I've paid off my last Pay Day Loan...

mr_confused

:money:After 3 years of being trapped in the pay day loan cycle, i am finally free. With my december pay packet i finally paid off the last of my loans.

They done their job for me, i knew what i was getting into - and in a way although they cost me a fortune they did help me out quite a bit at times.

Have worked out that over the last 3 years though, i have paid over £7000 in interest charges. 2 of the loans (totalling £500) i just kept rolling over, and occasionaly paid off then borrowed again. The 3rd loan was with Poundstillpayday who dont offer rollovers, but let you borrow immediately once you have paid them off. I borrowed again from them every month.

The only one i would say were actual scum, was capital finance one whom i applied to - but never recieved any cash. Still they proceeded to attempt to empty my account. Trying every day numberous times to charge £400 to my debit card - thankfully lloyds fraud detection system picked up on this.

Anyway - i am just chuffed, and am 99% sure i will never have to use one again. The savings plan is on track - and i finally have all my salary to myself every month.

Stay strong people - you can do it too.

jonesMUFCforever

Good for you - just think if you are tempted again to use them how much you could have bought with interest you have paid!
If that does not put you off then nothing will.

debtfreeinayear

there is hope!! I should be there in a few months!

thesim

Well done, brillient news

paddedjohn

Well done fella

Rosie111

I'm almost there too. 3 have been paid off and by the end of February the last one will be done and dusted!!! Hurrah. I did exactly the same as the original poster, kept rolling them over every month, then occasionally paying one off and borrowing immediately! It's taken me almost three years to get to this point too and I have probably paid more in interest charges than £7000 even...

I am just waiting to breathe that sigh of relief on 24th Feb, when it will be done..

I can honestly say I will never use them again. At the time they certainly helped me out of a very tricky situation, but what I didn't account for at the time was the trickier situation it would leave me in afterwards!!

They are great things if you really do use them as a short term loan only - but of course we all know the reality of it all and good intentions..

I didn't think i'd ever get myself out of it - but it can be done!! Mainly through doing overtime at work so I could pay a little off the balance each month rather than just paying the interest!!

Good Luck to all who have been in a similar situation and well done to the original poster!!

Rosie111

Silvafox

mr_confused wrote: »

:money:After 3 years of being trapped in the pay day loan cycle, i am finally free. With my december pay packet i finally paid off the last of my loans.

They done their job for me, i knew what i was getting into - and in a way although they cost me a fortune they did help me out quite a bit at times.

Have worked out that over the last 3 years though, i have paid over £7000 in interest charges. 2 of the loans (totalling £500) i just kept rolling over, and occasionaly paid off then borrowed again. The 3rd loan was with Poundstillpayday who dont offer rollovers, but let you borrow immediately once you have paid them off. I borrowed again from them every month.

The only one i would say were actual scum, was capital finance one whom i applied to - but never recieved any cash. Still they proceeded to attempt to empty my account. Trying every day numberous times to charge £400 to my debit card - thankfully lloyds fraud detection system picked up on this.

Anyway - i am just chuffed, and am 99% sure i will never have to use one again. The savings plan is on track - and i finally have all my salary to myself every month.

Stay strong people - you can do it too.

Well done mate.

GEEGEE8

wow - £7000? I never expected you to say that..

I took one in December as I was desperate for some money before Christmas, luckily it all worked out fine and I paid it off on the date it was due, but I dread to think if I hadn't been able to pay.

Well done for paying them off, just don't touch them again! lol

mr_confused

The worst thing i discovered was that with Poundstillpayday you can borrow numerous times during the month.. so at the start of the month i would borrow maybe 200, then a few weeks in i would get another 100, then another hundred - my limit was £650 with them, and on the odd occasion that i borrowed up to this - i was repaying just to them about £825 at the end of the month - plus just the interest on the other two loans i had outstanding.

I am so relieved to be clear of them, it has left me without much disposable income this month - but it will be so worth it going forward.

In addition to this - my last repayment on my Welcome finance loan is at the end of this month.

Now i only owe a few hundred quid to More Than (lloyds), and £500 to egg - will be totally clear by october. :-) Happy Daze.

mrs_skint

Really well done Mr Confused - ur an inspiration x

MortgageChallenge2011

Well done to breaking the vicious circle. :j They prey on people to get them to roll it over making them more and more money.

Get your money in 1 hour.... so easy......

They know that my lending you a small amount - ie up to £750 then if you default theres a good chance of recovering the amount through ruthless debt collection agencies.