Struggling with debt repayments

Horizon7194

Hi,

I am currently worried that I won't be able to pay off my monthly loan commitments on top of my monthly spending. I have debts of around 3.3k spread over 8 payday loan companies including one with my bank. I have been refused by every loan company that I have tried in order to consolidate the loans, and my credit score is poor. I really do not know where to go! Can anyone please give me some advice?

StokieBecks

Post up a statement of affairs listing all your incomings and outgoings

This will help people tailor advice for you. You need to ensure all priority bills are up to date first and foremost so rent/mortgage, council tax and utilities.

Contact the pay day loan companies and say you are in financial difficulty and make affordable repayment plans with them.

It is a good thing you have been refused further credit as you need to change how you budget - consolidation rarely works.

Ring the national debt line or stepchange for some free advice and support

FlowerGirl27

Deep breath. There is always a solution.

Make yourself a cup of tea and head over to Stepchange!!!8217;s Website. They have a !!!8220;Debt remedy tool!!!8221; which is well worth doing. Fill in the online form, it takes about 15 minutes, and see what they suggest. It helps to structure everything, it will make you feel a little more positive and in control, it is completely anonymous (use a disposable email address if it bothers you) and you are under no obligation to sign up to any of their (free) services afterwards....

sourcrates

Hi,

You need to stop the cycle of borrowing, take advice from stepchange, if you cannot afford the repayments, dont attempt to borrow your way out of trouble, contact your creditors and come to an arrangement with them, they will not bite you.

enthusiasticsaver

Have you cut your spending as far as you can?

Pay priority debts first like council tax, rent or mortgage, utilities and food. If there is not enough left to cover your debt commitments contact them to advise. Payday loans are an extremely expensive way of borrowing but I am assuming all other forms of borrowing are not available. You may need to consider a DMP. Contact stepchange.

MalMonroe

I do agree with the people who say to contact StepChange - do it by phone, as soon as possible. They will reassure you and advise you, I guarantee. They will not embarrass you or try to belittle you. They will help - and you have taken the first step to getting help by asking on this site. Don't mess about putting a Statement of Affairs on here, it's just a waste of your time when StepChange can advise you immediately over the phone. They helped me so much, and once you get the right advice it's such a relief and a weight lifted. Good luck to you.

Ilona

MalMonroe wrote: »

I do agree with the people who say to contact StepChange - do it by phone, as soon as possible. They will reassure you and advise you, I guarantee. They will not embarrass you or try to belittle you. They will help - and you have taken the first step to getting help by asking on this site. Don't mess about putting a Statement of Affairs on here, it's just a waste of your time when StepChange can advise you immediately over the phone. They helped me so much, and once you get the right advice it's such a relief and a weight lifted. Good luck to you.

WOW, that's a slap in the face for all the dedicated people on here who offer their time and knowledge, free of charge, to help people who find themselves in debt.

A Statement of Affairs is always needed when embarking on a plan to to become debt free, whether self managed or with a charity like Stepchange. There is no getting away from it, and everyone seeking help should be encouraged to go through their finances and produce one. It is completely wrong to say it is, 'messing about'.

Ilona

katie4

Have you tried your local credit union?
I couldn't get a loan/credit card anywhere but my credit union accepted my application they are a lot more lenient than other loan companies

sourcrates

MalMonroe wrote: »

Don't mess about putting a Statement of Affairs on here, it's just a waste of your time when StepChange can advise you immediately over the phone.

Not exactly true, you are always asked to provide a statement of affairs before advice can be given, how else do you expect to tailor that advice to the individual ?

Everyone`s budget and expenses are different, and the debt solution you are offered is wholly dependent on the SOA you provide.

sourcrates

katie4 wrote: »

Have you tried your local credit union?
I couldn't get a loan/credit card anywhere but my credit union accepted my application they are a lot more lenient than other loan companies

Please do not advocate further borrowing to someone already in debt, it really is not good advice to give them, it may of been given with the best of intentions, but consolidation is just another symptom of a more underlying debt problem.