payday loans

nick8558

Hi i'm new to this forum and was just wanting to seek a little help if possible? I've a bad gambling problem (which I am currently seeking help over), I am 26 and i've had debts since I was 19. Stupidly I have always buried my head in the sand when coming to pay things back and when I have been struggling with commitments. I recently went through a phase (before seeking gambling addiction help) where I borrowed from multiple payday loan lenders just to get money to see me through and to feed my addiction. These companies are going to be on my back again very shortly and I was wondering if there is absolutely anything I can do to either minimise this debt, avoid it (I wish) or any help I can seek? This is all from being stupid when I was younger and I believe through having the original debts it has caused me to gamble as I have thought of it as an easy way to pay my debt back. Big mistake, my mess, only I can get myself out of this hole. Any help is appreciated. Thanks

Tixy

You can't avoid these debts (or at least not in the long term) but you can try to tackle it in a ordered way. Have a read of this thread Dealing with Payday Loan Companies and contact one of the debt charities - IMPORTANT - Where to seek professional impartial advice about your debts.

maginot

The best way to try to sort out debts is to fill in a statement of affairs. Then you can see clearly where your money is going and whether you can afford to pay the debt back, obviously their are debt management plans to use and bankruptcy.

But need to think carefully about these. Snowballing your payments, e.g. Pay off payday loans as quick as possible by making minimum payments on other debts can reduce debt quite quickly, as when one debt is paid it frees up cash for other repayments.

Sorry if this is not the quick fix you wanted!

nick8558

Hi, thanks for the info. I will take a look/contact some of them tomorrow. As I said any help is greatly appreciated. Thank you.

nick8558

Sound advice, I really need to sit down and work everything out. I just got myself in a right mess! Again, thank you.

jamesd

You can probably reduce it using the doorstep or other lenders on Lenders Compared. Those still charge hundreds of percent interest rates but that's better than thousands. It's possible that you still won't have enough income to cover the debt repayments, we'll see. If you can't get to the point where you can manage the monthly payments and slowly get rid of the debts then a debt management plan is the way to go. One possible advantage of the doorstep lenders is that some of them don't have penalties for missing payments. Another is that they don't tend to go and grab money directly from your bank account.

It's entirely possible that the debts won't be affordable anyway, just can't tell without the statement of affairs.

Regardless, don't worry unduly, there are solutions out there that will get things back on track. Just takes a bit of work to get them done.

dealer_wins

Also check out Gamcare.

They have help and advise for addicted gamblers, and a forum.

http://www.gamcare.org.uk/