Pay Day Loan

ladtrying

Hello
I took out a payday loan in February for £300 (not incl £105 interest) for an emergency. Since then I have been paying the rollover amount as I haven't been able to pay the full balance.
In total I have paid £570 and the balance is still £405.

Does anyone have any advice on what I can do to get out of this? Surely there is some way out of this!
Thanks in Advance!

ladtrying

How do I remove my thread?
I thought this was a non judgemental forum? I'm not going into my situation fully but I had no option to apply for the money.

Jamie_Carter

ladtrying wrote: »

Hello
I took out a payday loan in February for £300 (not incl £105 interest) for an emergency. Since then I have been paying the rollover amount as I haven't been able to pay the full balance.
In total I have paid £570 and the balance is still £405.

Does anyone have any advice on what I can do to get out of this? Surely there is some way out of this!
Thanks in Advance!

Get a loan from a bank, or other reputable lender, whos payments you can afford. And use that to pay off the loan sharks....and never go near them again.

Jamie_Carter

ladtrying wrote: »

How do I remove my thread?
I thought this was a non judgemental forum? I'm not going into my situation fully but I had no option to apply for the money.

There is always an option to get the loan or not to. Unfortunately you chose to use legal loan sharks.

Lesson learned I hope?

27col

I don't know what pay day lender you borrowed from. But I am prepared to bet that somewhere on their website it said "Do not ask for a loan unless you are sure that you can pay it back!"
I am also prepared to bet that you ignored that part of the T&c's

ladtrying

Complete lesson learned. I'll never tuoch them again. I just wanted advice.
At the time I thought I could pay them back- I wouldn't ever ignore T's and C's- my circumstances changed after I took the loan out and I now can't work. So my income has dropped massively therefore why I am unable to pay it back.

tiger_eyes

OK, I realise the OP's situation is an object lesson in why never to take out a payday loan, but can we at least add some helpful advice as well? OP, consider getting in touch with the free debt advice charity Stepchange who may be able to help you. If you post your income and expenditure on the Debt-Free Wannabe forum, they may be able to recommend cuts to your budget that will help you clear the loan.

Cycrow

yet another one that took out a payday loan then lost thier job

Dovah_diva

ladtrying wrote: »

How do I remove my thread?
I thought this was a non judgemental forum? I'm not going into my situation fully but I had no option to apply for the money.

I've not seen any judgemental posts. If you are unable to pay the loan on time, as you agreed then you need to do the following:

• Stop borrowing money you can't pay back
• Contact the loan company in writing and advise you are having financial difficulties
• Offer a sensible amount each week/month in writing
• Request they freeze the interest
• Change bank account

Make the regular payments and never borrow from PD loan companies again. Mind you, you'll not get offered any more credit so it's a moot point.

ladtrying

Maybe I'm being too touchy, I'm sorry but I'm having a hard time- my husband and I was in a car accident, he passed away and I borrowed the money to pay for some of the funeral costs. I then found out I had permanent damage from the accident and cannot work as I need further operations etc. SSP is not enough for me to pay my bills never mind the £400. I have learned my lesson I will never borrow again and yes I probably won't be able to any more. 27 and my life is a mess but thanks the advice.

Jamie_Carter

ladtrying wrote: »

Maybe I'm being too touchy, I'm sorry but I'm having a hard time- my husband and I was in a car accident, he passed away and I borrowed the money to pay for some of the funeral costs. I then found out I had permanent damage from the accident and cannot work as I need further operations etc. SSP is not enough for me to pay my bills never mind the £400. I have learned my lesson I will never borrow again and yes I probably won't be able to any more. 27 and my life is a mess but thanks the advice.

I'm no expert on this, and you will probably receive loads of conflicting advice on here. So what I would do is ask Citizens Advice to see what you are entitled to.