got myself in a disaster

luckydog93

Im a 20 year old, working full time, but in the past I had to give a ex money, lots of it, to help him out. Now, Im stuck! Next month I have payments of £1000+ being taken out of my account, and I only just earn this much, so will be left either with nothing or minus. I have been told that I could just move all my money into another account, not pay these payday loans back anything, ill get a few letters but thats it? How can this be right? I need advice on what to do, I dont have anyone to turn to financially and I cant get a loan/credit card as Ive been told Im too young/dont have a credit score, but next month Im gonna be doomed!

[Deleted User]

Not following you.

How did you HAVE to give an ex money :huh:

opinions4u

Hit the Debt-free Wannabe forum and ask there.

Prepare to spend six years of your life unable to get credit. It sounds like this would be a good thing.

~Beanie~

luckydog93 wrote: »

Im a 20 year old, working full time, but in the past I had to give a ex money, lots of it, to help him out. Now, Im stuck! Next month I have payments of £1000+ being taken out of my account, and I only just earn this much, so will be left either with nothing or minus. I have been told that I could just move all my money into another account, not pay these payday loans back anything, ill get a few letters but thats it? How can this be right? I need advice on what to do, I dont have anyone to turn to financially and I cant get a loan/credit card as Ive been told Im too young/dont have a credit score, but next month Im gonna be doomed!

I guess that these are payday loans due to come out next month then. You need to open another account somewhere else and get your wages paid into there. That will stop the payday loan companies taking your wages.

You will probably get lots of letters and phone calls, you will need to make arrangements with them to pay them back in installments that you can afford.

The most important thing is to get a new account sorted and your wages moved over quickly.

imoneyop

luckydog93 wrote: »

I have been told that I could just move all my money into another account, not pay these payday loans back anything, ill get a few letters but thats it?

Moving your money to a different account will stop the lenders from bleeding you dry, but you'll get a bit more than a few letters - your credit history will be trashed for the next 6 years, so don't expect to be able to get any sort of finance at reasonable rates (including a mortgage). The lenders could also chose to get CCJs against you, which coudl involve bailiffs visits and attachments to your earnings.

The sensible mature thing to do would be to contact the lenders and explain your situation and come up with a payment plan to repay them (contacting one of the debt charities might be a good idea to help with the negotiations) - your credit history will still be trashed, but at least you'll be paying back what you borrowed.

I don't suppose there is any possibility of getting any money back from your ex?

paddyrg

Yes, you'll get a few letters, but followed by debt collectors, followed by a CCJ. Head in the sand isn't the best way forward as I'm certain you realise, so try contacting those who you have to make payments to and tell them of your position. Ask if you can set up a payment plan/stage payments/see what arrangements you can come to whilst you get out of a hole. Then take a second job to get clear.

STOP any payments to your ex - their affairs are their problem, they owe you money not the other way round. If they can't help you out then they don't deserve your time or energy.

luckydog93

Basically whenever he needed money, he made me feel like I had to give it to him, I could easily afford my expenses but not his, so I pay day loaned to give him the money he wanted. There's no way Id get the money back, he felt that I had to do it, and we've not been in contact for 3+months now, I dont want to go back there.
Thanks, Ill try ringing the payday loan companies, explain my situation. And Ill definately open a new account for my wages, just so they cant take my money, otherwise ill have to payday loan again. I did think the information I was told would be a bit farfetched, but I had to check. Would stepchange be likely to help? I still live at home with parents, and I dont want this to affect them. I could easily pay £300+ a month to one thing, no interest, but £1000+ on one day to three+ different people is kind of hard.
Thanks everyone

imoneyop

luckydog93 wrote: »

Would stepchange be likely to help?

Either stepchange or payplan - just don't get conned into signing up with one of the commercial debt management companies who will take a chunk of your payments as their fees.

luckydog93 wrote: »

I still live at home with parents, and I dont want this to affect them.

As long as you are not financially connected to them (i.e. joint accounts) then it will not have any effect on their credit history. The only problem they will potentially have is having to deal with debt collectors/bailiffs at the door if you don't sort things out with the lenders.

luckydog93

Okay, thankyou so much! Will this affect me renting a home next year? Like I said, I earn enough money to live comfortably, I just went through a bad patch, but I need to move out next year and dont want to get turned down over a few months of rubbish.

arbroath_lass

luckydog93 wrote: »

I still live at home with parents, and I dont want this to affect them.

If you still live at home how much money do you REALLY need next month? Wouldn't it be worth one skint month to get rid of these debts?

imoneyop

luckydog93 wrote: »

Will this affect me renting a home next year?

It might or it might not - there is a thread about credit checks for letting agencies here and there seems to be a bit of contradiction between what information is shown on the report the agency gets. The MSE Experian Rep says it's just public data (i.e. CCJs), but some other posters claim to have been told by Experian that they get to see everything.