Getting a better APR loan to pay off Payday Loans

just2kisses

Hi guys!
Im a newbie to this site so Im sorry if I repeat anything that has been mentioned or is easy to find elsewhere.

I am a supply teacher on quite a good income. However, at the start of this academic year (09/11) there was no supply work available. As I went without work for a few months I stupidly took out pay day loans knowing that work would pick up eventually (which it did- im currently in a post till at least July).

Unfortunately the repayments of the payday loans have become unmanagable. What I would like is to get a loan from a sensible(!) lender with a normal(ish) APR so I can get rid of these horrid loans.

I must mention my credit history is not brilliant and my work is temporary- but there must be somewhere with a better APR than 4000%!

Thanks in advance to anyone who replies

David

Mara69

If you've needed pay day loans you are highly unlikely (as in, you have more chance of flying to the moon) to be able to get a loan elsewhere. Lenders see pay day loans as an enormous red flag. I would suggest you either find extra work and sell everything not nailed down or try to come to a manageable agreement with the lenders. How many have you got outstanding?

just2kisses

My current pay day loan amount outstanding is £1500
x

opinions4u

As I went without work for a few months I stupidly took out pay day loans knowing that work would pick up

Pay day loans when you haven't got a pay day due are not the brightest solution to a problem.

I'd suggest you get over to the Debt-free Wannabe part of the forum and post there for help.

You may also benefit from a visit to www.makesenseofcards.co.uk and complete a statement of affairs.

In the meantime, stop spending money on anything that isn't needed to survive and start selling stuff on eBay, paying the proceeds to the evil PDL agreement that you signed up to.

My current pay day loan amount outstanding is £1500

How much is your next paypacket? And when?

shop-to-drop

Can we assume you already have an overdraft with your bank? Because that is the best way to borrow for a short period to see you through a tough patch.

Mara69

My advice would be to open a new bank account, making sure the new bank is totally unconnected to the first. Get your salary paid into the new account and close the old one. Then contact the lenders, in writing, advising them you cannot meet the repayments and would like to make an arrangement with them. Your credit rating is trashed anyway so defaulting (if you haven't already) will make no difference. Throw everything you can at these loans and get them paid asap. Never touch a pay day loan again - especially if you can't actually repay them as agreed.

just2kisses

I currently have: a house worth 110k with a remaining mortgage of 40k; two Credit cards at low limit, an overdraught facility of 2000, approx 150 on an argos storecard and 2000 remaining on a car loan I took out a few years ago. I actually could afford some kind of loan repayment- but this one is ridiculous! Ive already sold my car- I dont have much else personal possession wise

just2kisses

I get net pay of £450 weekly.

I forgot to mention that I moved for work- from manchester to nottingham- and I pay £275 a month rent down here.

I thank you all for you advice, Im sorry if I seem careless- I admit I was- but I was in a desp situation and I wasnt wise enough to chose a better path

shop-to-drop

Are you sure you were allowed to sell your car without the car loan being paid off in full?

Mara69

Use the overdraft. It'll be much cheaper. Don't complain about the APR now - you borrowed the money, you are a teacher so I presume you can read and therefore read the T&C's before you borrowed the money. Bit late to be throwing a hissy fit about the high interest.

bungle4by4

When i first saw this post, i had a bet with myself that the first reply would be a quip about 'hope your not a maths teacher'... you lot surpise me sometimes