Payday loan help!

JohnFree

Hi,

I took out a payday loan, to help me over Christmas, to buy presents for the kids, and I cannot afford to pay it back! I was wondering what the best way to go is? I know I shouldn't of got it, but I was desperate.

Thanks,
John

tomtontom

Sell the PS3/ laptop/ stop taking the family on nights out?

Sounds like you can afford to pay it back, you just need to make some adjustments to your budget.

JohnFree

That is not good advice, you do not even know my situation yet you are taking into account what I posted in the forum? I have 2 kids please tell me how you would like me to tell them I am selling the PS3? My wife is a stay at home Mum and I work fulltime for an average salary. Most of my income goes out on bills. We rarely go out, and havent had a family holiday in over 3 years. So please do not comment with bulls*it.

tomtontom

JohnFree wrote: »

That is not good advice, you do not even know my situation yet you are taking into account what I posted in the forum? I have 2 kids please tell me how you would like me to tell them I am selling the PS3? My wife is a stay at home Mum and I work fulltime for an average salary. Most of my income goes out on bills. We rarely go out, and havent had a family holiday in over 3 years. So please do not comment with bulls*it.

You have a debt to pay. You need to reduce your expenditure and/ or increase your income. If you feel that is not good advice then your situation is only going to get worse.

JohnFree

I was advised to go to citizen advice and apparently they should freeze the interest? Then I can offer to pay them back monthly?

I would sell everything if I could but I wouldn't want the kids to go without, we have 1 laptop between the 4 of us.

JohnFree

What? Who is Deepak?

JohnFree

Who is OP? What are you on about? I have reported you.

TadleyBaggie

JohnFree wrote: »

We rarely go out

But you thought it was OK to spend £80 on a cinema trip, you need to get your priorities right.

JohnFree

I am not going to apology for taking my kids to go see Star Wars, I really don't understand why you lot are so angry.

DevCoder

People aren't being angry, you are being defensive because you cannot understand the predicament you are in and what is needed to resolve it (often called the lightbulb moment).

You could ask CAB or better a free debt advice charity, whilst its best practise for lenders to freeze interest on debtors who are struggling it is not an enshrined legal requirement to do so.

Going down this route will ruin your credit file as you will be defaulted (if you haven't already), although having payday loan(s) on your credit record is not the best of news anyway.

You'd be best to fill out statement of affairs
http://www.stoozing.com/calculator/soa.php

and post it on the debt free wannabe forum for advice on how you can cut back on your spending to repay this debt.

JohnFree

Thank you so much!