Help Needed! Advice Please

mccarthychelt

Ok,

I've screwed myself over big time.. I can say its self inflicted so i cant really expect a warm welcome.

Just a quick bit of info before i roll off with everything.
I'm 19, Work full time. Basic after tax per month is 1179 + average commision of about £300.

After paying for a holiday and spending money i've got myself in some trouble.

I currently have £400 payday loan (£500 to repay next month). After rent and bills i'm going to break even. (no money to use on my £300 overdraft either and i'm going to have to get another payday loan to cover the rest of this month)

Usual outgoings work out to be £738 (Rent Bills Finance Ect)

Which means i'm going to get caught in this payday loan loop like i have before in the past.

I've asked my bank for a long term loan which i can't get due to having recent bank charges.

Need a bit of advice where i can go from here.

Sorry.

Thanks in advance

andymc29

As you only need a few hundred to stop you getting into the payday loan loop, don't you have any items you don't need that you could sell quickly on ebay?
Or maybe you can pospone some bills until next month, or borrow some money from family to help you out? Payday loans are the scum of the earth and you need to get away from them as quickly as possible.

mccarthychelt

Well.. It'll be £1100 of PDL debt. + usual bills of about 700 including stuff i have on finance ect. Thats before food and essentials.

TOTAL to pay = £1800 on Salary of about 1400 next month.

So -£400 from day one.

I only have my iPhone which i have on contract

bargainbetty

Can you find a second job for a few months - bar work, pizza delivery, or anything to bring in extra cash and stop you getting bored and spending money!

Is there no family member who could help you out on this? Just set up a proper repayment plan with them and stick to it, but never take out a PDL again - they are nightmares.

mccarthychelt

If it fails to collect payment on the day and i arrange a payment plan won't this effect my Credit Rating..

To be honest i didn't think about a second job.. Something to look into.. But having no bar experience it may be an issue?

Keep on flowing the advice.

Appreciate it

dancingfairy

You can try and see whether you have a credit union in your area? they traditionally lend to people who banks aren't keen on lending to and might be quite useful to get you out of the payday loan trap - they all have different criteria on who they can help etc and they aren't available everywhere but worth googling and seeing if you have one.
At the end of the day though if this fails and you can't raise the extra money then you will need to
1) get a new bank account and get salary etc transferred in there and then default on the payday loan and try and come to some arrangement with them to pay it back - however a) yes this will affect your credit rating and b) you will need the new bank account to get your salary paid into as otherwise some payday loan type companies will just take the money out of your account anyway and can continue to try at odd intervals which may cause further issues for you.
df