Help needed.

demilburn10

Hi all.

I need help, and I'm going to come clean. It started mid last year. I used a payday loan company to help me through the month as i was struggling. Come payday, i repaid the loan, but the interest was massive. So to componsate, I got another loan from a different payday loan company, as well as the original one. This pattern continued to the point where i now have many, many oustanding loans with around 8 payday loan companies, all who keep adding interest onto the loans, threatening door collection and legal action. This of course is having knock on effects in which I'm missing payments for other things like bills and insurance etc. I reckon that I owe between 2 and 3k all asking for immediate payment. I know I have been stupid, and been suckered into it and not realising the interest. I dont need people to call me everything under the sun, I know what ive done. But I just need some help or some advice. I am at breaking point.
Please any help would be very much appriciated!

Tixy

To start open a new bank account with a bank not connected to your current one and get your income paid in there. Then contact one of the debt charities for some help and advice. IMPORTANT - Where to seek professional impartial advice about your debts.

Once your new account is open you might want to send this letter to the payday loan companies (if you send it before they will raid your current account for anything in there) - http://forums.moneysavingexpert.com/showpost.php?p=21937969&postcount=51

Peelerfart

And one you've followed Tixy's excellent advice,slap yourself with a wet haddock for being a dipstick, and pop over the DFW board for some more sound words.

Good Luck

PF

Apples2

demilburn10 wrote: »

Please any help would be very much appriciated!

Scant consolation of course but your story is typical of literally hundreds of posters on here. You are in very good company.

the DFW board will have many many people who have done exactly the same as you, cold comfort maybe but at least you aren't alone in going through this.

You will also see lots of posts where a great many of us try to dissuade people from taking these type of loans for exactly the reasons you outline, but it normally falls on deaf ears.

Good luck in the DFW board.

EmzJenks

I was in the exact same position myself, I know how you feel. When I finally plucked up the courage to tell someone (a colleague at work) I was lucky enough to work for a company & have a boss who was willing to help me. My company have paid off my payday loan debt (£1500) and I am paying them back straight out of my salary, they also helped me put a budget together to make sure it doesn't happen again. I also had to tell my partner who was oblivious to it all, and once the initial anger was over he has also gone above & beyond to help & sort us out.

I know it can feel like you're on your own when you are going through something like this, and you just feel embarrassed that you have been so stupid. But you aren't on your own, admitting what you've done is a great first step.

Hope you get yourself sorted

Frickdapop

Been in same place myself, but got real loans, not just payday ones and my debts got to £24000 (inc a car for £10k).
I went into depression and lost everything, I then went to Citizens Advice Bureau (CAB) and worked out a payment plan that I could afford. It was either that or bankruptcy. I was paying £1 a months to each company and it slowly increase the more I earned. They froze the interest for me and just left me to pay the debt. It has taken years to sort out but I am getting there and have done things one step at a time realising that I need to be more sensible with money and face some truth about what I Need and what I Want! It did get depressing when I recieved the end of term letter, for when the Loan should have been paid and realising you still have 2 years left to pay. I should be debt free from Credit Companies by August!! but still owe £4000 to family who have been waiting patiently and supportive.
CAB did everything for me, drafted letters, went over finances and where amazing!
Basically Follow the Advice Tixy has left and good luck.

Frick