Help needed for a friend

TwittersPVFC

Yes, this is geniuinely for a friend and not for me that I am looking for advice for. My friend has found themselves in a bit of trouble and doesn't know what to do. They have got two pay day loans, each at £800, and also has a credit card bill of over £1000. So they have £2600 to try and find and don't know what to do.

I'm at a loss as to what to say to try and help them. They've tried for a loan with no success and probably don't have enough of a credit rating to get a balance transfer card in order to move that about. They are in a position to make the minimum payments on the credit card, but can't manage the payday loans and are really in a panic.

The last thing I want to do is to advise them to default or anything like that because if they want to get a house in the future they'll be screwed. So can anyone offer any advice on how to help them?

ellesbellesxxx

Without knowing more about their finances - eg whether the pay day loans were a one off or to cover no money coming in through unemployment, I am afraid I can't say... in the meantime they will have to do min payment on cc and leave that as low priority compared to the payday.


Am sure someone will be along asap to advise on payday

DS4215

Payday loan people often don't record defaults or take out CCJ's etc against people, but that does not mean that they cannot. Without coming to an arrangement to pay it back over time (possibly getting defaults) the only other option is to raise the cash - either selling things or scrimping to get the money together.

TwittersPVFC

Cheers for the advice so far. I'll ask them to contact the firms and find out if they are willing to come to some sort of repayment option.