A bit of a mess

pryko

QuietOne wrote: »

Either way, your credit file will take a hit, and from your previous posts I would say carry on paying the other stuff as normal and contact the two payday loans and see if they can freeze the interest and come to some payment arrangement.

Personally I would put the two payday loans at the bottom of my priorities and focus on the rest. Then try and come to an arrangement with them

I fully expect it to take a hit, and don't plan on needing a good credit score for the next 2-3 years whilst I concentrate on kicking all this debt, I was just thinking about once all the debt is cleared, I don't want anything that is going to end up staying on my report for a few years

rokat

Pryko, log on to the Wonga website now and get that sorted with a repayment plan and then ring Sunny on Tuesday and explain your situation... They might not stop interest but they might reduce it, you won't find out if you don't ask!

-taff

You currently owe £30,500 pounds as well as the payday loans.
The minimum payments on thoe must be horrendous so if you don't want to do a DMP or similar, I'd suggest you start looking at moving as many of those as possible to 0% interest, assuming the monthly payments aren't a problem.

If they are, then I'd ring the debt helpline or contact stepchange to see what your options are.

[Deleted User]

Problem is W.nga and Sunny are rolling credit agreements and worse variable? which can also be a good thing as the only thing I like about Sunny is that because it is more then a month you can work on paying them little dribs and drabs to potentially lower and avoid 'charges' whereas you couldn't really with the more traditional month only ones, hence the trap people can fall into of then resorting to other lenders is lessened which can only be a good thing

Anyway as much as I'm an advocate of longer lending I understand why people say you should get rid of as quickly as you can, because it is an expensive form of credit, yesterday one of my priority bills got cut out of the blue meaning money (albeit a little late has freed up to this) - and I will be taking the advantage to do so!!! so check everything you are paying is not over the top! like phone/net and cut back for a while

Don't know about you but Sunny sits on my credit report even as a non defaulter and to me the "no charges" simply applies to the money transfer fee that W.nga I believe charges, I hadn't appreciated Sunny also goes on risk profile so it may well have a good turnout for you esp if you've not been in trouble before, while I'm feeling a little silly everywhere advises you speak with them, do not keep one creditor happier over any others it isn't worth it, I've also found positive paid PDL's dropped of after 2 years contrary to the 6 years myth but I do kinda worry we're not talking payday loans anymore

sourcrates

How much are the PDL`s for ? if you don't pay up on a pay day loan, very quickly the lender will sell it on, or assign it to a DCA, usually in as little as 3 months, so if you don't pay up, that may be the best option for you in order to stop interest/charges cause once its with a DCA all that stops, you seem to have got yourself into a lot of debt and are kidding yourself you will be able to pay it all back, rarely happens from my experience, you are not the first, and you wont be the last, the fact you are taking PDL`s and defaulting on them shows you are in deep doo doo, and I don't think this has completely sunk in with you as yet, in essence, you have not had your "lightbulb moment" the point where you realise you are at the end of your line of credit and your outgoings exceed your income, and after you have paid your creditors, there is nothing left !!!
My opinion is you need to get debt advise as soon as possible, something has to change as you cant go on like this no matter how much you kidd yourself you can, you must work out a sensible budget to live on, then any excess can be put towards your debts, but with near 30 grand of debt you should be looking at an IVA or even Bankruptcy in my opinion, a DMP would take you many years to complete, but you certainly need to do something, you cant kidd yourself for ever !!

Puddylove

Hi Pryko
I appreciate you are focusing on your current situation, and in particular the payday loans, but I think you need to address the wider situation:

1. How did you end up in this amount of debt?

2. Why did you need to take out two loans this year alone? Were they for assets (cars) that you could sell?

3. You really aren't coping with the debt before the payday loans - or why did you take them out? You are spiralling deeper, I think.

4. I appreciate you have a good job - but does your expenditure exceed your income? If so, then what will you change (aside from sleeping on a mattress at your mum's ) to resolve this?

I'm not trying to be cruel, but I don't think you are coping, and you do need professional help to get you back on financial track.
Take care.