Trapped

Scott2011

Hi all, I am new to this but don't know where else to turn....

I have only myself to blame. I have an ongoing trust deed, which takes the majority of my disposable income, I have managed to get myself a payday loan and have been trying to pay it off for the last 6 months, the big problem now is I in way too deep, due to some family problems I have borrowed £700 rather than the usual £300 I have been paying off and they are now looking for £850 from my next wage. There is just no way I can afford this...

I cannot get help from payplan because I am in a legally binding trust deed. Do you think the payday loan company (cheque centre) would accept a monthly installment from me?

Thanks

alox123

The only way to find out is ask. Many do, but having never dealt with cheque centre I do not know. No doubt someone on the forum will know. Have you extended it as many times as they allow? Extending is not a good idea at all, but if you have not other funds (AT ALL, sold anything you don't need, asked your bank, asked family or friends, spoken to your utility suppliers/landlord about holding off this month) If all those things fail, but you can extend then I would suggest this and paying of chunks of the capital as quickly as you can. Do not avoid the payment. They can still get your money, usually without your permission of knowledge and it will have ramifications in the future. As a last resort if you have no funds from ANYWHERE, and can not extend then call them and explain the situation.

There is a plan, a back up plan and a back up to the back up plan.

Good luck. If they say no then your only realistic options are to avoid the payment (cancel card, open new bank account and have funds paid into that and deal with old bank account + loan in due coarse)

Avoid at all cost borrowing from another PDL lender to pay this off, as then you start on the roundabout and will have much longer term problems. Thats what I did, 5 times. Its taken me over a year to pay 3 off, 2 more and 3 more months to go.