Help/Advice needed please!

luke2011uk1

Hi All,

Firstly sorry if i've posted this in the wrong section and secondly hello everyone!

Im in a bit of a situation with my debts...

I got myself into the "Payday loan" cycle when things were bad with no job etc and owe about £1500 between 4 companies, i pay the "Interest" fee per month which means i pay out about £450 in interest per month as i can't afford to pay off the lot.

I also have two credit cards with a total of £2500 on them, Catalogue account with £300 on and a loan through FLM which i owe £2100 on (Which i know i cant get out of this as it was a guarantee loan).

To top it off, my ex housemate has moved away and left me with our council tax bill she didnt pay for one year and no one can find her so i owe £850 to that also!

My rental is about £500 per month and bills etc up to £700, I now earn £1450 per month and its just a real struggle seeing all my money go, If i can resolve the issue with the payday loans i may have a chance of getting myself started but i just dont know what to do and wondered if anyone can help me!

Thanks so much in advance,

Luke

Tixy

Hi and welcome

I would contact one of the debt charities for some advice about dealing with your debts. IMPORTANT - Where to seek professional impartial advice about your debts.

If you cannot keep up with rolling the payday loans then you could consider the option detailed in this thread - Dealing with Payday Loan Companies
which is essentially to open a new bank account and clear out your old one (close it if you can), then once that is done and your money is safe you write to the PDL companies to offer repayment plans you can afford (or the charity may do this on your behalf if you considered a DMP) - its not an option to be taken lightly and likely to incur some charges and affect your credit file but often a way out for people.

Another useful thing is to complete a statement of affairs and to post up on here to see what other options people think you might have or get some advice on saving money on outgoings etc from the regulars on here - http://www.makesenseofcards.com/soacalc.html