Payday loans - Help!!

Thompson2

I have 3 payday loans, which are starting to get on top of me, and i was just wondering if anyone knows of a credit card that i could use to pay them all off? I'm at the point where if i get anymore i wont be able to afford to re-pay them!! So a 0% interest one would be good, however, I'm pretty sure my credit rating is rock bottom at the minute!! Please help?!?! I'm sure i saw something last week about credit cards being allowed to be used to pay payday loans off - maybe i mis-read it? Thanks

gb12345

You would need a super balance transfer card to be able to do that and if you've got recent 3 PDLs on your credit history you have no chance of getting one (or any other 0% card).

If you know that "if i get anymore i wont be able to afford to re-pay them" then the answer is simple DON'T GET ANY MORE PAY DAY LOANS.

If you are regularly resorting to PDLs then it shows that you are living above your means, so you need to do something to solve that problem, not add to it.

Thompson2

Ok thanks for your advice. What would your suggestions be? I've been cutting back on everything, I had a huge car bill that I couldn't avoid paying but each month I've had to borrow more to cover the last one and now its got to the point where the next payment is more than my monthly wage! Would, say a 12 month loan be an option?

gb12345

Thompson2 wrote: »

Ok thanks for your advice. What would your suggestions be? I've been cutting back on everything, I had a huge car bill that I couldn't avoid paying but each month I've had to borrow more to cover the last one and now its got to the point where the next payment is more than my monthly wage! Would, say a 12 month loan be an option?

Forget any thought of loans - with recent PDLs on your credit history the mainstream lenders aren't going to touch you, and if you go searching onthe Web you'll likely end up being scammed by a dodgy broker charging you fees.

Take a look on the Debt Free Wannabee sub-forum - and consider posting up a Statement of Affairs for some of the experts on there to look at and see if they can suggest any other cost cutting.

Also consider making an appointment with one of the debt charities - they will help you to negotiate with the lenders for a reduced monthly payments and maybe something like a DMP.

DCFC79

Thompson2 wrote: »

Ok thanks for your advice. What would your suggestions be? I've been cutting back on everything, I had a huge car bill that I couldn't avoid paying but each month I've had to borrow more to cover the last one and now its got to the point where the next payment is more than my monthly wage! Would, say a 12 month loan be an option?

Depends where you would get a loan from with pay day loans on your credit file, as prev poster says a loan is adding more debt to what you already have.

Tixy

You say your credit is at rock bottom - what exactly does your credit files show?

Presumably you tried to get other cheaper credit before resorting to payday loans? eg did you ask bank for an overdraft or try to get a credit card or a bank loan etc? If you could not get one before you had payday loans its likely to be even harder now.

You could try to gradually pull your way out of the payday loan debt, living very frugally, minimising outgoings to only essentials, maximising income / selling any items you can etc.

You could try contacting the loan providers and trying to arrange repayment plans with them.

You could default on your loans (cancel the continuos payment authority and possibly switch to your salary being paid to a new bank account) and then try negotiating with the payday loan companies to arrange repayment plans and ask them to consider freezing interest.

You could contact one of the debt advice charities for help on arranging repayment plans / seeing what other suggestions they have based on your circumstances. You might also want to try posting on the debt free wannabe section of the forum and posting a statement of affairs to see if people can help make suggestions to reduce outgoings / get things cheaper / prioritise payments etc.

Treadmill

http://www.capitalone.co.uk/creditcards/balance-plusTC13.jsf

This card could help I reckon.

Apples2

Treadmill wrote: »

http://www.capitalone.co.uk/creditcards/balance-plusTC13.jsf
This card could help I reckon.

Designed for people with a good credit history

Thompson2 wrote: »

I have 3 payday loans,
I'm pretty sure my credit rating is rock bottom

Doesn't look too promising.

gb12345

paul_green wrote: »

i've been trying for ages to get a payday loan i keep getting rejected

Doesn't that tell you something?

If the PDLs think you're a bad risk then the only person who is going to give you a loan is dodgy Dave the loan shark and it will cost you an arm and a leg (literally).

BugsyBrowne

gb12345 wrote: »

Doesn't that tell you something?

If the PDLs think you're a bad risk then the only person who is going to give you a loan is dodgy Dave the loan shark and it will cost you an arm and a leg (literally).

And the odds anyone bumping into dodgy Dave the loan shark who breaks legs for non payments is about 100000000/1.

Treadmill

Apples2 wrote: »

Designed for people with a good credit history



Doesn't look too promising.

That's strange I thought I had linked to the capital one card designed for people with bad credit card.