Payday Loans Disaster ...

stupidboy69

moneyonmymindsam wrote: »

Welcome :j


Up to you but can you pay all except S~unny and make a token payment to S~unny of the remaining £100 or are you able to make a small payment over a longer term - reschedule the S~unny payment plan?


This way only one creditor will be calling you? and hopefully they won't call if you contact them first ?;)

Next month you would have 3 less debts then the month after pay S~unny and LS in full so another 2 off the list . Then the month after pay S~atsuma in full.

I think it will take you a few more paydays to pay off the other two as they are quite hefty but at least that way then after 3 months your PDL commitments are more manageable at £350 a month and you could overpay with any spare cash?


Welcome and don't worry we all make mistakes is how we learn from them that counts


Do try a debt charity for support and advice
Good Luck !!

Thanks for your reply.

Yes I was thinking on a similar wavelength but will probably call Stepchange before finalizing my plan... Although Sunny do not charge a late payment fee, I hope they can freeze interest to help me out. I still need to pay mobile phone/credit cards (min payment) and hopefully contribute to rent so my family are not aware of the seriousness of my situation so my disposable income will probably be a little less than being able to satisfy all lenders with token repayments!

Lets see what Sunny say though. I think PayDay UK will be most difficult to negotiate a repayment plan. They seem ruthless.

Thanks and best regards,

moneyonmymindsam

Yes pay your way in rent and ensure you have food and travel money for work. Work out what you need to live on and pay the debts secondary.


Let us know how you get on and don't be scaremongered by PDL companies into paying more than you can afford.

stupidboy69

You have all been very helpful. Much appreciated.

I will update you on what Sunny/MyJar reply with tomorrow, maybe my situation can help someone else in future so I will be very transparent...

Thanks and best regards,

RuthnJasper

stupidboy69 wrote: »

Thanks for your reply.

I will give Stepchange a call tomorrow, thank you for the recommendation. I guess it would be better if charity represent me on my behalf, I probably should have stepped back from replying to PDL companies myself but I will see what they say tomorrow (only e-mailed Sunny & MyJar).

In your experience, even after Stepchange stepped in, did you receive any harassment from lenders at your workplace-- did they still try to attempt to consonantly call? This is one of my biggest fears...

Thanks and best regards,

Happy to be of some help. No, once the agreements were in place - and I adhered to them - I was not hassled at all. I have no experience of what happens should one fail to keep to the agreed payments; I imagine one might reasonably be contacted in those circumstances. But if you keep to the settled agreed payments you should not be hassled. If you are sticking to the terms agreed upon and are being hassled, StepChange can assist you in asking them to back off.


But I can't overstate the importance of being entirely open and honest with StepChange about your situation, however dire, and then keeping to your agreed repayment terms. Don't overcommit on what you can realistically afford to repay in the hope of getting out of it more quickly. It will only be harder in the long term.


Once an agreement is in place you ought not to be charged further interest nor fees on these loans, so any repayments will GENUINELY chip away at the overall balance.


And please DO get help for the gambling. PLEASE. Payday loans are dodgy gambles in themselves. Don't gamble on a high-risk gamble. You are worth more than that. Please contact Gamblers' Anonymous if stopping fills you with dread.
Seriously - you are still young. Stop this now before it is too late.


Keep the thread posted with how you get on. Good luck for tomorrow with StepChange.


You can do this. Be strong and you'll get there. x

Westminster

You should go through the process of self-exclusion from all your gambling sites as you will probably find the temptation irresistible.

Definitely get in touch with gamblers anonymous otherwise you will likely find yourself in the same situation once your debts are cleared.

iolanthe07

Any chance of your family helping out? If you are up front with them they might be prepared to pay off your lenders to get them off your back, and with your disposable income you could repay within a year without too much pain. I would certainly be happy to do this if one of my children got into debt through gambling, providing they really had stopped, of course.

MEM62

stupidboy69 wrote: »

Yes, embarrassingly enough it was gambling

Then can I suggest that the best way to approach this is to tell your family and ask for their help. It is likely that you will need their help with the gambling issue anyway and the might also be able to help with the debt situation.

Part of the process of dealing with any addiction or problem of this nature is coming clean about it. Try to resolve it without the support of your friends and family and you will be more likely to fail.

McClane54

I made a mistake years ago and got into a lot of debt, and like you didn't want anyone to know! especially my parrents

BUT the best thing you can do is .... admit it to them!! , they might not help at first and might kick off but trust me, it will be good for you

I did and after a while my parents paid it off and in turn i then paid them back

don't hide it, share it!

jacksufc90

Yeh I'd back the above posts up.
I got myself into similiar trouble. Hiding it from my partner was a daily stress (eg. being paranoid about the post or not being able to meet bill commitments)
Once I told her, it was a massive weight off my shoulders and I felt more relaxed about things.

Now back on track, but doing it on your own is very difficult.

RuthnJasper

McClane54 wrote: »

I made a mistake years ago and got into a lot of debt, and like you didn't want anyone to know! especially my parrents

BUT the best thing you can do is .... admit it to them!! , they might not help at first and might kick off but trust me, it will be good for you

I did and after a while my parents paid it off and in turn i then paid them back

don't hide it, share it!

You're right. It can be an immense relief to be rid of the burden of secrecy.

Your family may be more understanding than you think. I know that when I told my mum and dad, they weren't even half as angry with me as I was with myself.