Help attempting to sort out these debts

indenial2011

Hi all,

At the minute i have no breathing space month to month and my debt has spiraled out of control where its got to the point where its getting me depressed. I have now got 5 payday loans and i've either been paying them off and taking another one out straight away when i get paid, or, have been rolling them over (deferment payments) since christmas.

Having checked my credit rating it was ok, all green, as of last month.

But i've just missed the 1st payment on one of my credit cards and i may miss another one

I've just got accepted for a 12k loan from sainsburys, which i fully understand isn't tackling the problem head on, but i need to get rid of the payday loans and basically without it i wouldn't be able to tackle the problem at all.

How much will 1 or 2 missed / late payments affect my credit score?

Which debts should i pay off and which should i keep paying monthly?

Thanks for any advice!

smartiedriver_2

You need to review the interest rates on all the debts, and any early repayment penalties, and then put a strategy in place to pay off the highest interest ones first. Any with early redemption penalties you will need to find out what the penalty is and when it's best to clear it.

Good luck

RAS

Get the PD looans paid off immediately.

Pay the highest APR debts after that.

rdchick

if you've got credit card debt and you put that on the loan, CUT UP THE CARDS otherwise you'll find yourself in even more trouble xxx