Caught in the Wonga Loop

jeff87

Hi,

I'm caught in the Wonga loop and need to find away out. Each month I'm borrowing about £400-£500 to pay of last months loan. I'm paying off my overdraft from University and have the usual utilies to pay off, rent, council tax etc.

I need get a load that I can pay off over a few months to help to sort myself out but I have bad credit history so not sure where to look. I have been told to look at the credit union but you have to be with them for a few months before they can help.

Can of you nice folk got advice for me? I know this is a relatively small amount compared to other peoples problems. I just want to get it sorted ASAP.

Thanks,
Jeffery.

DCFC79

Well for starters look at what yopur spending(do a statement of affairs and post on the debt free board)and cut it right down to the basics eg only buy essentials for shopping, buy the basics/value/smart price foods, have beans on toast/pasta/noodles for tea. Sell some stuff on ebay or cash converters.

What was last months loan ? another PDL or money form wonga ?

maginot

Hi, welcome to moneysavingexpert.

With a bad credit rating you are not going to get a loan.

You need to just cut back for a few months and pay these debts down. Pay the minimum on the overdraft and pay off the payday loans. Can you try to ring them and get them to come to a repayment plan with less interest and/or charges?

As you say, the debt is not massive. Just need to eat beans on toast, sell any assets you have to get rid of this debt as quickly as possible.

jeff87

Last month was £450. I recently moved due to work and all my money, including Wonga money is going into that.

I think you are right. Just need to tighten the belt and cut back as much as possible. Sad thing is I have very little luxuries in life at the moment. Good time to make use of my library card.

Thanks!

opinions4u

Sell stuff on eBay, pay Wonga, get rid of them and never return to PDL borrowing.

paddyrg

Can you do a doorknock locally and just say "I live at #17, and got myself in a finacial pickle when I moved, and am trying to clear it - do you need a hand clearing your garden or chopping logs or washing/valeting the car or shopping or any other odd jobs?" Even if you make £20, it sounds like it'll make a difference right now, and you will get to meet your new neighbours at least.

solitude1

hi, sorry to jump onto your thread but l have just taken a wonga loan out today for £80 due to pay in 12 days but after seing a lot of horror stories on the internet lm getting worried now, there are lots of reports of people accounts being emptied and wonga taking the money days before the due date so lm just looking for some advice people who have dealt with wonga if they have had any problems?
l am fine to pay the money back, its just to cover a bill due next week. l'd hate to end up having loads of hassle and charged just over an £80 loan.
l know what lm getting into with a payday loan but any advice would be appreciated.
thank you.

[Deleted User]

All you have to do is pay the amount requested by the date specified. All the issues you read are about people who thought the amount to be repaid and the date were just vague guidelines that didn't really apply to them.

fracturedsun

Somebody further up said it but I really can't recommend posting in the debt free wannabe forum enough. Explain the situation and put up your SOA and the people there will help you work out where you can make savings to get this paid off so you can get out of this spiral.

DCFC79

fracturedsun wrote: »

Somebody further up said it but I really can't recommend posting in the debt free wannabe forum enough. Explain the situation and put up your SOA and the people there will help you work out where you can make savings to get this paid off so you can get out of this spiral.

Yep was me, ive read some of the threads on there and its quite helpful to get another perspective on the SOA.

pcrosland

I think payday loans are terrible, the are a lifeline... but if your struggling that much look for part time work.. I wish I had done this at uni, I always felt my studies would suffer if I worked... but to be honest, uni is a dos and now finally starting work full time.. it makes uni seem so easy! we always complained about having morning starts at 9 and only had to be in for 2 hours!! Now i'm up at 6.30 am everyday and get home at 5.30... Good Luck!!