what to do when it all comes crashing down

michelle45_2

Ive just been managing to pay all my bills but last month I couldnt and now ive jst had my first two collection calls and now I want to cry.
I got myself ito a stupid mess last year and struggling to get out of it. I took out some payday loans and they are what are causing me to struggle. If I didnt have to pay them off (interest only) I could pay all my bills and actually live. I did think of going into dmp but I woudnt need to if I could just get rid of these.

Just dont know what to do

vka1

Hang in there. I'm a newbie here so can;t really help but i'm someone wise will be by soon. Sending hugs instead! It will be fixable,

V

Hannah_10

Dou you mean phone calls or was someone actually at the door? Both can be stopped by the way, just with different methods.

Tixy

You#ve had 2 collection calls, do you mean phone calls because you've missed payments? how far behind are you with payments?

Probably be a good idea to complete a statement of affairs to see if people can make suggestions so you could manage without a DMP or whether a DMP might be the best option.

backinbusiness

First of all, don't panic and don't cry.

All debt problems can be sorted one way or another. Perhaps not always pretty or easy, but it CAN be done.

If you post up a Statement of Affairs (soa) we can have a look at your income and outgoings and see where we can help.

bib

michelle45_2

Hi

Im only half a payment behind, cos I managed to pay half of the instalments - but because the new ones are due shortly they are saying I need to pay the missing installment and the new one NOW, even though it doesnt usually need to be paid until the 20th.

The calls were from Barclays and Next.


Just need some breathing space but cant seem to be getting any. I love coming to work just so that I can forget everything but once I get through the door at home I just hate it.

Im going to bite the bullet and contact the payday people and ask if they will let me spread the payments over 3 months. As to putting forward a SOA I have done one and cut everything to the bare mininum (its a good job my daughter is a hairdresser) its the interest of these paydays that are taking all my money.

dancingfairy

Hi Michelle - I don't know whether you are able to target one payday loan a month? try and borrow less from them the next time etc?
Have you got anything you could sell to get rid of these pesky things - it's gorgeous weather and car boots this weekend will be heaving. Or you could try ebay.
Perhaps you could borrow off your sister and set up a repayment eplan with her - plus perhaps a little interest as a thank you?
Have you got a credit union near you? they sometimes will lend to people stuck in the payday loan trap and are likely to have better repayment options as well.
If you are going to default on the payday loans you will need to get a new bank account set up - even if they agree to a repayment plan they will still sometimes still try and take the payments and leave you with nothing in your bank account and they will keep raiding your bank account until you have paid it all back with their hideous interest charges. Get a new bank account and get your wages and any benefits transferred into there so you can at least eat and pay your mortgage/rent and things like gas and electric. You can then try and negotiate with your old bank and the payday loans people.
Best of Luck - I'm sure something I've suggested will work out for you.
df