I really am in trouble

d0rk_

I took out a logbook loan with a company against my car to pay off some debts. I keep borrowing from payday loans to make up the shortfall. I really cannot afford the re-payments and I have no idea what to do or what rights I have. Can anyone help?

paddyrg

Sell some stuff?

ILW

Not the car though.

d0rk_

Ive basically got rid of everything to try and clear my other debts, i can't consolidate and im stuck in a vicious circle

Sublime_2

Cut your living expenses, sell stuff, and learn from thìs.

d0rk_

I've done all that, I no longer use the car when possible...but sometimes I have no choice for work (community carer), I've sold clothes/games consoles on ebay, I no longer go out drinking, I don't order take-out and I rarely buy myself new clothes unless it's essential (I needed new shoes for work...others had holes in them.) I'm at my wits end, stressed and I can't cope.

ViolaLass

Go to the debt-free wannabe board and fill in an SOA (statement of affairs). They will help you.

Tixy

Seek advice from citizens advice or similar IMPORTANT - Where to seek professional impartial advice about your debts.

Is it the payday loans you cannot afford to repay or the logbook loan - or both?

If you could afford the logbook loan repayments in full if you didn't have the payday loans then you could possibly try reading this for a way to deal with your payday loan creditors Dealing with Payday Loan Companies

Anyway you can increase your income? overtime, second job?
Might also be useful to go across to the debt free wannabe section of the forum for some advice from the posters there on reducing outgoings and living to a budget etc.

smithers1981

hi if sufficient debts, 5k owed to 3 or more lenders i would highly recommend payplan, its a free debt management plan my other half is with them and is in far better financial shape than she was, check out there website payplan.com good luck

DevilsAdvocate1

Tixy wrote: »

Seek advice from citizens advice or similar IMPORTANT - Where to seek professional impartial advice about your debts.

Is it the payday loans you cannot afford to repay or the logbook loan - or both?

If you could afford the logbook loan repayments in full if you didn't have the payday loans then you could possibly try reading this for a way to deal with your payday loan creditors Dealing with Payday Loan Companies

Anyway you can increase your income? overtime, second job?
Might also be useful to go across to the debt free wannabe section of the forum for some advice from the posters there on reducing outgoings and living to a budget etc.

A friend of mine got a bar job in a local pub when she was having problems. She was paid weekly too, so it wasn't too long before she had the money. Could something like this help. Also, MacDonalds always seem to be recruiting and I believe they are fairly flexibile.

I agree with the others to do a SOA on the debt board to see if your outgoings can be reduced.

Good luck.

paddyrg

In which case, I think the Debt-Free Wannabe board is where you need to head, it's going to be tough, but is do-able. I wish you luck!