help beyond help?

jimbo_ltfc

help needed, i work full time ,earn a reasonable monthly wage ,but can't make money last beyond two weeks.I have managed to accumalate £19000 in debts mostly to the bank (3500 o/d and 10500 in an old loan still 3 years to go)With interest always gaining they are offering to refinance over 4 years the other debts are utilities and small unsecured loans ,i've started using pay day loans is this wise?What advice can anyone give me please? By the way i followed Martin's reclaiming bank charges two years ago and was successful so i value any thoughts on my current predicament,mostly is there hope and a debt free future

Tixy

Hi Jimbo and welcome

Using payday loans is not wise no. You need to look at why your run out of money after 2 weeks. And I would suggest you need to start getting organised and taking control of your finances. To this effect the sensible first step would be to write out a detailed statement of affairs to show what you have coming in each month and what you have going out. That way we will be able to advise on the options available to you

Use this form and post the results on here - http://www.makesenseofcards.com/soacalc.html It can take some time to do the form but its the best way to start getting a better handle on your finances.

DarkConvict

PayDay loans is a big no no, and will likely land you in big trouble. Miss a payment and the APR will sky rocket. Avoid at all costs!

As Tixy says post up your SOA, if your money lasts 2 months you are simply spending above your means and you need to make serious cutbacks in monthly spending to get a surplus to pay back debts instead of goign further in.