Really need help with loans

ggboybeamer

Hi I am new to the site and thought some of you guys can offer me some advice/help with my problem. At the moment I have myself £1200 debt I am to be paid this month around about £400 I will be short by about £800 as you can evaluate.

I was wandering is there anyway I could possibly get £800 in some kind of loan that is long term. I am a student and only started working this month again for the summer. The debt are from payday loans and very few are accepting my applications unless I ring them up etc. I have an overdraft maxed out with my bank, and a credit card maxed ( included in the debt ).

I have £500 due to be paid up on the 17th of this month and the rest are due to be paid the end of the month

Please help I really am lost and don't know what to do.

Tixy

You are very unlikely to get a loan with outstanding payday loans and a very new job (assuming there is not chance of borrowing from a family memner).

I think you might need to consider defaulting on all your agreements and then arranging to set up payment plans with the lenders at a rate you can afford.

To do this you would need to open a new bank account with another bank to have you salary/income paid into to prevent the payday lenders from automatically emptying your account of all funds.

Payday lenders usually won't agree to repayment plans unless you have made it impossible to get funds by draining your bank account/

There are consequences of course to defaulting - it will be shown on your credit file.

You might want to have a read of this - Dealing with Payday Loan Companies and you could consider seeking advice from one of the debt advice charities.

The only other options that I could think of in your circumstances would be to borrow from family or sell anything you can to help towards repayments.