Payday loans - how did you break the habit?

Evo14

Around January this year, I borrowed £50 from Wonga. Next month I borrowed a little more to cover it..then a little more...and this built up and eventually, 2 months ago, I found myself paying £400 of my wage to them. I only make about £1100 a month so as you can imagine, this dented my finances somewhat.

Last month was another £325.

In all fairness, I can't really fault them - I got money when I needed it, and I always repaid on time so there were no issues, however this will be the month when I borrow zero from them, and I'm determined to break the habit.

Now, as it stands, all my bills for this month have been paid. I have around £100 left (keeping in mind that it'd have been £425 left if I hadn't borrowed) and by hook or crook, I'll make this last me to the end of July!

How have others coped with that "skint" month when trying to break the habit? I reckon £100 to last 4 weeks is feasable and if I stick to my guns for just one month it'll mean never having to borrow from them again.

fozmcfc

The only true way to break the habit, is to adjust your budget, for the month, after the initial loan is taken out.

In your case if you had bugetted to spend £50 + the interest, less, in the next month, you could have paid it back and not needed another loan.

So you are now doing the right thing, live on beans on toast and water, sell everything you don't need and pay it off and then have no need to take another one out.

At the worse, look to do it in stages if necessary and aim to just take half the amount the next month, then half again, until it is gone.

Payday loans can be ok to use once in a blue moon, if the person really needs one for something important and there is absolutely no way around it.

But the trouble simply comes down to people, just not bothering to budget the next month to pay it off.

For some even if they cut back on everything and sold everything, they still would not be able to pay it off and they shouldn't even consider taking one out in the first place.

Foxn86

If you have a car do a bootsale, you will be surprised how much you can make. Stick things on gumtree you don't need anymore, also old clothes take them and sell them you can get upto £1 a kilo.

All these little things can give you extra cash, and just plan what you are eating week by week so you know exactly what you need to buy.

You will be able to do it. And good on you getting rid of it its only a vicious circle.

[Deleted User]

Been here.

I lived on beans, until a year later I was put on a debt relief order for the debt I fell behind on as I wasn't eligible for a debt management plan (didn't earn enough for a charity plan and
not every PDL lender - yes like any other lender, some won't freeze interest

If you can't afford the first loan repayment just don't go there in the first place would be my advice to others

My first PDL was July 2009 - finally started to get out of the trap July 2011 with that same lender :eek:
It has taken 4 years from that first loan to get my life back and that is still debatable, don't want to remember what I've lost in all truth - certainly would never get involved with payday loans again

You'll only get out if your determined and persistant enough, have no other forms of credit and, REALLY, earn enough to start with when taking these loans - so play it right

If I had my way I'd go so far as people on NMW can't have them let alone the unemployed, but thats my view - guess there is argument they do keep the doorstep shark away