got myself in a disaster

arbroath_lass

luckydog93 wrote: »

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,

Is that the end of the Pounds to Pocket loan or will you be paying this next month too?

luckydog93

Thats the end of it.

Sinhanada

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!

First of all you need to contact a debt organisation such as Step Change or your local CCS.

Next open a new bank account - a basic one is fine and have all of your wages paid into that one. Report your bank card as lost \ stolen and stop ALL direct debits.

Whoever you speak to will go through a complete budget with you and work out what you can and what you can't pay (essential bills etc) and will work out a budget of what you will pay these people back.

Whoever you speak to will supply you with template letters which you will send out to all organisations you owe money too and you send a token payment to them with that.

Lastly, good luck - and don't forget Payday loans are the worst thing to take out - you'll know this by now and I would speculate that when you come out of this you will never touch them again!

black_taxi_2

you need proper professional advice

http://www.citizensadvice.org.uk/

imoneyop

black_taxi wrote: »

you need proper professional advice

http://www.citizensadvice.org.uk/

You are right with your first line, but sadly not with the second - the correct place to go for professional advice on debts is, as has already been stated, one of the debt charities.

DCFC79

OP you need to contact stepchnage as been suggested, downside is you will have defaults on your credit history.

Mallotum_X

Some of the advice here is way over the top. The OP is very close to being able to clear this. So rather than defaulting and avoiding paying it is much better to work out ways to pay and not get any black marks on his/her rating.


As it is with three PDL's I would clear two of them as soon as you get paid, and borrow the extra needed to clear the other one, paying that off next month. Then never us a pdl again.

opinions4u

Two months of thrift and this could be solved.

AndyBSG

Mallotum_X wrote: »

Some of the advice here is way over the top. The OP is very close to being able to clear this. So rather than defaulting and avoiding paying it is much better to work out ways to pay and not get any black marks on his/her rating.


As it is with three PDL's I would clear two of them as soon as you get paid, and borrow the extra needed to clear the other one, paying that off next month. Then never us a pdl again.

I think we've exhausted most of the 'alternative' ways to pay it though?

The obvious ones are to take out a consolidation loan(from a bank, not a PDL!) but the OP has said that they're unlikely to get a loan, borrow off friends or family which we've also been told is not an option, get an overdraft which is a no because of the same reasons as the bank loan...

The only alternatives are to contact the PDL companies and tell them you can't pay which is going to leave a footprint on the credit file.

Can any of the PDL's be rolled over/extended for a month without incurring ridiculous interest? I feel quite disgusted with myself for proposing that as a solution because you're just giving the PDL's more business but if the OP is confident they can pay them off next month that may be the only option.

Clive_Woody

Mallotum_X wrote: »

Some of the advice here is way over the top. The OP is very close to being able to clear this. So rather than defaulting and avoiding paying it is much better to work out ways to pay and not get any black marks on his/her rating.


As it is with three PDL's I would clear two of them as soon as you get paid, and borrow the extra needed to clear the other one, paying that off next month. Then never us a pdl again.

This would be my advice too, clear two PD loans, roll the other one over if possible then pay it next month then never ever take out one again.

One this is over use the extra money each month to build up a savings pot.