small debt but no money

nomester1986

Hi, im looking for some advice / help.


I have by no means a bad debt situation but I have got myself into the black hole of pay day loans and now I have done it so many months in a row that they will not process it this month. I now am 1 week into my monthly pay, have £11.00 in my account and a number of bills still to pay. A small amount of approx. £300 would cover it and this is all the debt I have so could quite easily pay it of over a month or 2 but do not know how to solve the situation. I do not want to use payday loads anymore but I really need some advice on how to get out the sticky situation I am now in!


Help please!


Thank you

Monkeyballs

Hi there,

Tricky one... I'm guessing that you have tried speaking to your bank about the possibility of an overdraft/increase?

Failing that you could try asking family for a small loan or looking around to see if there is anything you can sell/pawn?

Or maybe look to see if there is a credit union you can speak to about the possibility of a small loan which you can repay over 6-12 months?

I would have suggested cancelling CPA if they'd not taken the money yet and arranging a repayment plan.

MB

nomester1986

Thanks for your help,

No although I'm not so much in debt but I don't manage my money well so the bank isn't really an option.

If I'm honest I really am trying to find a way to solve this without including my family.

What's a CPA?

Cheers

Monkeyballs

CPA = Continuous Payment Authority.

It's what lenders use to get your money when folk try to avoid paying by reporting their card lost

Is there a reason for not asking your family to help? (no need to be specific btw) I know it can be a little embarrassing but you don't need to admit to have payday loan debts... Just be sure to pay it back

Failing that, you have nothing of value to sell/pawn like consoles, phones, jewelry, etc?

MB

FireWyrm

You may have marginal control of the PDLs at the moment, but trust me, you WILL lose control eventually. If you cant afford to live this month, what makes you think you can pay back the PDL, the interest, AND live next month. You have already lost control. Time to bite the bullet. There are no quick fixes.

To be blunt, you need to stop using the PDL right now and just get out of this the hard way by tightening your belt. As a starter for ten, what have you got in the cupboards you can eat and not spend money? Who can you rob in order to pay your higher priority bills and what can you sell to get more money?