no where left to go

curlywurly1010

I have never posted on anything like this before but I have hit rock bottom and don't know where to turn. I've got into a situation with payday loans that I can no longer manage I have taken out so many that I don't even know what I owe on now all my wages are gone after the repayments come out and I have nothing left I have a large overdraft on my bank account which I'm over every month. I have got a 3year old to provide for and have no one to turn to I just don't know what to do my credit rating is so bad even the credit union won't give me a loan to consolidate I feel like there is no way out where do I go from here please help?

moomin_master

I am no expert but you have made the first step... You are not alone. Many of us have done this. I have had 8 myself at one point (I am down to 4). The best advice is get monies paid into a different bank account and negotiate a repayment plan. I am sure the more senior people on here will give you much better advice.

eyeopener2

You come here, that's where you go.

Deep breath, cup of tea and start writing down what you know. once it's down on paper, however horrible, it's a Start and then we can all chip in.

Everything can be sorted, especially payday loans, so start putting down on paper what you know you owe. Once that's done you can complete whats called a statement of affairs, basically all your income and outgoings. That gives a full picture and we can give advice on how to negotiate with the payday people.

Your in the right place for help.

eyeopener2

http://forums.moneysavingexpert.com/showthread.html?t=107280

Have a look at this.

WantToBeSE

Hi Curlywurly, welcome to MSE.

Pour youself a nice cuppa and then congratulate yourself on having made the 1st important step

The first thing you need to do is get together all of your paperwork, and fill in an SOA (Statement of Affairs), the 'Sticky' for this is on the Debt Free Wannabe board.

Esentially, what the SOA does is list all of your outgoings and all of your income, then some nice peeps will come along and suggest ways of reduce outgoings, or increase income, or both if possible, and give you advice about paying back the payday loans.

curlywurly1010

Thanks forreplying so quickly feel like I'm getting desparate now. I'm going to take your advice and go away and write it down as much as I'm dreading it I know I'm going to need to sort this out. I will let you know how I get on thanks again guys

eyeopener2

When you write it down you will go "oh ****" but that's about as bad as it gets cos, from that moment, the only way is up.

hereigoagain22

First thing - open a new bank account, one that's not associated with the bank you use now. A free basic one with no overdraft. They aren't shown online so you need to go into a branch and ask for a basic account, there are no credit checks to pass although they will do an identity check. Get any wages, benefits, tax credits and child benefit paid into the new account (you can change Child Ben & Tax Creds over the phone but others will have to be in writing or in person).

Are you claiming all the benefits you are entitled to? Check the turn2us.gov.uk calculator.

I understand how desperate you are. I'm on my own with 2 under 2 and I'm in the Payday Loan cycle, I have a £1000 overdraft that always over it's limit and an overdraft on another account that's always over the limit too. I get charged £1 a day on both plus charges for bounced direct debits. I realised it had to stop when the payday loan repayments were being taken from my account in favour of my rent and I was having to borrow more to pay rent and essentials. It really spiralled out of control for me over Christmas.

You need to find out the amount of the debts... most payday loan companies you can log in and view your balance online.

You also need to do a Statement of Affairs, there's a link at the top of the Debt Free Wannabee section. Once you've posted it up we'll all chip and suggest where you can save. Once you've come up with a realistic budget you then know how much you can afford to pay towards your debts and you can phone up and arrange repayment plans. DO NOT give your new card details to the payday loan companies, lie if you have to and say that your new account does not have a debit card or direct debit facility and say you can pay via standing order.

Keep your chin up, you will get out of this mess. The most important thing is to get a new account so you have access to money for essentials. Remember that you will have to pay these companies back but for now please don't make yourself ill over it - they can't take what you don't have. xxx

Edit - the ladies on gents on here are a lovely bunch so don't be afraid to bare all on your statement of affairs xx

ChopinonaBudget

eyeopener2 wrote: »

When you write it down you will go "oh ****" but that's about as bad as it gets cos, from that moment, the only way is up.

Very true words, this.

StressedSteph

Here's the Statement of Affairs link in case you have trouble finding it.

http://www.stoozing.com/msoc/soacalc.php

Stick with this website and you will have it under control before you know it.

Best of luck
xx

curlywurly1010

I completed that form but wasn't quite sure where I could put the payday loan stuff so I left that out it calculated my income as £1470 and my expenses were £1061 it said the avalible for debt repayment was 409 but I have listed below what I think I owe on the payday loans to be honest I've been burrying my head and just taking more out and hereigoagain22 I'm exactly the same trying to give my wee one a good Christmas so she doesn't miss out has left me worse off than ever.

Quickquid I owe£712
Won a I owe £254
Payday express I owe £400
Men capital I owe £121
Lending stream (not sure what's outstanding) but I'm paying about 120pm
Wage day advance (it doesn't tell you what you actually owe in the member section?) But I think its 200
P2P £112 per month due to end in may

Eyeopener2 your exactly right I actually feel sick writing it all down I think I would be better off bankrupt!! Than going round in this vicious circle month after month

Please tell me there's a way out, I also stay with my mum and dad just now my dad is I'll with cancer and I can't have the companies phoning up looking for me the last thing my mum and dad need is to be worrying about me.

Thanks again guys your all so helpful it s appreciated xx