Pay day loans debt...

bexiboo92

Hi,

I'm completely new to this site so please be kind and don't judge. I haven't told anyone the full story of my debt... I don't even know if this is posted in the right forum.

I first started taking pay day loans out in October 2011, solely for the purpose of them; to cover costs until pay day. I changed jobs in November 2011 and took a decrease in pay for my new job. I missed a repayment for Quickquid in December 2011 and everything sort of snow balled from then. I fell into the circle of taking out pay day loans literally the day one was repaid in order to live and pay my rent.

I live with my boyfriend and we have recently moved into a new property, thankfully this is a cheaper property and we are able to have a little bit of spare money. I have set up replayment plans with some of the loan companies, but I am constantly receiving letters and phone calls from debt collectors. I fear they're going to turn up on the door one day. I'm in about 3 thousand pounds worth of debt, plus an unpaid £150 Orange bill and a £300 Eon bill due from our old flat.

I need to do something before this ruins my life. My relationship is suffering, I'm suffering and I'm so sick and tired of having to lie about everything. And i'm the one to blame for all of this mess.

I don't even know what i'm on here for....i suppose just to talk to someone who understands.

thatsean

You've come to the right place! First things first - statement of affairs. There's a link on the site to a form that you can fill out, do this and post the results on here. There are lots of us on this board who are regulars who will advise where we can.

Well done on recognising how harmful this can be if you don't deal with it, and feel proud that you're facing this.

Do the SOA and we'll be able to chip in more.

All the best.

S.

bexiboo92

Thanks.

Where do I find the statement of affairs thing? Being a bit blind...

thatsean

http://www.makesenseofcards.com/soacalc.html

bexiboo92

Thanks.

My results are:
Summary of Monthly Income, expense and surplus
Total monthly income: £1520

Expenses (incl. HP & secured debts): £1194

Available for debt repayments: £326

Unsecured debt repayments: £0

Surplus (shortfall if negative) £326

Personal Balance Sheet Summary
Assets: £0

Secured & HP Debt -550

Unsecured Debt £-3150

Net Assets £-3650

thatsean

Can you post the full breakdown, that way people can chip in with ideas on saving money too.

[Deleted User]

With your available figure for repayments if correct (don't know if you had factored in the already setup payment plans?) you could consider a DMP - Debt Management Plan and have the hassle of dealing with creditors shared and I think it's more helpful/official sometimes when dealing with PDL's - why stuggle on your own if you can get help - take it

Maybe tell boyfriend to, I hid mine from my family and they found out by accident after I'd finished paying almost and were absolutely deverstated - turns out they would have helped had they known it just made the whole situation worse by keeping it from loved ones

Another option is snowballing, paying off the smallest loan completely this month, then the next one the next month, and so on, but payday loans are LOW PRIORITY apparently and should be paid after rent, council tax, electric and all secured debt - you could always make it work for you and ask for a discount if you pay in 1 or 2 payments - full and final settlements read the book by Steve Perry to see what I mean

You'll be ok

bexiboo92

Deleted%20User wrote: »

With your available figure for repayments if correct (don't know if you had factored in the already setup payment plans?) you could consider a DMP - Debt Management Plan and have the hassle of dealing with creditors shared and I think it's more helpful/official sometimes when dealing with PDL's - why stuggle on your own if you can get help - take it

Maybe tell boyfriend to, I hid mine from my family and they found out by accident after I'd finished paying almost and were absolutely deverstated - turns out they would have helped had they known it just made the whole situation worse by keeping it from loved ones

Another option is snowballing, paying off the smallest loan completely this month, then the next one the next month, and so on, but payday loans are LOW PRIORITY apparently and should be paid after rent, council tax, electric and all secured debt - you could always make it work for you and ask for a discount if you pay in 1 or 2 payments - full and final settlements read the book by Steve Perry to see what I mean

You'll be ok

Thanks for the advice.

Spoke to Quickquid today regarding my debt with them and they've offered a discount of if I can pay a certain amount off in one go within the next 28days, that'll be my debt cleared.

I have looked into a debt management plan. Do you know of any companies that don't take a percentage of money for themselves?

Boyfriend sort of knows; he's not very pro active unfortunately so I feel even if I did tell him the full extent we wouldn't get any further and it'd just make the tension worse...:(

sistafromanothermista

:wave:
That's your decision not to tell him, you know him better than us
Thats good news about the settlement 1 down.....

925pws

bexiboo92 wrote: »

Thanks for the advice.

Spoke to Quickquid today regarding my debt with them and they've offered a discount of if I can pay a certain amount off in one go within the next 28days, that'll be my debt cleared.

I have looked into a debt management plan. Do you know of any companies that don't take a percentage of money for themselves?

Boyfriend sort of knows; he's not very pro active unfortunately so I feel even if I did tell him the full extent we wouldn't get any further and it'd just make the tension worse...:(

CCCS or Payplan offer a free debt advice service, if you go on their DMP all your money goes to creditors.