Helping a friend out Payday Loan help

Nige0101

Hey a friend is in a little bit of bother basically she took a £400 payday loan out from Wonga.com a little over a month back she has rolled the loan into another month basically paying £130 for this privilege as the loan is still £530 or something around that.

She is struggling to pay this off I have told here of the HUGE mistake she made how could you go about paying this off? Could she get a crisis loan from the Jobcenter and use that to pay it?

She is in a mess over this and feel so sorry for her.

rictus123

I wouldnt think so but i dont know much about them sorry. Graftings the way out im afraid.

DaveAshton

I doubt your friend could get a crisis loan.

A Crisis Loan is for something you need at once:

• in an emergency, or
• because of a disaster,

"Being stupid and not reading the Ts+Cs of a loan-shark website" isn't on the list.

The only way your friend will get out of this is if they get a second job, or find someone they know gullible enough to lend them the money. And considering your friend took out a £400 loan, paid an extra £130 in interest a month later and still owes £530 shows just how hard your friend's trying to pay them back.

Nige0101

Thanks for the replies I don’t appreciate the word stupid as that is an insult not a nice word to use at all.

nuttyp

Maybe she should contact them, and basically plead with them. Just pay off as very much as possible, rob peter to pay paul as they say. Maybe they have a very special friend who could help lend the money to them, other than that i am absolutley no help!!! sorry. Best of luck for 2010 tho.....

inmypocketnottheirs

Nige0101 wrote: »

Thanks for the replies I don’t appreciate the word stupid as that is an insult not a nice word to use at all.

Sometimes one has to be cruel to be kind.

woody01

Nige0101 wrote: »

Thanks for the replies I don’t appreciate the word stupid as that is an insult not a nice word to use at all.

True though.

Tixy

Payday loans are a real struggle to get out of. Does she have things she could sell (ebay/gumtree/carboots) to raise some money to pay it back? Can she earn extra income by doing overtime?

Does she have other money problems and other debts? If so she may be best to contact one of the free organisations here for professional advice - http://forums.moneysavingexpert.com/showthread.html?t=2077631 or get her to post for advice on the debt free wannabe board.

Occasional a credit union may loan people money to help them out of the payday loan circle. Usually with a credit union you have to start saving first and then they will lend to you but some will lend to help people in this situation even before you start saving with them. She could look consider looking for a credit union she is eligible to join - http://www.abcul.org/page/index.cfm

Nige0101

Tixy wrote: »

Payday loans are a real struggle to get out of. Does she have things she could sell (ebay/gumtree/carboots) to raise some money to pay it back? Can she earn extra income by doing overtime?

Does she have other money problems and other debts? If so she may be best to contact one of the free organisations here for professional advice - http://forums.moneysavingexpert.com/showthread.html?t=2077631 or get her to post for advice on the debt free wannabe board.

Occasional a credit union may loan people money to help them out of the payday loan circle. Usually with a credit union you have to start saving first and then they will lend to you but some will lend to help people in this situation even before you start saving with them. She could look consider looking for a credit union she is eligible to join - http://www.abcul.org/page/index.cfm

Many thanks for this much appreciated and will pass on the advice. She has no debts and no credit cards as she has a default on her file from Littlewoods catalogue for a silly sum of £40odd so a she took on a Payday loan this is her big mistake.

Nige0101

Is Leeds Credit Union a good one to join and would they be able to help her situation?


http://www.leedscitycreditunion.co.uk/

CHR15

I believe Credit Unions expect you to save with them for a few months before being offered a loan...... even then the limit is not huge, only a couple of hundred.