Payday Loan nightmare!!!

Hi,

I am new to the site. My payday loans have spiralled out of control and I have found myself with 5 payday loans. I am continuously extending them, spending more on interest each month and having to re-borrow!

I initially took out a loan to help a family member and was on a decent salary and living with my partner, we then split up, I decided to work part time and study to become a teacher and I stupidly relied on payday loans for many months without even realising what I was doing! I have buried my head in the sand for the whole of 2013!

I am now in a position where I am paying the minimum on 4 of the loans tomorrow, one off in full and I will need to reloan to pay my rent and I will be left with no money for the rest of the month.

I need to take action but I don't know where to start. I am a private tenant and I pay £650 per month for rent/gas/council tax/ electricity/water etc I am not sure if an IVA is my only option/

My monthly income is £1200

Any advice would be greatly appreciated.

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