My Payday loan horror

Jackie235 · 5 November 2008 at 5:46PM

This is a long story but here we go...
After several bad financial decisions in my younger days 18-23 I was made bankrupt at the age of 24. I lost my home, business and was left with my possessions. At the time I was devastated but have always been a laid back sort and picked myself up and carried on, after all I was debt free again, I had nothing but didn’t owe anything. After loosing my next job 3 years ago I began to struggle again, I soon found a new one but my income wasn’t that great then I found pounds till payday, great I thought a little bit of cash early and straight into my account. All was fine and dandy until it came time to re-pay it, an extra couple of hundred quid on top. I carried on in the circle for a few months and started to get behind with utilities etc so when I found sameday cash (wonga.com now) it was like another life line. But there again end of the month I was paying back ptpd with sdc money and paying nearly £400 in interest. I managed month by month to pay off my debts to council tax, gas and elec etc and in the mean time met a wonderful girl n moved in together with here, great I could eat again! We have been together a couple of years and keep our finances separate. I didn’t and havn’t mentioned the payday loans to her however i’m sure she wonders, albeit she never asks where my money goes every month as im normally skint by the 3rd of the month!. In between all this we I managed to get a mortgage and buy a house, right at the wrong time as it has just dropped into neg ec with the current climate but never mind its ours! I got behind with the mortgage last Christmas, it was awful, having to hide the statements and letters from the mortgage company. Got a loan off my brother to sort out the arrears and get back on track but the money just seems to disappear and I didn’t get my payday loans paid off. I’m up to date with the mortgage and utilities council tax etc and have got a half decent wage coming in now but here’s where it gets worse. I now owe £1263.00 to Poundstillpayday, £1063 to wonga.com formerly sameday cash, £950 to Quickquid, £450 to express payday and £100 to Quickdosh. What a horrible case of robbing peter to pay paul, bob, Johnny, etc! So at the end of the month I pay backPTPD, then borrow it back to pay Wonga, then borrow that back to pay Quickquid, then that to pay the others and the mortgage etc, so I’m paying about £600 in interest every month and rapidly going out of my mind. I just can’t seem to see light at the end of the tunnel. I have thought about a CCCS DMP but how will this affect my credit rating that I’m trying to build back up after bankruptcy? I just cant afford to pay all these interest charges and it doing my head in. Can anyone point me in the right direction please.
Jackie235

RAS · 5 November 2008 at 5:57PM

Welcome

Suggest that you post up a joint SOA and that you ring one of the debt charities urgently. http://www.moneysavingexpert.com/loans/debt-help-plan#help

You are going to have to talk to your partner. She will probably be relieved to discover you have not got a lover just a load of debt.

misspoppy · 5 November 2008 at 6:02PM

HI

I just wanted to say well done for getting this all down on paper and making moves to get it sorted it must be terrible carrying that burden all on your own.

I think you need to sit down with your gf and tell her whats going on i'm sure she doesn't want you to live like this.

Jackie235 · 5 November 2008 at 6:02PM

Thanks you made me smile!

Jackie235 · 5 November 2008 at 6:14PM

it has made me feel better as ive not told anyone, just donno how to tell her she worries about money so much and she will not be very chuffed with me

Jackie235 · 5 November 2008 at 6:15PM

RAS what is a SOA?

Jesthar · 5 November 2008 at 6:24PM

Jackie235 wrote: »

RAS what is a SOA?

Hiya

And congratulations on asking for help! :T

It's a Statement of Affairs - a summary for your financial position. You can find it here:

http://www.makesenseofcards.com/soacalc.html

Fill in everything you possibly can, then use the 'MSE' button in the 'Format results for discussion board' section near the button, and you'll be able to copy and paste it right in here.

~Jes

vikki400 · 5 November 2008 at 6:24PM

I'm sure she won't be happy when you first tell her, but I'm sure she will put that to one side to help you. I know I would if it was my BF even though he laughs at me for being so money concious! She probably has some idea anyway, women are good at that and she will be pleased you have told her.

You will also feel much better having shared it with someone close to you.

As for advice: I would suggest visiting the CAB (as well as posting your SOA - statement of affairs - everything coming in and going out).

RAS · 5 November 2008 at 6:27PM

Hi

based on other's experience, if you can offer some sort of plan as to how you are going to deal with it before you fess up, the situation is easier.

Which is why we suggest the SOA.

davey9998 · 5 November 2008 at 6:33PM

you only owe a few grand - chin up!!

to be blunt with you (Which is what you need) why don't you work harder to earn more money? get a job in a pub in the evenings for say 5 hours which would get you about £30 or £150 per week which would nearly cover the interest and get a weekend job as well doin 8 hours on a sat and 8 on a sunday to pay off the capital and use your existing job to pay off money too and cut down on your spending and this mess could be a distant memory in a year.

also get help as others have suggested.

Jackie235 · 5 November 2008 at 6:37PM

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1563
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1563

Monthly Expense Details
Mortgage................................ 551
Secured loan repayments................. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 112
Electricity............................. 27
Gas..................................... 25
Oil..................................... 0
Water rates............................. 22
Telephone (land line)................... 30
Mobile phone............................ 30
TV Licence.............................. 12
Satellite/Cable TV...................... 0
Internet Services....................... 0
Groceries etc. ......................... 160
Clothing................................ 50
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 50
Car maintenance (including MOT)......... 20
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 8
Pet insurance/vet bills................. 0
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 49
Other insurance......................... 0
Presents (birthday, christmas etc)...... 12
Haircuts................................ 8
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1318

Assets
Cash.................................... 0
House value (Gross)..................... 112000
Shares and bonds........................ 0
Car(s).................................. 1000
Other assets............................ 0
Total Assets............................ 113000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 109000...(551)......5.5
Total secured debts........... 109000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
PoundstillPayday...............1263......1263......1286
Wonga.com......................1093......1093......1286
Quickquid......................950.......950.......1286
QuickDosh......................100.......100.......186
Payday Express.................450.......450.......1286
Total unsecured debts..........3856......3856......-

Monthly Budget Summary
Total monthly income.................... 1,563
Expenses (including secured debts)....... 1,318
Available for debt repayments........... 245
Monthly UNsecured debt repayments....... 3,856
Surplus(deficit if negative)............ -3,611

Personal Balance Sheet Summary
Total assets (things you own)........... 113,000
Total Secured debt...................... -109,000
Total Unsecured debt.................... -3,856
Net Assets.............................. 144

Created using the SOA calculator at https://www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission.

======== Enter any other useful information below ========

e.g. the number of adults & children in the household, the number

of cars included in the SOA or anything else that may be useful.

My Payday loan horror

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free