arghh please help... im so stupid need advice urgently on payday loans :(

abbie1988

[FONT=&quot]Got myself into a huge mess and now im stressing so much can’t eat sleep I really don’t know what to do [/FONT]L

[FONT=&quot]My boyfriend of 4 years finished with me 3 weeks ago, I thought he was the one but clearly not as he dumped me on the phone. Anyway to make myself feel better I went out every night buying new clothes all on payday loans! Sooooooooooooooo stupid but it was the only thing that made me feel better at the time…[/FONT]

[FONT=&quot]Now ive come back down to earth with the biggest thud ever and don’t know what to do.[/FONT]

[FONT=&quot]I work I earn 950 a month.[/FONT]

[FONT=&quot]Currently I have 4 payday loans due on the 31st march.[/FONT]
[FONT=&quot]Tooth fairy finance - £276 [/FONT]
[FONT=&quot]Cash Genie - £130[/FONT]
[FONT=&quot]Moneybox247 - £140[/FONT]
[FONT=&quot]QuickQuid - £65[/FONT]
[FONT=&quot]Themoneyshop – £200[/FONT]

[FONT=&quot]From now until the 31st march I have £300 to pay back to all these. Which is not enough[/FONT]

[FONT=&quot]I cant get a loan anywhere. No family no bank nothing I have bad credit, I can poss ask work for a £600 loan and say I can pay back £700 over the year so they getting something out of it[/FONT]


[FONT=&quot]Don’t know what to [/FONT]
[FONT=&quot]Pleaseeeeeeeeeeeeeee help me[/FONT]

dancingfairy

Have you got any of the clothes still? can you take any back and get your money back?
How much spare a month have you got to repay debts? If you borrow money from work then you will need to pay them back as soon as you can - I can't think they will lend you 600 for the year - perhaps an advance on next months wages but then next month will be tight as well so you need to plan properly to ensure you don't end up in a further mess next month.
What do you need to buy with that 300 pounds? any rent due? bills? food? gettig to work? that should be your first priorities.
df

abbie1988

dancingfairy wrote: »

Have you got any of the clothes still? can you take any back and get your money back?
How much spare a month have you got to repay debts? If you borrow money from work then you will need to pay them back as soon as you can - I can't think they will lend you 600 for the year - perhaps an advance on next months wages but then next month will be tight as well so you need to plan properly to ensure you don't end up in a further mess next month.
What do you need to buy with that 300 pounds? any rent due? bills? food? gettig to work? that should be your first priorities.
df

no ive already taken some back thats where the 300pounds has come from. that 300 pounds is to pay back these stupid companys. i could prob pay them back over 4 months? without being short

thanks

Tixy

When are you due to start repayments?
These companies will probably debit the money automatically from your card or straight from your bank account.
You need to try to stop them doing this. The only way I know to do this is to open a new bank account elsewhere and to leave no money in your existing account.
When do you get paid next? on 31st?

dancingfairy

Will you have anything spare in next months pay packet to pay these awful things off? If so I would ask for an advance if possible just to be shot of them and deal with your work - only if you are sure you can pay work off though as you don't want to swap one problem for another.
You have 2 main solutions - 1) struggle on, getting rid of them as best as possible or 2) get a new bank account , get your wages paid in there, wait for the payday loans people to rinse your bank account and then set up a payment plan with your old account. Now 1 means you will suffer in terms of interest etc and 2 means your credit record will suffer and you will have the hassle of switching bank accounts and getting wages swapped over etc. I think I would go for option 1 myself but it will need few tough months to see the back of them.
Is it possible to get rid of loans 2,3 and 4 and roll-over the others? how much will they charge for doing so and can you then clear them next month? if they do something silly like double the cost then I would bite the bullet, clear your account out and get a new one asap so you can at least afford to pay rent, eat etc and worry about the old account later.
df

abbie1988

All the moneys being debited from my account on the 31st.

I dont really want to roll any of them over as its going to sprial out of control. i want to pay them all of on the 31st but can only do this if my work helps out! if not what shall i do.

My works quite laid back, i could poss ask for a weeks holiday as money instead of days off.

i know the cash genie one will only charge another £30 for another 30 days for borrowing the money but its the others im worried about.

so stupid for getting myself into this mess!

thanks for the help

TheEngineeress

I do know (from horrible past experience) that QuickQuid and TheMoneyShop should allow you to 'roll over' the loans for a month so you can clear the others, but this should be a last resort option, as it will just increase your debt in the long run.

If you can pay them off on the 31st with work's help then great - but you should then think about putting in a plan to pay back work over three months. I know I got myself into trouble just because I didn't keep a tabs on what I was spending. There is a reason you took out the PDLs in the first place, and you need to figure out how to avoid it in future

Hope that helps - I know exactly how you feel xx

abbie1988

TheEngineeress wrote: »

I do know (from horrible past experience) that QuickQuid and TheMoneyShop should allow you to 'roll over' the loans for a month so you can clear the others, but this should be a last resort option, as it will just increase your debt in the long run.

If you can pay them off on the 31st with work's help then great - but you should then think about putting in a plan to pay back work over three months. I know I got myself into trouble just because I didn't keep a tabs on what I was spending. There is a reason you took out the PDLs in the first place, and you need to figure out how to avoid it in future

Hope that helps - I know exactly how you feel xx

its a horrid feeling, getting me down so much and i just dont need it now! Im going to speak to my manager tomorrow as hes off today and explain, he knows im rubbish with money i always ask for subs. grr i just abit confused as to what to do if my work dont help

TheEngineeress

If you post a Statement of Affairs here that might help you to see where you are spending money each month, and how much you can realistically afford to pay back to your boss/PDL companies.

You say you always ask your boss for subs - this might be indicative of the fact that you are not keeping tabs on what you are spending. It's so easy to do, I know that all too well!! These boards are fantastic for helping you manage your money better so you will never have to resort to using these horrible companies ever again!

Also, you can clearly see where you can put some money away in savings, so you don't feel so bad about splurging on clothes and shoes!!

If your boss can't help you out then I suggest following the advice of the more experienced posters above - consider getting a new bank account, transfer all your money to there, and wait for them to contact you when they don't get their money. It will not help your credit record, but you will be in a much better position to negotiate a repayment plan when they can't clear out your bank account.

I wish I had followed this advice myself a couple of years back!!