Help/Advice anything please!!

MissRhiM

This is my first post on the forum and I'm hoping someone can help me!

I don't know where to start really...I'm feeling really stupid and don't know what to do anymore...

I'm not currently in debt, but I am skint!
I've got a job, and after sitting down and working it out I've got more coming in than I have going out (which should be good!) but for whatever reason, at some point during the last few months, I spent too much money and ended up having to take out a payday loan (I know, I'm an idiot right!).

Anyway, the last few months have been a nightmare, I am constantly struggling to get by, I now have 2 payday loans out (one that I've just been extending every month!)

I've got other things I'm paying for too, such as my tv, and fridge, which are from catalogues, and another stupidly high APR rate year long lone that I took out at Christmas!

Because I'm constantly in my overdraft, direct debits over the last two months haven't been able to go out (although these are now paid so not a problem) and I know this will happen again.

The thing is, is that I know I could get myself out of this situation if I had the money to pay off everything at once, I would be back to square one and everything would be fine...and I'm currently on a course at a local centre to help me with my spending and keep track of my finances.

But obviously, because I've got poor credit, I can't get a lone to consolidate any payments, so I'm stuck.

I really really don't know what to do anymore...I'm a single mum, and work as many hours as I can.
I know I've made some silly mistakes regarding money, but I feel like I'm now stuck in this deadly circle of payday loans and overdraft charges.
I feel like I'm being punished simply for being a bit naive:(

Does anyone have any suggestions, I don't want to take out a loan with a stupid company that's going to charge me stupid money, but I am feeling so low I don't know what to do anymore...

[Deleted User]

MissRhiM wrote: »

I've got a job, and after sitting down and working it out I've got more coming in than I have going out (which should be good!)

It's very good. Take your spare cash and pay it towards your most expensive debt. Then, once that's gone, pay it towards your next most expensive. And so on.

MissRhiM wrote: »

I've got other things I'm paying for too, such as my tv

If you're serious about getting rid of the debt, then sell the TV.

MissRhiM wrote: »

The thing is, is that I know I could get myself out of this situation if I had the money to pay off everything at once, I would be back to square one and everything would be fine

Ni, it wouldn't. You don't get rid of debt by getting more debt. Two negatives don't make a positive in this instance. You might pay a little less interest on the debt, but it's still there and you still won't be at square one.

Try the DFW boards for lots of help and advise on how to cut other costs so you can pay more off your debts. Good luck.

chalkie99

MissRhiM wrote: »

I'm not currently in debt



I now have 2 payday loans out (one that I've just been extending every month!)

I've got other things I'm paying for too, such as my tv, and fridge, which are from catalogues, and another stupidly high APR rate year long lone that I took out at Christmas!

.... I'm constantly in my overdraft,

Take a look at the first line and you will see how wrong this is by the other parts of your message I have quoted.

As ZX says, get rid of anything you can sell to pay off some of those debts, starting with the highest interest ones, presumably the Pay Day loans.

Peelerfart

And please,as suggested,post this on the DFW board.

They are not judgmental at all,and there are heaps on there in a worse state than you for sure

Good Luck

PF

balmk

Hello and welcome to MSE

Mod - can you move this across to DFW so that we don't get two threads running?

In the mean time, can you do a statement of affiars (this calculator will help you http://www.makesenseofcards.com/soacalc.html) and post the results here. This will allow us to help you look at where you can go from here.

fracturedsun

Others have already said it but I really do recommend the DFW board, they can give a lot more advice on managing your pay day loans. In the meantime try to complete a SOA (statement of affairs) and keep a spending diary for a bit so you can see where your money is going.

tayek1967

Please wait & see useful & valuable advice, thanks.