Payday Loan nightmare!!!
Chicagoranger
Forumite 4 Posts
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.
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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This is the diaries board - if you post on the main Debt Free board I'm sure someone will be able to help
http://forums.moneysavingexpert.com/forumdisplay.php?f=76