Information request

smokealot_2

Im a first time poster and looking for a bit of advice maybe some decent ideas on how to resolve my problem.

I have three outstanding Payday loans and where as I can afford to pay the interest and a bit more each month, I cannot afford to clear them all in full. my totals are below.

Payday express - 650 - 130 each month in interest
PDUK - 475 - 95 each month in interest
Wageday advance - 256 - 56 each month in interest

I work and earn enough to pay the interest and say 15/20 pounds on top to each of the loans, I could spend more but being in a long distance relationship makes this impossible.

I believe to save money in the long run I am better off taking on a 12 month installment loan clearing pay day loans. I had looked at cheque centre but it was ridiculous, borrow £1375 pay back £3025 at 300 a month.

Im hoping there are better options. I do have a CCJ on my credit file but IT IS NOT for failing to pay a credit agreement, it was a dispute of common repairs to my flat carried out by my local council totalling £424. The decree was in may 2008 and cleared in December 2008. Certificate of satisfaction will be on my file soon (didnt realise the impact of it not being there )

So my options are limited, deal with the devil or grind the payback out slowly over 6/8 months and pay a lot of interest (my fault totally)

Things will improve once a tennent moves in the flat I sublet and can clear things quicker then regardless of what loan I have but prefer to sort this out now.

For the record I have cleared off 23000 of debt over the last 4 years. Only have to get rid of these ones then I will reach my goal of debt free by 2013. (excluding mortgage)

Does anyone have any ideas or what company is worth trying to get a loan from, so many brokers online I cant see the woods for the trees.

Thanks in Advance,

JoshBee25

I've payed my payday loan of there awful, state you can't afford to pay ask for a payment plan, just pay the roll over fee banking the 15/20 of each a month once you've banked it example

Take the £130 fee & banked money to clear one, take care of one at a time also ask to close your account.

paddyrg

smokealot wrote: »

Payday express - 650 - 130 each month in interest
PDUK - 475 - 95 each month in interest
Wageday advance - 256 - 56 each month in interest

I had looked at cheque centre but it was ridiculous, borrow £1375 pay back £3025 at 300 a month.

Im hoping there are better options.

Hmmm - the problem is that with any PDL lenders on your credit record, no premium lender will go near you for a better rate.

I know the Cheque Centre loan is OUTRAGEOUS, however at the moment yo're paying like £275/month in interest alone, so at the year end, that would be £3300 just in interest to stand still. Basically, as lousy as that option is, it still beats where you are right now. Better still if you overpay it as fast as possible.

Keep away from brokers, they will only charge you an upfront fee to sell your name as a 'hot lead' to just the kinds of places you're trying to escape!

smokealot_2

Thanks for the responses,

I was really just looking to make sure i hadnt missed any options. As I say when a new tennent moves in I will be able to clear them quicker.

I will jsut need to crunch the numbers on my spreadsheet and come up with a plan.

I really dont want to deal with cheque centre. Cant think of any other companies out there that do a 12 month loan.

ill keep looking.

paddyrg

Alas, you're looking at the expensive and lousy end of the market. You could try peer-to-peer lender Yes Secure https://www.yes-secure.com/getaloan.jsp

chalkie99

smokealot wrote: »

I could spend more but being in a long distance relationship makes this impossible.

I know this probably sounds harsh but if you are stuck in a loop of paying crazy interest charges then you have to cut back on spending wherever you can. If the long distance relationship is stopping you from paying the debt down then it is time to put the relationship on hold for a while, or at least cut back a bit.

If your partner cares about you they will understand your priorities for the sake of a more relaxed future.

smokealot_2

thanks for the link, I will check them out.

I have put a notice of correction on my credit files (currently waiting for the update to be made) hopefully it will help

I think your right though chalkie99 i just need to live within my means grind this out and learn the lesson, were talking about a future together and i dont want to take this kind of situation into it.

Part of the reason I joined the forums im looking to learn and if I have to find a better paying job or take on a second one so be it ive done it before

again im just looking to make sure ive not missed any options

paddyrg

Yep - use this as a wake-up call, a chance to revise your whole way of life and you can be free from these expensive bottom-feeders forever!

smokealot_2

I think ill wait until the notice of correction has been placed on my files before approaching anyone else.

Im doing the things martin talks about i.e being on the electoral register correcting misleading information on my files etc.

im working and can service all my obligations, patience is the buzz word for me at the moment

thanks to all for the advice so far