In Need Of Some Advice

RossDoughty

Bedsit_Bob wrote: »

Whatever else happens, make sure the Council Tax is paid.

It is a priority debt, second only to the rent.

Not paying a loan could lead to County Court, but not paying Council Tax could lead to the Magistrates Court.

Thanks for that advice,

I will pay for the council tax asap, sort out a payment plan for them.

rartherinv

Hi

If you have any friends or family who could lend the money I would definitely suggest to confess and ask them for help.

I didn't have that however I got out of a similar trap by consolidating it with Poundstopocket (p2p)...

With normal PDL you are paying £300 (30%) interest per month, but with p2p it is more like (10%) £100 interest a month.

The p2p loan term is 12 months (therefore full term interest is like 150% which seems like complete madness) but the secret hidden in their terms is that you can pay it off at any time and only pay the interest incurred for the time you've had the loan.

Switching to them allowed my cash flow to return and I paid it off a few months later, whereas if it was still with WONGA then i would have just paid them £900+ interest and still owed the money.

they are run by same company as quickquid so you cannot have a quickquid loan when applying for theirs.

[Deleted User]

No offence but, given the OP's position, I don't think taking out another PDL (whatever the interest rate) is a good idea.

Also, he already has a QuickQuid loan.

heartbreak_star

Any chance of getting a second job or doing some freelancing?

HBS x

thatsean

Hi OP.

Where's the SOA?

As said above, CT is the priority here, after keeping a roof over your head. Frankly, the PDLs can whistle.

I cannot say how strongly I advise against more borrowing to pay off debt, this site is littered with people, who, with the best intentions borrowed to pay off debts, and then spent it all again. All while saying 'it'll never happen to me'

[Deleted User]

thatsean wrote: »

Where's the SOA?

Here.

http://forums.moneysavingexpert.com/showpost.php?p=57427161&postcount=1

FinKite

Don't want to sound patronising, but think this is worth saying, just in case...
If you do take out a loan or borrow from family, do not borrow £1000, borrow £704 (your PDL debt) less whatever you can save (based on SOA) before the PDLs are due.
This kind of rounding up can just get you in trouble! So easy to think, right, I'll get a round thousand, pay off the PDL and then buy xyz - because I can afford £20 a week. Never borrow a PENNY more than you actually need!
£1000 is actually nearly half as much again as you actually owe to the PDLs!