Payday loan help!

sjbrun

JohnFree wrote: »

@ffacoffipawb Your comments are about as useful as a conservative leader.

If I were you I'd take this as a compliment!

Why do people just post abuse on a forum when they ask for help? Next time they ask for any I cant see anyone helping.

DEBTMONKEY1A

Johnfree, glad you have it sorted. As long as £50 a month doesn't put you behind with priority debts (this is on Stepchange website or google it) -by this I mean rent/gas/c.tax/tv licence/leccy/water/court fines/parking fines from Council -all of which take 100% priority over ANY unsecured debt-even if they just get a £1 a month from you, then that's great. IF you can see a time before one of the £50 payments is due that you CAN'T afford the £50 (i.e it would mean you falling behind on priority debts)-either fill in the Debtremedy Tool on the Stepchange site or if you prefere call them.

One thing worth checking with the lender (e-mail them if you'd rather not speak on the phone) is that if the arrangement is kept to (I trust they've confirmed this in writing or by e-mail-if not ask them to) that no default is entered on your credit file then job is a good un....yes for a year or so (or however long you are paying the £50 back over) your credit file will be damaged but not by very much. In around 2 months when all the credit files have been updated.....why not check the 'payment status' of the loan? It'll probably just say 'arrangement' which is better than 'late payment' or 'default'.

Noddle is free-this covers callcredit, Equifax is free-this is clearscore, these 2 are completely free & update monthly. The last agency to check is experian-as far as I know their is no ongoing free servie but you can sign up to a 30 day free trial or alternatively just try the free trial in around 2 moths as a one off-or oyu can send them just £2 (this applies to callcredit & equifax too) for a paper credit report by post. Always check ALL 3 as sometimes lenders only report to one or 2 of them.

Another thing to do is to try & counteract the slighlty negative 'hit' on your credit file is to take a pre-paid (meaning you load money on to it-also VERY usefull for shopping on line as you get additional consumer protection if online company goes bust-you can get your money back) credit mastercard called 'cashplus'-sign up for their 'creditbuilder' & the small monthly fee (I think £3-£5) is shown as a loan over a year & reported like a loan to all 3 credit reference agencies-this will help your file somewhat & as I said before is usefull to have..

Also....check if the lender has frozen interest? Any further questions, please post, or as I said Stepchange can help if you think you'll struggle with the £50 a month.

JohnFree

@sjbrun Abuse? That is a strong word, you clearly didn't see there judgmental comments. It was more of a hit to my pride then what everyone else has said.

JohnFree

@DEBTMONKEY1A thanks so much, they have frozen interest, but If I do struggle I will contact stepchange for sure, thank you for your help, its good to see an actual adult here, and not some narrow minded comments like I have read from other members, who are about as useful as an avocado.

BrassicWoman

avocados are damned useful!!!

DEBTMONKEY1A

lol-I like avacados too (!). Seriously......as I said check all the things I put on my post & get the cashplus mastercard....if no default promised if you stick to agreement + interest frozen + cashplus mastercard 'cashbuilder' then al sorted. I could write a novel on my past financial mistake(s) but in the UK debt is not a criminal offence...just a civil offence. ANY debt situation can be sorted. Most important thing is paying your priority bills & yours/your families physical & mental health. Glad I've helped a bit.

dontlikemondays

I think the points people are making are valid but very unsympathetic
It does seem to be a problem on this site in particular, people come on here thinking they will get support and get ripped to pieces.

I'm more sympathetic myself and I can see not everyone has that great control over their finances.

Anyway, to the OP and anyone else in the Payday loan trap, go over to https://www.debtcamel.co.uk
Free advice on how to get most of your interest refunded if the loans where unaffordable.
Of course, nearly all loans are unaffordable.
If you rolled a loan over or kept going back for increases etc, then the loans are deemed unafffordable by the Ombudsman 9 times out of 10

You've got absolutely nothing to lose. The Ombudsman is a free service and you may not even have to use them.

Blackbeard_of_Perranporth

JohnFree wrote: »

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.

Ignorance is bliss! My advice is to hold a fire sale. That way you will raise the cash to pay off the loan. Obviously not what you want to hear, but it is the only solution for your situation.
I don't normally pop into this area, only to nudge up the advise post, but I am afraid, you went out and bought for the children at Christmas. The last two Christmas's I have had, I was between contracts. Hence, I did not go out and over spend. Nor have I done so since. You can look at the DWP payment for December 2014 if you want.
Also I have a mortgage to pay for, and negotiate with them on a monthly basis. I have done so for about 6 years, dipping into arrears and profit throughout that time. Not once have I been even considered to get close to something like an eviction.
As for the OH. She could work part time to help as well, or is she some prima donna!

DEBTMONKEY1A

Blackbeard....what a helpfull reply! OP just let this thread die now as you have the info you need. Troll city this board!

Blackbeard_of_Perranporth

DEBTMONKEY1A wrote: »

Blackbeard....what a helpfull reply! OP just let this thread die now as you have the info you need. Troll city this board!

Most posts in this parish are helpful to those aware of the debt they are in, with a look to getting out of debt or managing it. Like I have to manage my mortgage between contracts.
The OP here is living in bliss ignorance of their debt. Not often do I come in this area. And I do not quote without reason.
Glad to sometimes troll.