yet another payday loan mess!

cla666

I have got myself into a great big mess with payday loans. They total about £1800 at the moment and I have about £1100 disposable income each month so I could clear these off within a few months. I have already cleared a couple.

My only question is - I also have quite high catalogue repayments at the moment - £300 to littlewoods alone. They total about £500.

So my problem is - I need to get these pyday loans out my life so they can stop crippling my pay every month but I already have £500 to catalogues. Would I be better off just chipping away at these loans like I have been but taking longer to pay them off, or making late payments on the catalogues. Are they likely to give me a few months before they are passed to debt collections or struck on my credit file as defaults?

I know my credit file will be trashed for this whole payday loan mess as it is. I am just wondering the best and quickest way to get rid of them. My job is within finance so I dont want to end up one a DMP or anything and even though my debt is horrendous, I would just like to get these payday loans gone.

And perhaps grow a braincell when it comes to money and never ever go near them again!!!!

Thanks for any suggestions.

TeamNicholson

Have you contacted the payday loan companies? I hear some of them are quite good at arranging payment plans. Perhaps you could negotiate a lower repayment.

Also, if you post a SOA (the link is on the sticky thread for newbies) you might get some advice as to what to approach first.

cottonhead

I am in a similar mess. There are 3 companies that alloow me to pay off in installments over several months but 1 that wont. I keep rolling over but I need to pay it off at some stage. I am like you - will never touch the things again once they are gone. have you tried speaking with the catalougue company ? You kight be able to arrange reduced payments for a few months. I arranged that with next for 6 months. Gives you a bit more breathing space and perhaps you could then pay off the smallest payday loan and go from there. Feels better having less loans to deal with, even if the total debt owed isnt much less in terms of pounds owed. Good luck.

nfollows1982

Hi, if one of you PDL is with Wonga then send an email to:

[EMAIL="tarik.abdellah@wonga.com"]tarik.abdellah@wonga.com[/EMAIL]

If you say you have problems paying and propose a reasonable payment schedule they will freeze your account and not add anymore interest or charges.

I have done it once for my wife and they accepted £10 pw to clear £600 loan and they have stuck to it and no problems to deal with