I desperately need some help

HHTMB

Hi

I am in a real situation with my finances and i am hoping someone will be able to give me some advice/ support or just a kind word at the moment.

I have a real spiral with payday loans at the moment, I’m borrowing every month and gradually falling behind, i currently have active loans with the following

Safety net credit: payment arrangement of 25.00 per month
Satsuma: 2 loans, payment arrangement of 20.00 per lmonth
Lending stream: 2 loans, payment arrangement of 50.00 per month
Mr lender: 1 loan, payment arrangement of 50.00 per month
My jar ltd: 1 loan, payment arrangement of 25.00 per month
Morses: 1 loan, paid at 150.00 per month
Moneybox 247: 1 loan, due to be paid at 350.00 next month.

I am really finding it hard to find a way through this, and last month one of the loan providers attempted to take my payment arrangement, the money was not in my account at that time, and they passed it to a debt collector, despite me calling to make the payment same day.

I know this is of my own making, i am falling behind with all of my bills, i am paying extra money to pay off council tax, have phone contract with o2 that i am constantly in debt with but can’t cancel due to the term left, have a car payment i am now a month behind with...

I wm just exhausted trying to remember and balance everything, I can’t enter any kind of debt management as this will show on my credit record and would risk my job.

I have had to move and raise deposits etc, which now means i have to add another debt to my monthly budget to pay my friend back, it is the day before payday and i feel sick.

I’m not sure what to do at the moment, i just feel really low and can’t talk to anyone about it, so I’m hoping someone can give me some light at the end of the tunnel advice.

Thanks

lindens

get yourself over to the debt free wanabee section of this forum, read the sticky posts. do yourself an up to date and honest SOA, check out the snowball calculator

kazwookie

You need to make a list of everything you owe and how much you are paying per month / interest rates on the loans

What is the total amount you owe

Then a list of all your income / outgoings per month.

Do a SOA

What have all these loans been paying for?
Do you have anything you can sell?

Pixie5740

HHTMB wrote: »

Hi

I am in a real situation with my finances and i am hoping someone will be able to give me some advice/ support or just a kind word at the moment.

I have a real spiral with payday loans at the moment, I’m borrowing every month and gradually falling behind, i currently have active loans with the following

Safety net credit: payment arrangement of 25.00 per month
Satsuma: 2 loans, payment arrangement of 20.00 per lmonth
Lending stream: 2 loans, payment arrangement of 50.00 per month
Mr lender: 1 loan, payment arrangement of 50.00 per month
My jar ltd: 1 loan, payment arrangement of 25.00 per month
Morses: 1 loan, paid at 150.00 per month
Moneybox 247: 1 loan, due to be paid at 350.00 next month.

I am really finding it hard to find a way through this, and last month one of the loan providers attempted to take my payment arrangement, the money was not in my account at that time, and they passed it to a debt collector, despite me calling to make the payment same day.

I know this is of my own making, i am falling behind with all of my bills, i am paying extra money to pay off council tax, have phone contract with o2 that i am constantly in debt with but can’t cancel due to the term left, have a car payment i am now a month behind with...

I wm just exhausted trying to remember and balance everything, I can’t enter any kind of debt management as this will show on my credit record and would risk my job.

I have had to move and raise deposits etc, which now means i have to add another debt to my monthly budget to pay my friend back, it is the day before payday and i feel sick.

I’m not sure what to do at the moment, i just feel really low and can’t talk to anyone about it, so I’m hoping someone can give me some light at the end of the tunnel advice.

Thanks

If you have more money going out than you have coming in then you will have to enter some kind of debt management plan. Whether that is an informal arrangement between you and your creditors or some for of insolvency remains to be seen. Then again perhaps there is some fat to trim in your budget.

Put together an accurate statement of affairs and head over to the Debt Free Wannabe board.

http://www.stoozing.com/calculator/soa.php

Open up a brand new basic bank account with a banking group not connected to any of your creditors and have your salary paid into there from now on.

You might also want to consider claiming back some of your Pay Day Loans.

https://debtcamel.co.uk/payday-loan-refunds/

Pixie5740

You could also use the new MSE PDL reclaim tool.

https://www.moneysavingexpert.com/latesttip/#paydayreclaim

-taff

You've got very little chance of avoiding a debt management plan. However, a DMP will not show up the same way as an IVA or bankruptcy would, but you would have default markers on your file for 6 years.
Follow the advice in post 4.
Go to the debt free wannabe board and post your SOA there, there won't be any judgement, but there will be some help and advice for you in your situation.
You could also give stepchange a ring or CAP.

Just one last thing, borrowing more money to pay money off is not going to work, so forget about taking out any further credit. The only way to get out of this cycle of borrow and spend is to stop spending and stop borrowing.

nodarrow2

write it all down and compare to your incomings - is there anything in your budget you can cut out to free up cash (do you smoke/drink etc)



- speak to your providers and tell them you are struggling they have some obligations to help you maybe reduce the payments or give you some more time interest free


- Some good stuff too on this website to help you budget but also to help you start planning your way out of this


Keep your chin up, you arent alone in getting into a mess - debt and money can be depressing and can take over but plan yourself out of this itl help and do other things to relieve the stress - I recommend running and long walks (both of which are free )

zippygeorgeandben

Step onto the DFW - we are supportive and not judgemental.

Sncjw

Why would your job be a risk for debt management plans surely having so many payday loans wk flag up more of an issue.

T-G-C

It makes me laugh when companies use the disclaimer "Our loans are not suitable for supporting sustained borrowing over longer periods, nor if you have any financial stress."

Who would use them if that were not the case? The FCA might force them to use these disclaimers but none of them are reality.

I am in the same situation as you and are considering a DMP. You actually have near the same amount of loans as me, but at much less monthly repayments. If you feel it is coming to the point where defaulting is going to start occurring, it would be wise to take the above advice(s) on board, like I am doing at the moment over on the DFW board. It happens to the best of us, but as someone who knows, it does feel stressful and draining at present.

[Deleted User]

Sncjw wrote: »

Why would your job be a risk for debt management plans surely having so many payday loans wk flag up more of an issue.

Some employers such as accountants (and definitely bank staff) ask you to sign a declaration periodically which confirms that there has not been an arrangement set up to deal with personal debt. Entering into a DMP could be viewed as such an arrangement whereas payday loans would not.