what to pay off?

nhaines

Okay due to getting in difficulty earlier in year i ended up with 2 payday loans and a logbook loan. Now ive managed to keep up 80% of payments whilst working but now find myself out of a job again and with one wage to come end of this month which will leave me with £800 free. However im owing more on these 3 loans and in a quandry of which to pay off until i get another job.

Here's whats owing
logbook loans, £600, this will pay them off completely as its the end of term and 600 is final months payment along with some charges which they added on.

paydayuk total owing £800, but currently only paying £130 and defering rest.

poundstillpayday £650, no option to defer.

my thought was to pay off logbook , thereby eliminating risk of losing car, and then pay paydayuk the usual monthly deferal hence they are happy for now. But then i'd have nothing to pay ptp at all.

The other thing i thought was , maybe do all this and then reloan £1500 with logbook so i can pay off ptp the next month competely AND the rest of paydayuk. Id be then free of payday loans, but unhappy about starting with logbook and their massive interest all over again for probably a year.

My gut feeling is i'd be happier just owing 2 payday loans, only one of which would be chasing me, as for now i can keep up the deferal payments with payday, so theyd be happy. PTP would be the ones angry, because they always demand full payment with no deferals.

The final option of course would be using other money (mortgage etc) to pay off the full PTP , then immediately reloan with them again so i can pay mortgage, thus giving me another months leeway BUT of course losing another £150 or so extra in charges.

What to do?

thanks for reading

Jesthar

Ouch! I only recently found out about these kind of loans, and couldn't believe what they are getting away with! :mad:

Do you have ANY options other than to take out another loan with these companies? I should think even a credit card would be better than the shocking interest rates these people charge! You really need to break the cycle of borrowing from them, or it will just get worse...

~Jes

sarahs999

Welcome nhaines. I', sure someone will be along shortly with a sensible solution, but I just wanted to echo the previous poster's questions - are there no other ways to get yourself a loan? I presume you only went to these places because you had no other sources of cash? They really do prey on people who have the most to lose.

nhaines

Hi

thanks for the replies. I dont have anywhere else to get money from. Family cant help and i cant get any credit due to my record. My part time job means i can pay the monthly payments for payday, its the poundstillpayday £650 im worried about, they have no deferal options and i have no way of getting the money for this. It will be over £700 by the time they add a penalty charge. Im wondering if writing to them and telling them ive lost my main job and can they wait until i get another job, but ive read bad stories about them and ow they hound people with calls and debt agencies etc.

dancingfairy

Hi. I would pop up your SOA and see if there are any savings to be made there or if anyone can see any options for you.
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dancingfairy

Is there nothing you could not pay for a while to get them off your back ie sky or cut back on food and use up what's in cupboards or not pay off credit cards (if you have some) and use the money towards these loans.
df

TotallyBroke

Hi use https://www.makesenseofcards.com/soacalc.html.
Fill in all your details remember the interest rates for the loans.
People can then advise on where you can cut back.
If you also go to https://www.whatsthecost.com and use the snowballing calculator it will help you work out which is the best way to pay off the debts and when likely you could be debt free.

GeorgeUK

Not sure if you have tried this, but have you joined a credit union? You usually need to hold an account for 2 or 3 months before you can apply for a loan, but may be worth looking into.

misspoppy

Hi

You need to up your income there are loads of retail jobs out there now for christmas, I'd try and get one of those or a bar job. Borrowing your way out isn't going to work and your priority is your mortgage Ct and utilities.