Payday Loans Help

ggboybeamer

Hi forum I would just like to see if anyone can give me advice on how to pay off my loans.

I owe about £1200 of PayDay Loans To Date. A loan of £600 is due at the end of the month.

I earn about £400-500 a month. I have been looking and applying to several banks online for loans for over 12 months or 24 months for £1000 and none of them are accepting me. I am trying this because it would be cheaper to pay off the debt by using a loan of £1000 to pay off the payday loan debts. I have checked my credit score and its at the fair rating at the moment 742 is my score.

If anyone can reccomend me a loan service or site that I can borrow £1000 of then please tell me otherwise if anyone can reccomend any other way to pay this debt off. Its killing me please. I can't really borrow from my parents or relatives. What happens if I can't pay this off at the end of the month ?

Im scared that they will take me to court. I knew it was stupid borrowing money from payday loan company and never again will I do it I was just desparate at the time.

Please help

Louise600

The best thing to do is stop looking for loans, the only companies that will give you one now will be a really high APR, may need a guarantor or will charge brokerage fees.

The best advice is to contact the companies you owe the money to and explain the situation. In my experience they are quite good and will accept a payment arrangment. They might want you to miss a payment first before setting an arrangment, don't be tempted to borrow any more.

Also you could do with changing bank accounts to make sure no money is taken out and in the meantime contact your bank to withdraw the continuous payment authority.

Work out how much you can afford to offer before contacting them, send them an email if you prefer with your proposed payments.

Hope this helps.

ggboybeamer

Can I change my bank account I have outstanding student overdraft on my HSBC account.

nmh1980

Hi

I am in a similar situation. I am due to pay £515 to Wonga at the end of the month but cannot afford to pay this.

I was doing what you were, looking around for a cheaper loan to use, but as Louise said, the only one who accepted me wanted a guarantor on the loan so that was a no no. I have posted in the Struggling with Debt sticky my full situation so I am looking at alternatives.

Louise600

I fell in the payday loan trap with 2 companies, Wonga and Quickquid, both made an arrangment with me.

GGboy, all you need to do is open a basic bank account with another bank and have your money put in there. By doing this if you want to you could put some aside to pay off your overdraft eventually too.

You could also contact CCCS and enquire about a Debt Management Plan, your overdraft and any other debts can be included.

Go on their website and fill in the online Debt Remedy, you can potentially set up a DMP online. They will advise you to open a new account anyway. Make sure you go for a basic account though.

I have been with CCCS for a few years and they are a godsend!

nmh1980

good advice louise. i have already started the process of moving my bank account.

nmh1980

sorry ggboy for hijacking your thread.

Louise600

NMH it's the same advice for you so go for it!!

nmh1980

thanks louise.