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Help! I've been an idiot using PayDay Loan companies!
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marliepanda wrote: »Somehow I doubt that someone with a few thousand in savings would be
A) using pay day loansposting this type of thread.
He says he wants to buy a house within six years, which a DMP would hinder. However with his current finances I doubt that will be on the cards regardless of defaults
Hi,
The Op says they are looking to buy a house next year with their OH, not within the next 6 years?
It's not uncommon for someone to set themselves a goal and do whatever it takes to save... It's not uncommon for someone to ask for advice when they have maybe £10k of debt and wonder if it is better to use their £7k savings...
Or, alternatively their OH may have savings or they could have joint savings?
Point is, only the Op knows and if they have savings then it makes sense to use it and what they had previously being paying on PDL repayments save that.
MB0 -
Monkeyballs wrote: »Hi,
The Op says they are looking to buy a house next year with their OH, not within the next 6 years?
It's not uncommon for someone to set themselves a goal and do whatever it takes to save... It's not uncommon for someone to ask for advice when they have maybe £10k of debt and wonder if it is better to use their £7k savings...
Or, alternatively their OH may have savings or they could have joint savings?
Point is, only the Op knows and if they have savings then it makes sense to use it and what they had previously being paying on PDL repayments save that.
MB
Ah reread. I only saw the 'in this time' bit referring to the 6 year default, not the 'next year'
I also understand people wanting to save etc and sticking to that, but I would hope in such a sticky situation with these PDLs having savings if any kind would be counter productive. ( but then I do know people who say they have 10k savings whilst having loads of 20k...)
Hopefully the OP will clarify, but with two PDLs, two credit cards, and I'm assuming two additional loans a mortgage will be unlikely in the next 6 years, never mind next year, unless he has a chunk to pay them off!0
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