Help me

little_miss_T

my husband and i had some unexpected car repairs that cost us alot of money that we didnt have at the time. the repairs needed to be done, so the only way we could raise the funds was for my husband to cash some cheques til payday. now they are just getting too much for us. we have to extend them each month, costing alot of money, but more to the point alot of hassle. but if we dont do that they get presented to the bank and there wont be enough money in the bank to cover them. does anyone know if there is a way that we can get these companies not send them to the bank and just pay them the amount outstanding for the cheques? i hope this makes sense as it is a very complicated matter and i am getting so so so so depressed about this. it is ruining my life. please someone help me. xx

hettiecarro

Can you explain what the cheques are in more detail?

little_miss_T

hettiecarro wrote: »

Can you explain what the cheques are in more detail?

you write out cheques to the value of £100 each for example and the company gives you that amount of money minus £14 approx. then each month you can chose to either extend each cheque,which means it will not get banked til the next month at a cost of about £14 per cheque or buy back in which case you pay back £100 that the cheque was for, or you can let it be presented to the bank. everytime we have to extend them it means taking time off work and writing more cheques out. it ios such a nightmare and i feel like we will never get out of this. xx

clarence83_2

how much are the cheques for?

josephine82

Can you tell us how much exactly you owe them?

It might be useful for you to post your SOA on here, this will show us what you owe and how much money you have coming in etc, and then we might be able to help you.

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

Josephine

little_miss_T

£1900 total owed. amount paid out each month extending them, £274. like i say its not so much the amount i am paying out each month to extend them, but it is such a hassle, because if we forget to extend one of them by 1 day it goes to the bank, if there is not enough money in bank to cover it we get charges from the bank. the easiest solution is to get a loan to pay them off, but we have bad credit so this is hard. what is SOA?? im new to this. xx

RAS

Using payday checks is never a good idea.

Please do the SOa and then start thinking if there is any stuff round the house that you can sell?

UYou might get enough to cover one or two cheques from your local credit union?

sarahs999

Miss T, an SOA is a statement of affairs. You'll find the link in josephine82's post. It shows us all your incomings and outgoings for the month, and we can then advise you on how you might be able to tackle this problem. Don't worry, you're in the right place here and we will find a way out for you.

Tixy

Fill in a detailed statement of affairs and then you need to see if by cutting back or by switching to cheaper providers for various costs you might be able to free up enough money to say let one cheque repay each month.

As RAS says look into your local credit unions - they loan based on affordability rather than credit ratings - some unions will specifically loan money for people to repay their payday loans - http://www.abcul.org/page/members.cfm

immoral_angeluk

That's got to be one hell of an APR if you're paying £274 a month for the priviledge.... :shocked:

Little_Maya

How much would the bank charges be? Might be cheaper to let the cheques go to the bank and incur the charges rather than pay the £274 :eek: :eek: :eek: to extend them?