off a payday loan is one of the worst things you can do financially due to the horrific interest rates payable.
Good luck.0 -
Xodiac - no easy answer to this other than to ask one of your friends or family to help you out in the immediate term - not paying off a payday loan is one of the worst things you can do financially due to the horrific interest rates payable.
Good luck.
Thanks mate. Managed to borrow it from the mother-in-law, hah.
Thank god for that!0 -
I took out a Pay Day loan once, but only for £100 and paid it off and closed the account straight away as they are very dangerous.
Have you tried calling them to tell them your situation. The best thing to do in a situation like this is to confront it and discuss it ASAP otherwise they have a tendancy to get really out of control. They may be able to advise what options you have, although they are unlikley to stop any interest as they make a huge amount of money on small loans. I think the APR is something like 1800% ARP!0 -
One option might be to sell your car to raise some money.
This would also ensure you get no more unaffordable speeding tickets.0
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