Help

abc1989

Hi

Ive gone down a slippery slope
I have debts of arounf £6/7000, not sure the total amount
A few are payday loans(Yes Ive gone there) and one is for a mobile phone contract

I have offered the payday loans an repayment plan but they refuse and say its not enough, can they do this?

Im not sure what route to go down to all make it in one payment, I obviously now have bad credit, I would rather just take out one loan and pay one fee back


Is there such things as debt consolidation loans?

If anyone has any advice so I can get my life back, I'd really appreciate it

abc1989

Please move this to the correct board!

redpete

abc1989 wrote: »

I have offered the payday loans an repayment plan but they refuse and say its not enough, can they do this?

They can of course insist that you keep to the contract and therefore the repayment conditions that you signed up to. They can't expect you to magic up money if you haven't got it but they will try.

Is there such things as debt consolidation loans?

There are loans that you can take out and you can give the purpose of the loan as debt consolidation but the interest rates on these (especially if your credit rating is shot) will be high even if you can find someone to take you on.

If anyone has any advice so I can get my life back, I'd really appreciate it

You could try the DFW board where you will get friendly advice to help spend less and/or earn more in order to pay off your debts; this is the only way to avoid the problem re-occurring. You will probably also more options for reducing the repayments to your existing loans.

JimmyTheWig

Debt consolidation loans are usually considered a bad idea for various reasons.
However, so are payday loans, so I guess to some extent you are stuck between a rock and a hard place.

Have you got anything that you can sell to help pay off the debts?
Are you able to work more hours / get a second job?
Can you take in a lodger?
Are there things that you are paying out for that you don't really use?
Are there things that you are paying out for that you can get cheaper?
Are there things that you are paying out for that you don't need?

Look at the APR of the debts that you have and make sure you are doing everything you can to pay off the highest APRs first.