Discovered Girlfriends payday loans. Help!

paydayproblems

Bit of an update.

She has been to CAB already. Has changed bank account and sent a template letter from them showing outgoings to creditors, showing level of debt and getting creditors to agree to freeze account, stop adding interest/charges and agree a payment plan.

Surprisingly all but one have agreed to this, lots are £200-250 which could be cleared quickly enough.

At £300-£350pm, she could have £1200-£1500 cleared inside 4-5 months and still have £800pm to live on. That's do-able, seeing if she can get something part time as well. That would reduce the creditors shes dealing with to two as well within that period.

One Loan is £800 the other £570, £800 has agreed to £20pm for three months then review and also freeze interest for that period.

Only one hasn't agreed, it is the £570, It was something like £170 interest for a month for £400! They want to keep adding interest from end of this month. Basically that isn't happening regardless. I'll lend her that if it comes to it. There is no way shes paying £200 a month interest on £600! It also makes the whole DMP unworkable at £500pm..

Anyway, before I do that, she is back at CAB in next few days for a follow up. I said to see if they can go over her DMP and break down money from next month in terms of what the total repayments are, rent, travel bills and what her weekly budget etc will be. Also get them to look over all the agreements with creditors. I'm going to go through all of it after the meeting to see where we are up to, just want to make sure this is workable really.

I'm being supportive and helping her work through this but not sorting it out for her. If she sticks at it, she could be out of this mess in 8-9 months with only me left to repay. It's not actually a huge amount to pay off if your working full time, just a ruinous rate of interest.

Thanks for the platform to sound off a bit so, I was calm before I spoke to her. Shouting about it wasn't going to help matters or help problems in future. I'm hoping 12 months of sorting this out will be a harsh lesson learned.