Pay Day Loans!

besstus

Hi,

I have very stupidly got myself into difficulties with several pay day loans. I cannot afford the repayments & this is having a knock on affect on my other outgoings which I am struggeling to keep up with such as mortagage & bills. I would like to get a loan to repay these payday ones as the inetrest will be much lower, more affordable & help me get back on track. I have searched on line as I have bad credit & am being hassles by brokers who asy they can help but just want an upfront fee. I don't have any family that can help at the moment & I am starting to get very worried, emotional & low as itis all I can think about. Any advice would be helpful as don't think a debt management program would help as my understanig is that pay day loans don't buy into it? also most of my other creditors have been understanding & have reduced my payments.

DarkConvict

Ignore the brokers, they charge a fee then don't get you a loan at a decent rate. Or any loan they do get is variable so starts at 7% and ends up at 30% after 3 months.

DMPs do work, but only use a charity - https://forums.moneysavingexpert.com/discussion/2077631

This happens to many people with payday loans, it is an easy trap to fall into and works on people been unable to pay off the payday loan. Generally if you can afford a payday loan... you don't actually need one. Anyway as you have seen first hand, you have to take a new loan to pay the old one and it rises and rises.

The standard procedure is either a local credit union, sometimes they can help.

Or you default on paying the loans, your credit rating is trashed with defaults, but hopefully the payday loans cash in on cheques/cards you gave them, landing the debt at your banks overdraft at a much cheaper rate. http://www.moneysavingexpert.com/banking/credit-unions

ethan1066

good news is that payday loans can be consolidated into debt management program...however your bad credit score would surely be a problem in that..but the better option is you consult the financial advisor....

stuartthomas45

can payday loans be included into bankruptcy...?

ethan1066

Payday loan is an unsecured debt that can be discharged in bankruptcy. If you do not have any assets, talk to a bankruptcy attorney who will help you in discharging your debts. The creditors who don't hold any of your security will be sent notice about your filing.

stuartthomas45

thanks for the help..ethan..