best way to get myself out of this hole

arthurdaley_2

Hi

i know the replies i will get and yes i am stupid, basically after bills,petrol for work and all that have about 100-£150 per month,

had a poor cple of months and ended up stupidly getting payday loans, i have three due on my next payday on the 31st, £650 £300,£425.

i have no chance of repaying these as my next pay through car expenses i will be struggling to survive.

if i default i will get charges, if i rollover all three im never gonna clear these i will just be paying £260 a month to roll them over.

advice please and yes im stupid.

heartbreak_star

You might have to roll them over this month then pay one at a time for the next 3 months?

Or pay them off and re-take a smaller loan each month till it's paid?

Or change bank account and try to negotiate payment plans?

Someone with more knowledge than me will be along soon I'm sure. Good Luck!

HBS x

MusicalLawyer

Which companies are the PDL's with?

You should just contact them and tell them that you're in difficulty because of your car and you can't afford to pay the loan back as agreed, and ask if you can on a repayment plan. They will probably tell you to default first, so they can add a charge on it - which would be less than you constantly rolling the loans over incurring interest each month.

I had one with Wonga - I defaulted and they added £142 (So it was now a total of £442) and offered me to pay it at £50 per month.

scottish251

alot of people in the same boat mate. in my experience i admitted to friends and family that i had these loans i got what i could of them, paying back the largest loans first then sorting the smaller ones with the savings of the interest of the bigger loans

it takes abit of time but you will get there in the end

good luck

camuk81

Arthur I was in the same boat when I started and had to get one to cover payments till payday. DO the highest loan first and keep reducing the amount you borrow to get back on you feet,

Well done on spotting it early