Please Help! I need a loan ASAP but dont know where to turn.

Rose_Red_3

Thanks happiness thats really helpful.

Everyone else - i know 200 a month on clothes is what i would normally spend if i wasnt in this situation, and i live with my mother. So all i pay her is £200 and that covers my food and other such bills.

Podperson - no these payday loans have to be paid in full each month, and so i must take another one to pay for my day to day living. Also this would be quite easy to solve but i have these loans in my mums and sisters names too so i have to pay one back, then borrow to pay the other, then borrow from that persons again to pay the other. The take from theres to live. Does that make any sense?

Monkeyballs

If you have payday loans totalling £1200 per month can't you speak to your Mum to explain the situation and not give her any money for a while?

If you paid £1200 one month, then re-loaned £1000 the following month, then £800 etc... Then in 6 months you'd have it rapaid or am I being really niave here?

I know Mum may not like it too much but you could always make it up AFTER you've repaid the loans... But I guess it depends on your Mums financial position too.

Jacey53

Okay
Your first priority is to clear the debts you have incurred in your sister's and mother's names.

Sister first as she is probably more likely to want credit in the next 6 years (mortgage/car loan etc) and a default notice will impede this.

No more clothes or going out, cut your mobile usage to emergencies only and get an evening and/or weekend job.

There is generally bar work, cleaning, waitressing or care work to be had. If there's nothing in the paper, call the employment agencies, look in post office and shop windows. This will also stop you spending money. When you've cleared all the payday loans this way, keep the job on until you've saved enough money to cover a couple of months of your daytime salary (and for a holiday and Christmas if you want) - you won't need credit again. Bar work is great - like going out every night and being paid for it.

BUT - don't start spending up to the limit or you will have to keep the job on forever.

My friends and I worked two jobs for most of our teens, twenties and thirties - we had some really good holidays and a good social life (can't do it now - too old and tired)

Best of luck

podperson

I have done payday loans a few times when have been really stuck. Mine were cheques so were relatively easy to split up and pay some off and extend the others (eg if I had 3 x £100 cheques to be cashed I would pay one off and extend the other 2 till next month). If you have done online or something may be a little more complicated but am sure there must be a provision for you to call them up and pay off say £600 this month and then extend the rest till next month (obviously want to be able to pay as much as you can since the interest is awful )
If they really won't sort anything for you then it may have to come to cancelling your card, or whatever they take payment from, and then calling them and saying that you can't afford the full payment but will pay so much a month, obviously getting your mum and sister's paid off first. They may not like it but if they can't get the money any other way they won't have a choice.

Svenena

So am I right in thinking that every month you pay off your payday loan in full and then take out another one for the same amount? And you have one of these under your name, one under your sister's and one under your mum's? Are they all for the same amount (£1200)? And you use each one to clear the next, so that you actually owe £3600 on these, but have £1200 a month to spend? If so, it would seem to be a simple case of taking a smaller amount on one of them next month, rather than the full amount - only the amount you absolutely need to live, so shouldn't be more than £400 at the absolute most, and I think you could cut back on that if the £200 you give your mum covers your living costs. If you did this every month you would be reducing your overall debt by a few hundred quid each month, and eventually stop having to take all three loans, and then in the end not need any.

Does that make sense?

Also, £30 a month for a mobile is a lot - I get unlimited texts on my pay as you go phone for £10 a month and just text people to ask them to call me. The £10 credit more than covers any calls I need to make.

£200 on clothes is also totally ridiculous. Don't buy any for three months and you will have another £600 to put on the debts.

Rose_Red_3

Hi, thanks everyone for the advice it has been really helpful. I told my mum earlier this week about everything and she is quite devastated to say the least. Shes currently on benefits as shes really ill so this hanging over her head has not helped =(

We have managed to arrange that we would all visit the CAB and try to find a solution as i tried calling wonga but found it very difficult to come to any kind of arrangement.

I was actually thinking of taking up a second job to help pay for this, so i shall look into this further as i luckily work in the jobcentre lol

Hopefully this time next year i shall be on here giving others advice thanks again for all the help

RAS

Hi

It appears to me that you have not listed the payday loans that your mother and sister took outn in your name, even thought they are effectivley if not legally your debts? Can you add those please.

And if you have been spending £200 per month on clothes you must have thousands of pounds worth that could be sold at a car boot sale? Go somewhere poshish were the prices you can charge would be higher.

Blahah

If you have a large collection of clothes you could eBay them 1 item at a time - you can raise a very large amount of money doing this. Especially if you have brandname clothes, you can raise a lot more money than you might think. You will get much more on eBay than at a car boot sale.

consultant31

RAS wrote: »

Hi

It appears to me that you have not listed the payday loans that your mother and sister took outn in your name, even thought they are effectivley if not legally your debts? Can you add those please.

I think the OP has taken loans out in her mum's and sister's names not the other way round