Help

Josh22

I have been really stupid and have got myself into quite a bit of payday loan debt. It all started with a small £100 loan which was paid back but as it was so easy if i needed money i returned to this method, when i look back i was really naive.

I now owe - £1200 (wonga)
£770 (quick quid)
£480 (payday express)
£400 (payday uk)
£260 (mr lender)

I have a safe position in my job and earn roughly £1050 after tax per month. I have not defaulted on any payments so far by juggling them from month to month but it is really getting on top of me now and i need to deal with this.

I know i am the one at fault here, if anyone can help or give advice i would be grateful.

sistafromanothermista

Firstly :wave: and

It would be useful to post your full SOA (statement of affairs which detail all incoming and outgoing ££)
You will find the link on a 'sticky' at the top of the board.....

Josh22

i still live with my parents so my total outgoings for the month are £250 and incomings are £1050

so i have about £800

freshstart11

I would recommend doing a SOA as everything in front of you helps.

If I am honest with that much disposable income (if that is what you have) then set up payment plans with each of them. you need to contact them now and stop taking them out before it gets worse.

Get a new bank account and get wages paid in there as well so they cant take money when you feel like it.


the more PDLs you take out, regardless of paying them back - the worse your credit gets. some people decline credit for any sign on PDLs and you have 6 years of them on your record

Josh22

freshstart11 wrote: »

I would recommend doing a SOA as everything in front of you helps.

If I am honest with that much disposable income (if that is what you have) then set up payment plans with each of them. you need to contact them now and stop taking them out before it gets worse.

Get a new bank account and get wages paid in there as well so they cant take money when you feel like it.


the more PDLs you take out, regardless of paying them back - the worse your credit gets. some people decline credit for any sign on PDLs and you have 6 years of them on your record

Thanks, i will try and call all of the companies tomorrow.

sistafromanothermista

Josh22 wrote: »

i still live with my parents so my total outgoings for the month are £250 and incomings are £1050

so i have about £800

This is great. I would definitely search through the other threads on this type of situation and see what you should do with regards to payment plans etc...

mildredalien

So the good news is if you can really put that entire £800 towards paying off those debts you could be debt free in 4 months! However, if you have needed to take out payday loans with £800 in disposable income then I'm not that convinced it's going to be that easy... firstly I'd try and figure out exactly what you are spending each month (on what) and why you felt you needed to take out those loans in the first place.

You'll have to do a bit more juggling and tighten your belt in order to get them paid off. Firstly you'll need to close down your bank account so that the lenders cannot take any money out of it (just stopping the card or trying to cancel any direct debits won't work). Secondly you'll need to choose who to pay first, then contact the rest and let them know that you can't repay immediately and organise a repayment plan.

Personally I'd suggest paying off mr lender and either payday uk or payday express, then use the remainder to make token or minimum payments to your other creditors. Next month you can pay off another debt and make further payments to two more, and so on. Hopefully then you can get out of the cycle of taking out payday loans!

Good luck!

[Deleted User]

Have you thought of snowballing? , paying off the smallest loan completely this month, then the next one the next month, and so on if you have the funds

DO NOT CALL PDL COMPANIES - KEEP TO WRITING ONLY

Keep hold of that job and you'll be ok

Josh22

Thanks for the advice people, i will use this and try and start wiping off that debt.

milredalien - i initially took out a small loan towards a holiday, because it was so easy to access the money i used it more and more (stupid and naive i know).

the reason i have not been able to pay them off is because i have been extended the payment date by a month, again this was very naive and due to the fact that i knew nothing about pdls. I have learned my lesson though and i as i have been working on a very small budget each month for myself then i hope i will be able to arrange repayment plans

Amelia39

Hi josh, just wanted to offer support if you need it. I think these payday loan companies are terrible! I can't believe they are aloud to advertise on TV - makes it all look too easy. I really hope you get things sorted, coming to this website is a great start!

bexiboo92

Amelia39 wrote: »

Hi josh, just wanted to offer support if you need it. I think these payday loan companies are terrible! I can't believe they are aloud to advertise on TV - makes it all look too easy. I really hope you get things sorted, coming to this website is a great start!

I don't think they should even be legal, et alone lending to people without proof of pay like pay slips and bank statements. Wonga lend to anyone and everyone.