Payday loan hell

flugella

Hi

I've been in your position and I think either selling a few bits and bobs on Amazon and eBay is a good way to start. Explaining things to the PDL companies will help - I did that and they were very helpful so don't be scared of them.

Do you have any credit card charges you can claim back? that may help. I'm afraid I had a massive amount of back pay one month which cleared my payday loans fully so that was how I managed it - sorry I can't be more help!

ExNicotineQueen

WestWalesWannabee wrote: »

My employers aren't able to help unfortunately and they frown on bad financial management so that isn't an option. In my company if you get declared bankrupt, they sack you!

Friends can't help as none of them earn much and only a couple know about my situation. I am so embarassed that I can't tell many people. Would rather keep it to myself. As for Ebay. Already done that and put the proceeds to debts prior to the payday loan hell.

Hun, I know you may not want to hear this but the only way you are going to break the cycle is to either cut down on your expenses somehow (whatever they may be), increase your income, or manage to somehow get credit or the more likely one of borrowing money from friends/family and paying them back.

Nobody wants to borrow money from friends/family, especially if you are quite a proud person or one who doesn’t share their financial situation with all and sundry. It can be quite embarrassing but you have to ask yourself, is it more embarrassing asking for a small sum of money from your friends/family to help you when you really need it as opposed to making yourself go deeper and deeper into debt/never-ending circle?

As a side note, I was in a similar situation to you many years back, one day I couldn’t take it anymore and it was literally a case of I didn’t have enough money to travel to work to earn money in the first place that I broke down in tears. My flatmate at the time who was a student when I told him what was going on he lent me some money for travel and I was so grateful but it didn’t end there, when I got back that evening he had withdrew £200 and gave it to me saying I needed it more than he did as he had just got some of his grant money through. This from a penniless student. I was so touched. :A

It just goes to show that when people know your situation they are more inclined to help you. I managed to clear the rest of the balance by telling my mum who lent me the cash and I paid her back when I was back on my feet.

WestWalesWannabee

That's lovely what the Student did for you. Goes to prove there are some really good people out there. Just like on this site.:T

BigMan

WestWalesWannabee wrote: »

It's an agreement that you have to sign every time you take one out. They have your bank details. I shouldn't cancel this surely? I'd be in serious trouble!

Cancel the direct debit!

You will probably find in their terms & conditions if they are unable to take the money you will incurr a charge, the charge will probably be less that the interest they would charge for another months loan.

They will then write / call you once the direct debit is cancelled, have an income & expense form at the ready and offer a reduced montly payment.

Please don't keep taking out these payday loans, they are good for one month when your in trouble, but useless for long term loans.

Also, have a good look at other ways of increasing your income from this site, there are loads. Cashback websites are good, but do some research first.

RAS

WWW

Do you have a credit union anywhere near you?

it is possible that they will loan you the money to clear the payday loan, as some of them have special arrangments for people who have high interest loans.

Alos, have you posted a Statement of Affairs on here. it would enable people to find ways to increase your income or cut it drastically for one month to get you our of this hole.

homeaway

WestWalesWannabee wrote: »

That's lovely what the Student did for you. Goes to prove there are some really good people out there. Just like on this site.:T

I am not an expert and I dont know if i can help you but i do agree with what the others have said here. You have to try and cut your costs and increase your income. Can you take on a second job in the short term to help you out? Instead of taking the train or car to work can you borrow a bike or get one from freecycle? Can you take a lodger? Can you use your holiday to dog sit or house sit ? I know people who have moved back home and rented their house out to generate cash. I think you have to work out what the essential bills are and then try and cut everything else out or reduce it to the minimum. You might not be able to pay off your debts in one go but you can do it . Good luck.

skint85

Hi Just wondering how you have got on as Ive currently found myself in the same situation

danny69

How about when the payday loans people take their money, DONT take out another payday loan with them? This way, you wont owe them anything for the next wage. By the sounds of it, you arent getting into deeper trouble, but you are stuck in a cycle. You just need one month to sort things out, right? You need get enough money to live on for a month, without taking into account your wage. Perhaps a part-time job (I know it might seem a lot of hard work working 7 days a week, btu it will get you out of trouble). Byt the sounds of it also, you need around £400 to sort out this cycle? A month or 2 of weekend work part-time would sort that out. The credit card idea isnt such a bad idea, as long as you do as the people have suggested,just use the money to pay back the laod company for one month, then dont take out a further loan with them or use any more money on the card.