got myself in a disaster

TadleyBaggie

Letting agencies will almost certainly do a credit check and so yes defaulting is probably going to affect your ability to rent. In fact just having multiple (even if satisfied) payday loans on your record may ring warning bells.

luckydog93

My parents dont have that money, Im the only worker lol. Ill ring one of the cheaper companies and ask if they can like take half next month, half december or something. I definately wont need/want to do pdls again, Ive learnt my lesson this time around!
Oh and the extra £172, £120 if it is two direct debits I pay, the other £52 would be for packed lunch and such for the month, I have started cycling to work to stop spending costs on taxi's and such, and Im currently quitting smoking aswell, so I am trying!
Again, thanks everyone! I feel a bit foolish having to come here but I dont have anyone else who can advise me, and I just hope this doesnt badly affect my future

JimmyTheWig

dshart wrote: »

Why dont you pay the payday loan and then take out another payday loan for the 200 you need till next payday?

Not ideal but at least you dont default on a loan and next month you should be able to clear it.

I agree with this.
Payday loans are a terrible near-last resort. But in this case it looks like they might be suitable.

Do you have any other form of credit (e.g. overdraft facility, credit card)?
Or anyone else who could lend you the money (personally I'd suggest telling your parents rather than getting another payday loan, but that's up to you).
Anything you can sell?
Or any extra work/overtime you can do?

But if there really is no other way to get this £200, a Payday loan that you know you will be able to afford to pay off next month is better than getting your credit report trashed.

Mallotum_X

try and work a way though it. Can you pay off most and roll some over for an extra month.

Do you have a credit card, again an expensive way to take out cash but for a short term solution its better than wrecking your credit rating.

Can you sell anything?

Whilst going to your parents may seem scary, it will be better in the long run than wrecking your rating.

Do whatever you can to pay them back, even if you must borrow some more short term expensive money.

luckydog93

Nope, no credit card or overdraft, never applied, dont know if I earn/old enough. Nothing to sell either. I guess I could cycle every single day to work lol, 10miles each way, but I think Id save £10 a day. Its not really about pride, its just I know they cant help me financially so dont see much point telling them I guess.

arbroath_lass

luckydog93 wrote: »

Nope, no credit card or overdraft, never applied, dont know if I earn/old enough. Nothing to sell either. I guess I could cycle every single day to work lol, 10miles each way, but I think Id save £10 a day. Its not really about pride, its just I know they cant help me financially so dont see much point telling them I guess.

Cycling would solve your problem then, wouldn't it? 10 miles is doable on a bike. Just tell people you're getting fit so you can stuff yourself at Christmas. Most fitness regimes fall by the wayside so I doubt anyone would notice you'd given up in December!

AndyBSG

So, you owe almost £1,000 and can afford to pay that off within 3 months?

If that is the case I suggest you phone the payday loan companies and advise them you can't pay them, request they freeze the interest IMMEDIATELY and work out a 3 month repayment plan.

Be firm and tell them that if they do not do this then you will have no option but to default.

After you've had that conversation post back here with their responses.

JimmyTheWig

AndyBSG wrote: »

So, you owe almost £1,000 and can afford to pay that off within 3 months?

No, he owes £1000 but can afford £800 this month and the rest next month.

p00hsticks

AndyBSG wrote: »

So, you owe almost £1,000 and can afford to pay that off within 3 months?

If that is the case I suggest you phone the payday loan companies and advise them you can't pay them, request they freeze the interest IMMEDIATELY and work out a 3 month repayment plan.

Be firm and tell them that if they do not do this then you will have no option but to default.

After you've had that conversation post back here with their responses.

I'm not sure that this is good advice. Phoning them up to say you can't pay them, asking then to freeze interest, asking for a repayment plan and threatening to default are all potentially going to trash the OPs record, when they are actually not that far off of meeting the full payment.

luckydog93

I owe £1000, £500 to Wonga, £375 to QuickQuid and £125 to PoundsToPocket. I then have two direct debits, one is a phone contract, the other a finance company. Total combined debits equals £120. Then £50ish for food for a packed lunch for the month. I bring in £1000 roughly a month. Thats why I wasnt sure what to do, as Ill be about £170 short.
Hahaha, that bike to work before christmas made me laugh. Just means Ill have to leave 45 minutes early I guess, but Ill do it if it'll help me.
Again thanks everyone,