Debt Help Needed Please

jizer

Hi all,I have gotten myself in to some debts with payday loan companies that I started borrowing from for christmas.I owe around £1700 to 6 different companies and have a small loan as well(500 due).I have been paying off the interest for months but falling behind with other neccesities like rent c.tax so it has to stop.I am now getting my salary paid into another account just because I have to.I recognise these are my debts but could someone give me some advice or recommend a company who can help me.Thanks in advance

Charco_2

If that is the sum total of your debts, then going to a company would probably just cost you MORE money.

When you changed bank accounts, was that because you had standing orders or direct debits coming out of the bank account you were with previously and by the time they came out you had no personal money left over?

I hope you cleared and closed your old account then because your old bank will start racking up the costs too! (bounced direct debits, unauthorised overdrafts etc)

Your debts (although obviously large for you) fall well below the amounts where a debt solution like DMP or that would actually be helpful for you.

Can you list the debts out here, including rent and council tax and what kind of income you have. Separate out the 6 payday loan companies and the loan with amounts for each and interest rates.

jizer

Payday uk due £375
Wonga due £265
Payday Express due £300
Cash Genie due £195
Uncle Buck £265
Perfect Payday £300
Shopacheck due £550

I am not sure the interest rates it was costing me over £300 just to service these debts so thats why I cancelled my account


I earn around £1200 per month

rent £450
council tax £180
Child Maintainence £150 I also need money for travel food etc

thanks for replying.

andys15

We really need a rethink about Christmas. We are nearly in May and you and no doubt countless thousands are struggling. I have no advice other than, spend nothing on clothes,fun etc etc until you are back in control. Try and sell thing, get a 2nd job, and then save for xmas.

GeorgeUK

Hi Jizer

Have you heard of or looked at the possibility of getting a loan from a credit union? Quite often we advise people to try them if they have payday loans. They are not as stringent when it comes to credit checks and while their interest rates are not at high street level, they are still quite decent.

Some you need to be a member of for a few weeks beforehand, but if you work out exectly what your disposable income would be to make payments with, you might be closer to getting them cleared.

Do you have any old creditcards that you haven't closed that allow money transfers? You might be able to get a transfer offer as an existing customer. What state is your credit file in? Could you get a 0% credit card from Virgin?

Use the SOA calculator to work out exactly what you are spending and see how much you should/could have available to repay this with.
https://www.makesenseofcards.com/soacalc.html

The Credit union branches are listed here: http://www.abcul.org/page/members.cfm
You might need to contact a few in your area before you find one that may look at offerring a loan.

jizer

Thanks george I need to pay into a credit union for 3 months before I can borrow anything and I need to try and get around this asap.

GeorgeUK

Did the ones you contact say this? Some do require it, while others don't.

Are you able to try for a Virgin credit card or do you have any that are empty?