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YET another Payday Loans thread...but wait!
After reading many, many posts about Payday loans I thought I'd share my experience, limited advice and hope people can learn something from this.
Let my first say this, I am far from out of trouble. But I am in less trouble than I was, and I seem to be moving in the right direction. Also, I have not gone to a debt management company, defaulted or found gold buried in my garden.
Let me also concur with everyone else, STAY AWAY from Payday loans. Although I imagine its too late for most people, if you are thinking about it, don't. Most people will say the NEED to borrow the money. I for one thought I did, but I didn't. I thought borrowing £400 from a Payday loan company to waste on booze, clothes, trips to Wagamama was OK. Its not. Looking back, I am sure many people will say they don't need it.
So, after taking out one loan, I needed another. And I needed another to pay that. Then I needed to add funds to another to pay that. And so on. And I ended up plugging the £500 difference between what was coming in and what was going out with a Wonga loan (I used Wonga for this as they are most convenient to manage in my opinion, you can add, pay off, extend etc very easily) This was going OK for 4-5 months then suddenly Wonga tured me down. I NEEDED £500+ to pay rent, bills, food THAT DAY. I was pretty much screwed. My first plan was to spend roughly the next 40 hours in a blind panic. I couldn't eat or sleep. I struggled to talk to people. The moment when the site says 'No, sorry, but we have changed our minds' its terrifying. I was at the turning point. I needed to take this seriously. Luckily, another loan company came to my rescue (in a very vague way) and gave me the £500, that I have been rolling over since.
However, next month I can pay that off. Thats one down, and including the Wonga loan - thats 2. I have 2 more to go, and IF everything goes to plan they will be gone in 10-12 months. Its the long haul I know, but I'm chipping away at it and thats the only way to get its done.
The issues with Wonga was about 3-4 months ago, and it was a turning point - gone from someone reluctantly getting into more and more debt to someone fighting his way out.
I know people are in similar positions and I'd like to share how I dealt with it, plus ask for addition tips and advice - I'm sure there is lots more out there.
In my mind, and for me personally there are 3 hurdles to overcome when stuck on the Payday roundabout. People on the Payday roundabout are beyond the general advice of 'DONT USE THEM'. They are VERY enticing, and, in my opinion aimed at the most financially vulnerable, or basically - desperate people. If you had good credit would you really consider paying 4000% interest on a short term loan. Anyway, if you had good credit would you even need a loan?
So, presuming you don't have the resources to build a time machine you need to over come some obstacles. The easiest one - cut you outgoing AS MUCH AS YOU CAN. Start with the easy ones, drinking, going out, buying things you don't need. I know a lot of people have already done this, they wouldn't have needed a loan if they had money to spare. But, and I can speak from experience, tell you to be strict. Don't be tempted to borrow an extra £20, £50, £100 to treat yourself, don't spend your a bonus or a rebate or that 20p you found down the sofa on something you don't need. Save and focus on your goal - getting off the round about. Use all your spare cash to reduce the loans/take out less and eventually, get rid of them one at a time. I know, its easier said than done - but, it can be done. I know that feeling when you can't sleep at night and your desperately trying to figure out how your going to live off £10/£100/nothing/-£100 this month. Use this as your motivation for hurdle 2 - changing your mind set (hurdle one and two are not mutually exclusive, infact you will need to deal with hurdle two before you can deal with hurdle one in my experience)
So, changing your mindset. I love spending money on nice things. I have since I was a kid. Its thrilling. It can feel good. And when you have no money, its frustrating. Whats more frustrating is having no money, and the no money you have you need to pay off the every increasing interest on loans you wish you never took out.
I needed to no want things I don't need. I know the situation changes for everyone. People get into debt for all kinds of reasons, some people have actual emergencies that force them to borrow. Some people, like me get into because the really want things they can't afford.
For me, it was no different with Payday loans. Ok, some were to avoid bank charges and once I needed some new shoes, but I have frittered most of that money away. When I hit crisis point I suddenly changed. The only thing I wanted to spend my money on was my debts. I figured out how to focus all spare money on this, I figured out how to create spare money and it started feeling good.
A big change for me has been appreciating what I have, and enjoying what I can do for free, or very cheaply. I understood the importance of a 'shopping list' and finally got around to watching that box set I spent £50 on last year, rather than buying another. I found out my girlfriend could cut hair, she introduced me to Primark and £10 jeans (rather than my usual £40 pair), I discovered how to make a disposable razor last a month. The list goes on. The point I am making is that one thing essential for me to do in order to slow the roundabout down was to stop spending. Once I did the easy bits, I did the less easy, but still easy bit and did a budget. This was a revelation, and on closer inspection a godsend. I was paying for things I didn't need, or wasn't using as much as I though. The big ones are phone tarrifs (reduce or cancel them) broadband usage (reduce it) and gas and electric bills were also too high - I was also due a refund. I cut everything back I didn't need - saving about £100 a month. However, as all those stuck on the roundabout know - thats not enough and its not in your bank now - the biggest issue, and hurdle 3 - how to create additional revenue NOW.
This is the hardest part, mainly due to the fact its impossible. You have bad credit, no one will lend to you, your ashamed to explain to you family/partner what situation your in so you can't borrow of them and your rapidly running out of options. How is done? How do you stop the tipping point?
Well, firstly, don't panic. It will just making things harder. I've been in the toughest place with Payday loan companies and I'm starting to see the light - it is possible.
Firstly, work the loans best in your favor as you can. If you have to take another one out, find the lowest rate. If you have one at a high rate, use a lower rate to eliminate this one. I know its robbing Peter to pay Paul, but when your in a needs must situation you need to pick the lesser evil. And when Payday loans feel like your only option, its tough. Whilst you are doing this, join a Credit Union. I found myself in a position where I was rolling over loans every month (still am, but less) but it left me with enough to pay into a credit union. Then, after 3 months I borrowed from the union, paid off a 2000% interest loan with a 1% interest loan. And I have £100 savings with the credit union. That for me almost got the ball rolling. Almost. I needed some extra cash. This next bit of advice should be used with EXTREME CAUTION, it not for everyone.
No, I didn't turn to prostitution.
I listed everyone I pay money to each month, got all their contact numbers and started making calls. My direct debits are spread throughout the month and the direct debit was usually due at least a week before the bill was. I asked them all how long I could not pay (before I got into trouble) Some said I couldn't, some said a week - some said a month. I found 2 that said a month, held of paying and used this money to get the ball rolling, and it worked. I caught up with everything 3 weeks later and paid off another loan. I was now in a position where my income was enough to cover my outgoings, defer the loans and pay a little off.
That was a week or so ago. Next month I chip away at another, then more the next, then more the next. Things pick up in a few month when a phone contract (I don't need) ends and a loan from my bank is paid off. Then in a few more months a couple more loans get paid off and that should be enough by then (about 10-12 months away) to pay it all off. I will have gone from being £500 short a month, to being £700 flush a month. 2-3 months ago I would have not thought it possible, now its my main focus.
To sum this HUGE post up, what I'm saying is if your in a position like I was there is a chance you can fight your way out. Do other people have any other tips? Anything I could be doing better? Anything I've done wrong?
I'm the sort of person that plans for the worst case scenario and I was ready to enter debt management (If anything goes wrong, I still am) but I think I have found a way out. If people are interested I will keep this updated and let you know how it goes, and if your in a similar position and want to share please do.
If you made it this far, thanks for reading.
Oh, and NEVER take out a Payday loan.
Let my first say this, I am far from out of trouble. But I am in less trouble than I was, and I seem to be moving in the right direction. Also, I have not gone to a debt management company, defaulted or found gold buried in my garden.
Let me also concur with everyone else, STAY AWAY from Payday loans. Although I imagine its too late for most people, if you are thinking about it, don't. Most people will say the NEED to borrow the money. I for one thought I did, but I didn't. I thought borrowing £400 from a Payday loan company to waste on booze, clothes, trips to Wagamama was OK. Its not. Looking back, I am sure many people will say they don't need it.
So, after taking out one loan, I needed another. And I needed another to pay that. Then I needed to add funds to another to pay that. And so on. And I ended up plugging the £500 difference between what was coming in and what was going out with a Wonga loan (I used Wonga for this as they are most convenient to manage in my opinion, you can add, pay off, extend etc very easily) This was going OK for 4-5 months then suddenly Wonga tured me down. I NEEDED £500+ to pay rent, bills, food THAT DAY. I was pretty much screwed. My first plan was to spend roughly the next 40 hours in a blind panic. I couldn't eat or sleep. I struggled to talk to people. The moment when the site says 'No, sorry, but we have changed our minds' its terrifying. I was at the turning point. I needed to take this seriously. Luckily, another loan company came to my rescue (in a very vague way) and gave me the £500, that I have been rolling over since.
However, next month I can pay that off. Thats one down, and including the Wonga loan - thats 2. I have 2 more to go, and IF everything goes to plan they will be gone in 10-12 months. Its the long haul I know, but I'm chipping away at it and thats the only way to get its done.
The issues with Wonga was about 3-4 months ago, and it was a turning point - gone from someone reluctantly getting into more and more debt to someone fighting his way out.
I know people are in similar positions and I'd like to share how I dealt with it, plus ask for addition tips and advice - I'm sure there is lots more out there.
In my mind, and for me personally there are 3 hurdles to overcome when stuck on the Payday roundabout. People on the Payday roundabout are beyond the general advice of 'DONT USE THEM'. They are VERY enticing, and, in my opinion aimed at the most financially vulnerable, or basically - desperate people. If you had good credit would you really consider paying 4000% interest on a short term loan. Anyway, if you had good credit would you even need a loan?
So, presuming you don't have the resources to build a time machine you need to over come some obstacles. The easiest one - cut you outgoing AS MUCH AS YOU CAN. Start with the easy ones, drinking, going out, buying things you don't need. I know a lot of people have already done this, they wouldn't have needed a loan if they had money to spare. But, and I can speak from experience, tell you to be strict. Don't be tempted to borrow an extra £20, £50, £100 to treat yourself, don't spend your a bonus or a rebate or that 20p you found down the sofa on something you don't need. Save and focus on your goal - getting off the round about. Use all your spare cash to reduce the loans/take out less and eventually, get rid of them one at a time. I know, its easier said than done - but, it can be done. I know that feeling when you can't sleep at night and your desperately trying to figure out how your going to live off £10/£100/nothing/-£100 this month. Use this as your motivation for hurdle 2 - changing your mind set (hurdle one and two are not mutually exclusive, infact you will need to deal with hurdle two before you can deal with hurdle one in my experience)
So, changing your mindset. I love spending money on nice things. I have since I was a kid. Its thrilling. It can feel good. And when you have no money, its frustrating. Whats more frustrating is having no money, and the no money you have you need to pay off the every increasing interest on loans you wish you never took out.
I needed to no want things I don't need. I know the situation changes for everyone. People get into debt for all kinds of reasons, some people have actual emergencies that force them to borrow. Some people, like me get into because the really want things they can't afford.
For me, it was no different with Payday loans. Ok, some were to avoid bank charges and once I needed some new shoes, but I have frittered most of that money away. When I hit crisis point I suddenly changed. The only thing I wanted to spend my money on was my debts. I figured out how to focus all spare money on this, I figured out how to create spare money and it started feeling good.
A big change for me has been appreciating what I have, and enjoying what I can do for free, or very cheaply. I understood the importance of a 'shopping list' and finally got around to watching that box set I spent £50 on last year, rather than buying another. I found out my girlfriend could cut hair, she introduced me to Primark and £10 jeans (rather than my usual £40 pair), I discovered how to make a disposable razor last a month. The list goes on. The point I am making is that one thing essential for me to do in order to slow the roundabout down was to stop spending. Once I did the easy bits, I did the less easy, but still easy bit and did a budget. This was a revelation, and on closer inspection a godsend. I was paying for things I didn't need, or wasn't using as much as I though. The big ones are phone tarrifs (reduce or cancel them) broadband usage (reduce it) and gas and electric bills were also too high - I was also due a refund. I cut everything back I didn't need - saving about £100 a month. However, as all those stuck on the roundabout know - thats not enough and its not in your bank now - the biggest issue, and hurdle 3 - how to create additional revenue NOW.
This is the hardest part, mainly due to the fact its impossible. You have bad credit, no one will lend to you, your ashamed to explain to you family/partner what situation your in so you can't borrow of them and your rapidly running out of options. How is done? How do you stop the tipping point?
Well, firstly, don't panic. It will just making things harder. I've been in the toughest place with Payday loan companies and I'm starting to see the light - it is possible.
Firstly, work the loans best in your favor as you can. If you have to take another one out, find the lowest rate. If you have one at a high rate, use a lower rate to eliminate this one. I know its robbing Peter to pay Paul, but when your in a needs must situation you need to pick the lesser evil. And when Payday loans feel like your only option, its tough. Whilst you are doing this, join a Credit Union. I found myself in a position where I was rolling over loans every month (still am, but less) but it left me with enough to pay into a credit union. Then, after 3 months I borrowed from the union, paid off a 2000% interest loan with a 1% interest loan. And I have £100 savings with the credit union. That for me almost got the ball rolling. Almost. I needed some extra cash. This next bit of advice should be used with EXTREME CAUTION, it not for everyone.
No, I didn't turn to prostitution.
I listed everyone I pay money to each month, got all their contact numbers and started making calls. My direct debits are spread throughout the month and the direct debit was usually due at least a week before the bill was. I asked them all how long I could not pay (before I got into trouble) Some said I couldn't, some said a week - some said a month. I found 2 that said a month, held of paying and used this money to get the ball rolling, and it worked. I caught up with everything 3 weeks later and paid off another loan. I was now in a position where my income was enough to cover my outgoings, defer the loans and pay a little off.
That was a week or so ago. Next month I chip away at another, then more the next, then more the next. Things pick up in a few month when a phone contract (I don't need) ends and a loan from my bank is paid off. Then in a few more months a couple more loans get paid off and that should be enough by then (about 10-12 months away) to pay it all off. I will have gone from being £500 short a month, to being £700 flush a month. 2-3 months ago I would have not thought it possible, now its my main focus.
To sum this HUGE post up, what I'm saying is if your in a position like I was there is a chance you can fight your way out. Do other people have any other tips? Anything I could be doing better? Anything I've done wrong?
I'm the sort of person that plans for the worst case scenario and I was ready to enter debt management (If anything goes wrong, I still am) but I think I have found a way out. If people are interested I will keep this updated and let you know how it goes, and if your in a similar position and want to share please do.
If you made it this far, thanks for reading.
Oh, and NEVER take out a Payday loan.
0
Comments
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just read that, and good luck, my main priority is to get rid of all the pay day loans i have then start on any other debt.0
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I could have saved myself a lot of time if I took that advice 12 months ago. The problem is like many others, I didn't.0
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One question from someone who was in close to £6k worth of trouble with PDLs a couple of months ago (gambling addiction), luckily my parents helped out with the financials and I'm getting help for my addiction but I digress...
Why are you still rolling the loans over? Why not get in touch with the companies in question and admit you are in financial trouble? The general view is you only owe the original loan amount plus ONE month interest.
I do appreciate it is easier said than done, but I would be interested to know who you owe money to. As taking Wonga for an example, all it took was a single email to get them to freeze interest on a loan and put me on a repayment plan (Which I managed to clear now due to my parents help as above - The original loan amount plus a month interest).
They may put a default on your credit file, they may send you letters that look threatening but lets face it...when you're in this situation the chances are your credit file is already screwed anyway!
I was ashamed to admit to my parents my gambling problem but it was the best gamble I ever made. You'll find they often know anyway but won't mention anything until you admit yourself as they still hold on to that tiny little bit of trust in you. Mine could get over the financials, they can be rebuilt. But it'll take a lot more time to rebuild the trust, after the years of lies!
At my peak I had 12 payday loans active at the same time! :eek:0 -
I think it should be a sticky. Well done that man - you're on the way.
BTW the bank may refinace your loan/offer you a new one. If they allow overpayments try doing that to get the interest rate downUnless it is damaged or discontinued - ignore any discount of over 25%0 -
After reading many, many posts about Payday loans I thought I'd share my experience, limited advice and hope people can learn something from this.
Let my first say this, I am far from out of trouble. But I am in less trouble than I was, and I seem to be moving in the right direction. Also, I have not gone to a debt management company, defaulted or found gold buried in my garden.
Let me also concur with everyone else, STAY AWAY from Payday loans. Although I imagine its too late for most people, if you are thinking about it, don't. Most people will say the NEED to borrow the money. I for one thought I did, but I didn't. I thought borrowing £400 from a Payday loan company to waste on booze, clothes, trips to Wagamama was OK. Its not. Looking back, I am sure many people will say they don't need it.
So, after taking out one loan, I needed another. And I needed another to pay that. Then I needed to add funds to another to pay that. And so on. And I ended up plugging the £500 difference between what was coming in and what was going out with a Wonga loan (I used Wonga for this as they are most convenient to manage in my opinion, you can add, pay off, extend etc very easily) This was going OK for 4-5 months then suddenly Wonga tured me down. I NEEDED £500+ to pay rent, bills, food THAT DAY. I was pretty much screwed. My first plan was to spend roughly the next 40 hours in a blind panic. I couldn't eat or sleep. I struggled to talk to people. The moment when the site says 'No, sorry, but we have changed our minds' its terrifying. I was at the turning point. I needed to take this seriously. Luckily, another loan company came to my rescue (in a very vague way) and gave me the £500, that I have been rolling over since.
However, next month I can pay that off. Thats one down, and including the Wonga loan - thats 2. I have 2 more to go, and IF everything goes to plan they will be gone in 10-12 months. Its the long haul I know, but I'm chipping away at it and thats the only way to get its done.
The issues with Wonga was about 3-4 months ago, and it was a turning point - gone from someone reluctantly getting into more and more debt to someone fighting his way out.
I know people are in similar positions and I'd like to share how I dealt with it, plus ask for addition tips and advice - I'm sure there is lots more out there.
In my mind, and for me personally there are 3 hurdles to overcome when stuck on the Payday roundabout. People on the Payday roundabout are beyond the general advice of 'DONT USE THEM'. They are VERY enticing, and, in my opinion aimed at the most financially vulnerable, or basically - desperate people. If you had good credit would you really consider paying 4000% interest on a short term loan. Anyway, if you had good credit would you even need a loan?
So, presuming you don't have the resources to build a time machine you need to over come some obstacles. The easiest one - cut you outgoing AS MUCH AS YOU CAN. Start with the easy ones, drinking, going out, buying things you don't need. I know a lot of people have already done this, they wouldn't have needed a loan if they had money to spare. But, and I can speak from experience, tell you to be strict. Don't be tempted to borrow an extra £20, £50, £100 to treat yourself, don't spend your a bonus or a rebate or that 20p you found down the sofa on something you don't need. Save and focus on your goal - getting off the round about. Use all your spare cash to reduce the loans/take out less and eventually, get rid of them one at a time. I know, its easier said than done - but, it can be done. I know that feeling when you can't sleep at night and your desperately trying to figure out how your going to live off £10/£100/nothing/-£100 this month. Use this as your motivation for hurdle 2 - changing your mind set (hurdle one and two are not mutually exclusive, infact you will need to deal with hurdle two before you can deal with hurdle one in my experience)
So, changing your mindset. I love spending money on nice things. I have since I was a kid. Its thrilling. It can feel good. And when you have no money, its frustrating. Whats more frustrating is having no money, and the no money you have you need to pay off the every increasing interest on loans you wish you never took out.
I needed to no want things I don't need. I know the situation changes for everyone. People get into debt for all kinds of reasons, some people have actual emergencies that force them to borrow. Some people, like me get into because the really want things they can't afford.
For me, it was no different with Payday loans. Ok, some were to avoid bank charges and once I needed some new shoes, but I have frittered most of that money away. When I hit crisis point I suddenly changed. The only thing I wanted to spend my money on was my debts. I figured out how to focus all spare money on this, I figured out how to create spare money and it started feeling good.
A big change for me has been appreciating what I have, and enjoying what I can do for free, or very cheaply. I understood the importance of a 'shopping list' and finally got around to watching that box set I spent £50 on last year, rather than buying another. I found out my girlfriend could cut hair, she introduced me to Primark and £10 jeans (rather than my usual £40 pair), I discovered how to make a disposable razor last a month. The list goes on. The point I am making is that one thing essential for me to do in order to slow the roundabout down was to stop spending. Once I did the easy bits, I did the less easy, but still easy bit and did a budget. This was a revelation, and on closer inspection a godsend. I was paying for things I didn't need, or wasn't using as much as I though. The big ones are phone tarrifs (reduce or cancel them) broadband usage (reduce it) and gas and electric bills were also too high - I was also due a refund. I cut everything back I didn't need - saving about £100 a month. However, as all those stuck on the roundabout know - thats not enough and its not in your bank now - the biggest issue, and hurdle 3 - how to create additional revenue NOW.
This is the hardest part, mainly due to the fact its impossible. You have bad credit, no one will lend to you, your ashamed to explain to you family/partner what situation your in so you can't borrow of them and your rapidly running out of options. How is done? How do you stop the tipping point?
Well, firstly, don't panic. It will just making things harder. I've been in the toughest place with Payday loan companies and I'm starting to see the light - it is possible.
Firstly, work the loans best in your favor as you can. If you have to take another one out, find the lowest rate. If you have one at a high rate, use a lower rate to eliminate this one. I know its robbing Peter to pay Paul, but when your in a needs must situation you need to pick the lesser evil. And when Payday loans feel like your only option, its tough. Whilst you are doing this, join a Credit Union. I found myself in a position where I was rolling over loans every month (still am, but less) but it left me with enough to pay into a credit union. Then, after 3 months I borrowed from the union, paid off a 2000% interest loan with a 1% interest loan. And I have £100 savings with the credit union. That for me almost got the ball rolling. Almost. I needed some extra cash. This next bit of advice should be used with EXTREME CAUTION, it not for everyone.
No, I didn't turn to prostitution.
I listed everyone I pay money to each month, got all their contact numbers and started making calls. My direct debits are spread throughout the month and the direct debit was usually due at least a week before the bill was. I asked them all how long I could not pay (before I got into trouble) Some said I couldn't, some said a week - some said a month. I found 2 that said a month, held of paying and used this money to get the ball rolling, and it worked. I caught up with everything 3 weeks later and paid off another loan. I was now in a position where my income was enough to cover my outgoings, defer the loans and pay a little off.
That was a week or so ago. Next month I chip away at another, then more the next, then more the next. Things pick up in a few month when a phone contract (I don't need) ends and a loan from my bank is paid off. Then in a few more months a couple more loans get paid off and that should be enough by then (about 10-12 months away) to pay it all off. I will have gone from being £500 short a month, to being £700 flush a month. 2-3 months ago I would have not thought it possible, now its my main focus.
To sum this HUGE post up, what I'm saying is if your in a position like I was there is a chance you can fight your way out. Do other people have any other tips? Anything I could be doing better? Anything I've done wrong?
I'm the sort of person that plans for the worst case scenario and I was ready to enter debt management (If anything goes wrong, I still am) but I think I have found a way out. If people are interested I will keep this updated and let you know how it goes, and if your in a similar position and want to share please do.
If you made it this far, thanks for reading.
Oh, and NEVER take out a Payday loan.
future reference0 -
I guess the reason I have rolled them over and am creeping out rather than trying to admit I am in a poor situation with them is that I don't want to go down the route where I SERIOUSLY harm my credit. Its not exactly in good shape, but I have not ran out of options yet. This way costs me more money and takes time, but my I hopefully wont have defaulted on anything and it will be much easier to rebuild my credit in the future. Also, to be honest - I was unaware it was so easy to freeze the interest and get on a payment plan? Can you expand on this? Did they give in that easy? Were they good about it? If you dont mind me asking, how much did you owe and how much did you pay back PM?0
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It sounds as if seriously damaging your credit might not be a bad thing. At least it will stop you from getting any more loans that you cannot afford to repay.I can afford anything that I want.
Just so long as I don't want much.0 -
Well done Alox for turning yourself around and thanks for sharing. I hope this helps others who are in similar situations.
PooOne of Mike's Mob, Street Found Money £1.66, Non Sealed Pot (5p,2p,1p)£6.82? (£0 banked), Online Opinions 5/50pts, Piggy points 15, Ipsos 3930pts (£25+), Valued Opinions £12.85, MutualPoints 1786, Slicethepie £0.12, Toluna 7870pts, DFD Computer says NO!0 -
It sounds as if seriously damaging your credit might not be a bad thing. At least it will stop you from getting any more loans that you cannot afford to repay.
I would disagree. I would rather pay them off -even if it is costly and stressful, rather than not pay them off and take my chances with their collections department, let alone have to spend the next few years rebuilding my credit. This board is filled with masses of mixed advice on how to deal with PDL companies if you plan on not paying them back - it seems like a huge gamble.
Trust me, I have learnt my lesson with these companies. I don't need to seriously damage my credit to know to never take one out again.0
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