Pay Day Loans

Young_Guv

Need some helpful advice here guys.

In a predicament, have basically gotten myself into aload of !!!! with pay day loans.

Just paid off 1 Month Loan, Money Shop & Wage Day Advance all equaling the sum of £970, & have extended my quick quid payment for another month.

Now here comes the big one, i owe Wonga £1395 & cannot afford to pay them back, also owe Lending Stream money aswell but that is paid off every month from a 215 loan i took out. Dont think i owe out any other pay day loans. And i plan to never use these again.

Ive also just paid o2 £70.06 as well to make sure i have contact with the outside world.

Now here is where it gets really !!!!, in 2 weeks im at crown court in a trial for merly defending myself in a attack on a pub i was drinking in with some friends, basically was abit of pub damage, but due to the landlady knowing us & not this other group (dont know who they are) we basically were arrested a few days later & been told to go to court, now its gotten abit serious as we are claiming self defence & after speaking to my solicitor we could potentially get a small prison sentance for the broken windows etc.

Now due to all this pay day loans !!!!!!!! i havent been able to pay off the court fees & owe them £3000, to top that off Littlewoods claim i owe them £499 yet i only owe them £110 & even told me thats all i have to pay, now its been passed on to a debt company. Also have a capital one credit card with a £200 limit on it and at about £195 on that one as well. My parents have tried helping me out with this & borrowed me £500 last month to help out, but its not worked as ive used that to pay off the pay day loans (then had to borrow again to pay others off)

I have a £750 overdraft with my bank aswell & get roughly paid per month about £1300.

I pay about £150 per month for rent, but even then ive not paid any for the last 2 months due to my current situation. I also spend alot of time living with my girlfriend & where her being a single mother i try & help out as much as i can with her as shes paying for 2 young lads, although its not alot.

Only other outgoings is about £50 per month for the buses to visit her & go to work.

Ive realised ive been really stupid with what ive done & its making me really depressed, its troubling me that much that all i can think about is going to sleep in the posibility it will all go away.

Any help would be greatly appreciated

Thanks in advance

LovelyLeeds

Move over Mr Leg Stretcher thread - you've just come second! :eek:

Oh dear OP, I truly don't know what to say!!

DCFC79

Just 1 thing whatever advice you get dont take it as anyone being rude but being honest. I take it you know how or why your in the situation your in ? eg spent way more than what you had coming in.

lantanna

Contact the CCCS explain your situation and they will give you the help that you need. Do it now I think they are open until 8pm

rdwarr

I agree - I don't think you'll be able to pay these back so will need a way out and a fresh start.

alox123

Can you reduce any other out goings? £70 is a lot for a phone. Can you sell anything? Phone, TV PS3 etc? If you can generate some cash you might be OK. Do you need to pay the court charges right away, or can you put those off? Will they increase if you don't pay them? From what I have read, the Wonga loan is the killer - they add to it if you don't pay and charge HUGE interest. Speak to Wonga, try and arrange for them to freeze the interest and sort out paying it off in chucks. That wont be easy as they don't like doing this. However if you do enter a Debt Management plan you have someone on your side helping you. Also, if you plan on not paying them make sure you cancel the card and have your wages paid into another (new) bank account with another bank - so they can't touch your money. This is a terrible situation but at least YOU will have your money and can decide where it goes, even if Wonga keep adding to the debt. There are few/no options in terms of borrowing at a rate that will help, if you have bad credit - however -TAKE THIS ADVICE WITH CAUTION, allow you to defer for 28 days at a time for a maximum of 3 times. This is a bad idea, but might give you some time to find a solution. Try not to borrow more, and think about joining a credit union - hoping you can hold off for a few month until they let you borrow. Maybe speak to the other people you pay money too (water/gas bills/council tax) and seeing if you can hold off for a month - then use this money to pay off the stuff amassing interest. Good luck mate!

Young_Guv

thanks for the advice guys, paying off the ones today have made me feel slightly better, & i have cancelled accounts with all. Have around £300 left today, so what i think im going to do is put half into a cash ISA & just online transfer the money i would need into my gfs bank account, its been about 3/4 months since i was told to pay Crown Court fees, not had any letters yet.

The main problem is the pay day loans, just worried that i wont be able to pay them off in time incase i do go & spend a small time in Her Majestys Prison system.

Young_Guv

alox123 wrote: »

Can you reduce any other out goings? £70 is a lot for a phone. Can you sell anything? Phone, TV PS3 etc? If you can generate some cash you might be OK. Do you need to pay the court charges right away, or can you put those off? Will they increase if you don't pay them? From what I have read, the Wonga loan is the killer - they add to it if you don't pay and charge HUGE interest. Speak to Wonga, try and arrange for them to freeze the interest and sort out paying it off in chucks. That wont be easy as they don't like doing this. However if you do enter a Debt Management plan you have someone on your side helping you. Also, if you plan on not paying them make sure you cancel the card and have your wages paid into another (new) bank account with another bank - so they can't touch your money. This is a terrible situation but at least YOU will have your money and can decide where it goes, even if Wonga keep adding to the debt. There are few/no options in terms of borrowing at a rate that will help, if you have bad credit - however -TAKE THIS ADVICE WITH CAUTION, allow you to defer for 28 days at a time for a maximum of 3 times. This is a bad idea, but might give you some time to find a solution. Try not to borrow more, and think about joining a credit union - hoping you can hold off for a few month until they let you borrow. Maybe speak to the other people you pay money too (water/gas bills/council tax) and seeing if you can hold off for a month - then use this money to pay off the stuff amassing interest. Good luck mate!

£70 this month for my phone was due to going over my limit, first time ever tbh, i usually pay £60 a month including insurance for the iPhone. Only physical thing i own outright in my home is a old PS2 & a laptop, everything else like our Wii, PS3 is shared with other family members.

Ive never heard of the credit union in all fairness

DCFC79

Young_Guv wrote: »

Need some helpful advice here guys.

In a predicament, have basically gotten myself into aload of !!!! with pay day loans.

Just paid off 1 Month Loan, Money Shop & Wage Day Advance all equaling the sum of £970, & have extended my quick quid payment for another month.

Now here comes the big one, i owe Wonga £1395 & cannot afford to pay them back, also owe Lending Stream money aswell but that is paid off every month from a 215 loan i took out. Dont think i owe out any other pay day loans. And i plan to never use these again.

Ive also just paid o2 £70.06 as well to make sure i have contact with the outside world.

Now here is where it gets really !!!!, in 2 weeks im at crown court in a trial for merly defending myself in a attack on a pub i was drinking in with some friends, basically was abit of pub damage, but due to the landlady knowing us & not this other group (dont know who they are) we basically were arrested a few days later & been told to go to court, now its gotten abit serious as we are claiming self defence & after speaking to my solicitor we could potentially get a small prison sentance for the broken windows etc.

Now due to all this pay day loans !!!!!!!! i havent been able to pay off the court fees & owe them £3000, to top that off Littlewoods claim i owe them £499 yet i only owe them £110 & even told me thats all i have to pay, now its been passed on to a debt company. Also have a capital one credit card with a £200 limit on it and at about £195 on that one as well. My parents have tried helping me out with this & borrowed me £500 last month to help out, but its not worked as ive used that to pay off the pay day loans (then had to borrow again to pay others off)

I have a £750 overdraft with my bank aswell & get roughly paid per month about £1300.

I pay about £150 per month for rent, but even then ive not paid any for the last 2 months due to my current situation. I also spend alot of time living with my girlfriend & where her being a single mother i try & help out as much as i can with her as shes paying for 2 young lads, although its not alot.

Only other outgoings is about £50 per month for the buses to visit her & go to work.

Ive realised ive been really stupid with what ive done & its making me really depressed, its troubling me that much that all i can think about is going to sleep in the posibility it will all go away.

Any help would be greatly appreciated

Thanks in advance

for future reference

meer53

£60 a month for a phone is an awful lot of money. Can you get out of the contract ? I'm on a sim only contract, it's £10 per month, 300 minutes and unlimited texts. Phone CCCS as soon as you can, you'll feel much better when you have.

swbrua

LovelyLeeds wrote: »

Move over Mr Leg Stretcher thread - you've just come second! :eek:

can MSE please not go down this path again.

Even if his problem is ludicrous, of his own creation or possibly fake, don't mock people like this, the leg stretching thread was a low point for MSE. No matter how "stupid" someone is or how terrible the decisions they've made are, give them some respect.

If you can't then go and post somewhere else, don't mock people who are desperate for help, they don't deserve it. Nobody deserves it.