Payday loans but clearing them

Buffett

Well done moomin, your progress is amazing and each loan you cross of a great achievement!

Did you consider killing the smallest loans first, to reduce the number of companies & balances you were managing ... also to give the maximum sense of progress?

Make sure you do something positive with the extra cash you have available when these loans are gone - don't become a shopaholic!

saffer_in_fylde

moomin_master wrote: »

I got into my situation by living outside my means, and things arising and having to borrow more money to cover it. That I already know. Probably have done whatmajority of people have done on this board. And with it being so easy to borrow, just did it with a "yeah, who cares" atitude. I had been borrowing without the implications until I realised I was 1000's in the hole. Let's be frank... I was stupid. Now, however, I am posting about what I am doing too get myself out of the hole I have dug. Asking questions along the way. Maybe it'll help someone else out along the way.

:T Well done you! I am/was just as stupid. Trying to make things better.

moomin_master

Wonga I found difficult to deal with so cleared them first. Lending stream equally difficult so next on my clear list. After everything is cleared, I plan to save and travel.

It may not make much sense but I have getting rid of the worst makes you feel better you are not constantly giving them cash so more satisfaction to me.

My January challenge. I have £60 in my wallet. It has to last me 31 days from Jan 1st. Can it be done? Bit off effort and yes. Taking packed lunches to work. Amazing how cheap a slab of cheese and bread is. Drinks: Coffee/water at work is free. No eating out. Jesus, I spend £3.29 a day on lunch at work. So figure that out over 6 days a week. Crazy what I have been spending. I have never looked at it in those terms until now.

Thanks for all the support.

hereigoagain22

Well done!

I have Wonga and Lending Stream too. I took it out when I split from my OH and took a while for tax credits to be set up so initially I borrowed from Wonga, they kept spiralling as each month I'd have to borrow more to cover the huge fees and interest I'd pay and now I've told them I cannot afford to pay them back at once and need to set up a payment arrangement but they don't listen and take the full amount from my card anyway meaning I am stuck and have to borrow again. My original loan with Lending Stream was only around 300 but I think I still owe them 500 because of deferred payments! I've had to fully change banks so that there's not a penny they can take from my card. Once they finally listen to me and stop trying to take money from my cards I'll be able to pay them back.

Post up your SOA (look at the sticky at the top of the board) and lots of people will chip in and help.

£3.29 x 6days a week x 48 weeks (assuming 4 weeks min hols) is a whopping £947.52 you could save by next Christmas, think about what you could do with that.

What else do you have to pay with your £60? Just work lunches and snacks? What do you have at home in the cupboards to use? Doesn't have to be boring sandwiches for work - I always lose my willpower when it's yet another sandwich! You can also make up a batch of sandwiches at the weekend and freeze if you lose the motivation to make the sandwiches in the morning at night (although in reality it only takes 5mins!). Pasta, baked potatoes etc. are cheap alternatives and can be prepared the night before (or batch cooked and frozen) too x

415SanFran

Sounds like you need a spending diary, it really is surprising how you can fritter away a little amount everyday, over the month it really is a lot.
That (let's say) newspaper everyday, it's only pennies, I can afford that.........trouble with me is I used to manage to convince myself of little things like that all too often.
(Cans/bottles of coke when I was out was my downfall)

moomin_master

I am terrible for cooking. Tbh, I eat sarnies day in/out just because I hate cooking. My Sunday treat is a microwaveable roast from Asdas, lol. To be honest, since I realised I was in debt I cut back everything. No sky. Tbh, I only ever watched Sky sports anyway. Cancelled internet. Cut ariel for television. No big loss. To watch a match I go my friends house. No need for TV licence. Now I read books, play old xbox games I bought and never used. Or old dvd's that are sitting in the packaging sealed still. Use internet on my phone. My shopping is about £15 a week (cheese, Bread, own brand pot noodles, own brand drink, sunday roast. No treats) Gone from smoking cigarettes (Benson and Hedges) to buying imported tobacco at half the shop prices here £6.00 for 50g of Golden Virgina from my mate who goes Belgium every month I keep all my lights off and just use bedroom. Cut back electricity. I spend most of my time at work and single so can stay late at work. It does get lonely sometimes but after debt cleared will change all that.

Tbh, I don't have much to pay now. Got all my baccy. I don't buy newspapers for my bus ride. Mainly just Rizzla papers now. All paid up until end of January. I thought about paying some money off on a loan but It is handy having a bit just incase.

Have you set up an atrangement now with them. I tried asking lending stream for help but they flatly refused. I have made 3 payments out of 6 215ish £350ish and £316 but it doesn't seem to go down. Wonga sent me an e-mail saying they couldn't close my account. Do I have the right to demand my account is shut down?

hereigoagain22

Do you have an android phone - there's lots of news apps... or I pinch the paper from work colleagues and read it on my coffee break. I'd buy enough cig papers now as if you have to make another trip to the shop you might be tempted to get loads you don't need.

Staying at work late is good - no temptation to spend and extra cash from overtime too. One thing I would say is be realistic and don't cut yourself down to absolutely nothing or you will lose the motivation to continue. Write down the exact amount of your debt every month and each time you make a payment score it out and write the new figure - it really helps you to see the results.

You've done so much already - keep at it and you will see better results every month. Think of the amount you are paying to these companies every month in repayments, interest and fees. Then think of what you can do with that money once it's all cleared.

Is the £60 to do your food shop as well? Remember to factor in breakfast etc. too.

I'm not very experienced with Wonga and Lending Stream I've only tried once each and they weren't very helpful so have just changed my bank account and figure they'll be more inclined to speak to me when they realise they can't get a penny from my card. There are a few threads on here about how to stop the payments but from what I've read it's very hard to work with them until they actually can't take anything from your bank account.

Also, another thing to look into is selling stuff you don't need or never use on eBay. Let it all build up in a Paypal account until you have a fixed amount then make an overpayment to one of the loans. DVDs and CDs don't sell very well but there are a few sites that will give you a cheque or paypal payment for them. Clothes that can't be sold on eBay can be given to cash for clothes. Swap old books (there are usually a few Facebook local book swap groups) for other ones instead of buying new ones.

Hope that helps!

moomin_master

Sky doesn't bother me. I only ever watched Sky Sports/Sky Sports News anyway so Losing the rest was no big loss. Internet I can do off my phone. I have anandroid phone but I still tead GMF (Give me football) I get my Tokyo/Bangkok papers online as well as The Sun.

I have always been good at spending so now I want to see just how stingy I can be.

My £60 is just for me to do with as I like. I have my food money and everything else (phone bill/Credit card bill put aside) so this is just my cash.

By tightening my belt I am hoping to clear of most of my PDL by end of March then work off my last one over 2 months. Credit cards to follow after.

moomin_master

Today, I almost broke my buying lunch... through no fault of my own. Made cheese sarnies and was just about to eat ehen I had noticed mould on bread. Am I hungry enough to eat. Not really enough to buy anything so will eat when I get in. Cigarette will do. Eaten the cheese instead. Lesson here. Don't make in morning. Make night before when I am awake. Stupid mistake. £60 mess around cash still in my wallet.

harrys_dad

Well done for keeping the £60 in your wallet, and thanks for keeping us up to date. You can do this!