My Payday loan horror

Jackie235

Ta Davey9998, its easier said than done I work in sales and do sat and sundays! night time it will have to be!

Burlesque_Babe

my suggestions:

groceries: is this for the 2 of you? Even if it is, look at the OS board for ideas on meal planning, taking lunch to work, as you could knock £40 a month of that.

car insurance: £50 is high. Do you have points? Start looking at all the inurance comparison sites and then use Quidco to get some cashback.

clothing - £50: this will have to stop for quite a while. Use whatever clothing you have for as long as you have - if you have been spending £50 a month, there should be plenty of choice in the wardrobe Sell whatever you aren't wearing on Ebay.

Look at getting a second job, although this will mean explaining why you need it to your girlfriend. She must suspect something as without your debts you have a fairly frugal lifestyle and don't seem to spend high amounts on entertainment/expensive cars/Sky Sports/smoking etc, in fact, you have £0 as entertainment - does she pay for nights out?

How long ago were you made bankrupt and are you discharged? If so, I would look at getting a 0% credit card to try to knock those sharks on the head with their horrific APR's. Even a credit card at 15% would be a huge improvement!

Life assurance: £49 - why are you paying this? Do you have children you are providing for if you die? Even so, it's a huge amount to be paying each month.

The most important thing is to stop this awful circle of payments to these horrible companies and I really feel you need to tell your girlfriend, but look at getting an action plan together first.

Sign up to quidco and do daily clicks, sign up to slice the pie, do mystery shopping and anything not nailed down (clothing, old mobile phones, console games, CD's) start selling on ebay.

This is sortable, but you need a solid plan.

Jesthar

Ouch - these companies should be shot! :mad:

(I know we don't usually suggest this, people, but would this be a case where taking out a loan would be an option worth considering if one can be obtained? Or even a credit card if a suitable one can be found? I can't help but feel it has to be better than those interest rates! :eek: Sorry if I'm wrong on this one... )

On the immediate action front, the QuickDosh is only £100 and could be paid off if you dropped your clothing budget for a month, cancelled your life assurance and cut your grocery spend (whch is very high!) Then you're going to have to look at how to cut down so you can afford to borrow progressively less every month - you have to getaway from these companies as the APR they charge makes even the worst credit cards look like angels!

Oh, and you really should tell your GF - no doubt she's been worried about you!

Hang in there, this CAN be sorted out!

~Jes

RAS

Jackie235 wrote: »

Statement of Affairs and Personal Balance Sheet

Monthly Income Details
Monthly income after tax................ 1563
Partners monthly income after tax....... 0 - does OH not earn?
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1563

Monthly Expense Details
Mortgage................................ 551 - is this half or the whole?

Council tax............................. 112 - ditto
Electricity............................. 27 - if this is half, then tyou can definately cut this back
Gas..................................... 25 - ditto
Water rates............................. 22 - rated or water meter?
Telephone (land line)................... 30 - you can cut this back, again is this half?
Mobile phone............................ 30 Just you, can you reduce the package?
TV Licence.............................. 12 - this is the whole amount?

Groceries etc. ......................... 160 - for one or two? Even for two it could be reduced a bit.
Clothing................................ 50 - stop buying for a few months
Petrol/diesel........................... 100
Road tax................................ 12
Car Insurance........................... 50 - is high, can you do a comparison check and use a cashback site to make the change?
Car maintenance (including MOT)......... 20
Car parking............................. 10

Medical (prescriptions, dentist etc).... 8
Buildings insurance..................... 15
Contents insurance...................... 15
Life assurance ......................... 49 is high - you can get term insurance for about £15
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

Hiya

I am not sure if the problems is your expenditure or if the problem is that you OH is not contributing to the household?

Can you give us a bit more background?

halight

Hi,

i dont know what to say to help...
But you have taken the first step by posting and asking for help on here..
You will get throuth this and you will get it all paid off...

Well done for taking the first step.

All the best and good luck

sammy115

Sometimes credit unions help with this kind of thing...

I may get shot for this BUT...I would suggest get rid of the £100 one first..pay it off and leave it.

Then cancel the payments to the others and then call them and arrange to make monthly payments to them. They have had loads of interest off you and even if they threaten you with court, which they will, I bet they won't take further action. If they took you to court can you imagine what the judge would say.

When you have done this you need to take a serious look at why you ended up in this mess and what you spend your money on. Keep a daily spending diary - its easy to lose track of what is going on...As for your credit rating - you have a mortgage what do you need more credit for, whats more important, your credit rating or your sanity and your relationship with your girlfriend.

Good luck....get these sharks off your back and get your life back..

clearmydebts

Just want to wish you the best of luck. If you go to the Up Your Income forum you should get some good ideas on how to make more money.

I wouldn't usually advise a loan either but it might be the best option???

StressedSteph

davey9998 wrote: »

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.

Davey thats exactly what I was going to suggest

I needed to find some extra money to be able to pay more than the minimum amount on my credit cards, so I got a job at Sainsburys stacking shelves in the evenings (7-midnight). The pay was'nt too bad, went up to £6.80 after 3 months and even just doing two nights per week used to get me £230 per month and I ploughed all of that into paying one of my cards off.

It will be knackering but it won't take you long to pay off thoe payday loans if you knuckle down.

Big hugs and well done for posting on here, you will feel loads better soon and more in control. :T

xxxx