Help need before its to late

Bex296

Hi! I'm new here too, I found the budget tool really helpful as I had always ignored stuff like car MOTs until they came up, now I'm trying to be strict and put money to one side. Good luck, hope you get sorted and get on top of the horrible payday loans.

sacha28

Gosh I know exactly how you feel right now!!! I got into serious trouble using payday loans to get through the month...you get one, pay it straight off, half way through the month you realise you're broke but wouldn't have been if you hadn't taken out a payday loan so now you need another one. And so it continues

I actually believed that my credit score was being helped by the fact I kept to my credit agreement with the PDL co when it is actually quite the opposite. When the CAB got my credit report for my DRO it showed 30 PDL's in 12 months :eek: the advisor was less than impressed I can tell you!!!

Can you not chip off a small amount of the overdraft each month? I have never had an overdraft before (mainly due to being financially delinquent and not being able to get one) so I don't know how it works, but I was thinking that if you take off a small amount that you perhaps wouldn't miss too much, like £25/£50?

Stop making credit applications, try to stop using PDL co's and chip away at your overdraft. That's my pearls of wisdom :rotfl:

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sacha28 wrote: »

Gosh I know exactly how you feel right now!!! I got into serious trouble using payday loans to get through the month...you get one, pay it straight off, half way through the month you realise you're broke but wouldn't have been if you hadn't taken out a payday loan so now you need another one. And so it continues

I actually believed that my credit score was being helped by the fact I kept to my credit agreement with the PDL co when it is actually quite the opposite. When the CAB got my credit report for my DRO it showed 30 PDL's in 12 months :eek: the advisor was less than impressed I can tell you!!!

Can you not chip off a small amount of the overdraft each month? I have never had an overdraft before (mainly due to being financially delinquent and not being able to get one) so I don't know how it works, but I was thinking that if you take off a small amount that you perhaps wouldn't miss too much, like £25/£50?

Stop making credit applications, try to stop using PDL co's and chip away at your overdraft. That's my pearls of wisdom :rotfl:

Same. PDL's are a crippler and stick you in a vicious cycle. I've had to deal with Wonga today because they refused to extend my payment date by three days due to my payment dates changing with my employer. Filled out their I and E forms and it'll be paid in chunks over 3 months. At first I was really annoyed but then sat down and budgeted for the next three months and figured actually, it was easier to do it this way.

If I'd have paid it all off on payday, I'd simply need to go back to them a week later, whereas this way, I can pay it off and not have to worry about a massive chunk coming out on the 4th payday (reason I can think that is because I've just got a bit of a payrise from my new job so once this 'stop-gap' PDL is cleared, I shouldn't need to go back to them.....hopefully EVER!!!).

I dread to think what my credit score looks like at the moment though, I haven't checked in a fair while :-(