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Plea for help/Lending stream

edited 25 March at 5:37PM in Loans
4 replies 384 views
jackdavie1jackdavie1 Forumite
1 posts
MoneySaving Newbie
edited 25 March at 5:37PM in Loans
Hi guys, brand new to this as I didnt see any other option.
(Fairly long read)

I'm 19 and a student and basically I ended up needing some cash and got a £70 loan with lending stream, this foolishly turned into 4 loans because I am impulsive and I was desperate.
I've only borrowed about £200 in total and it seemed easy at the time now I'm in a pickle.
basically I had an upcoming recurring payment, this went out successfully, bringing my next pay date to the 26th. I decided while I have money to pay the next payments on all 4 loans, I did this twice, paying two weeks in advance. However my payment dates didnt change at all so now they're wanting me to pay AGAIN tomorrow, the point of paying my next payment early was so I wouldnt have to pay again till the 02/04 when I get paid. I literally had the money and ensured I'd be sorted till payday, so tomorrow they're taking my next payment:( but I dont have any money left for this as I paid in advance. What's the point? I should've just let it come out automatically! Their live chat literally ignored me and the emails got me nowhere. I'm really panicking guys I cant get help off family for this either and now I'm going to default on my payment despite paying two weeks ahead literally last week. In a really awful situation I have literally no money left I'm feeling so depressed and worried I feel so low I wish I never ever got these loans I'm spiralling, I tried getting another £50 loan just to make sure I can pay my current ones on time but I got rejected. What can I do guys? I am literally begging for advice here. Thanks.

Replies

  • zx81zx81 Forumite
    27.7K posts
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
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    Don't borrow any more.  

    If you can't make the payments, then speak to them re an arrangement or a default.  Neither is great but it's vastly better than continuing to borrow.
  • keepcalmandstayoutofdebtkeepcalmandstayoutofdebt Forumite
    4.3K posts
    Eighth Anniversary 1,000 Posts Photogenic
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    I don't know how successful this is but could you apply for a bank overdraft - I am a former this type of loan borrower (101% lost job in Dec, paid Satsuma in full and no delay both Jan & Feb when the account closed due to nil balance) what do you think they said when I applied to a loan again!? I was kicking myself I wish as soon as I become unemployed that I approached them, I could see from the newer loan there were improved options, I approached other lenders but it does seem you cannot get short term loan one after the other, as use too and when you are now actually to prove your circumstances ie. three continuous payslips (more if weekly paid!!) then it is a bl00dy good deterrent. 
    I do have a SMALL overdraft with the bank which I notice they advised this week I'll pay no interest between x and z date (due to what is going on right now) if I need it.
    Ultimately and sincerely it might be a case of telling yourself, they won't be coming after you for a little while.. these loans are not secured (bigger things are going on in the world right now, even Pawn shops are now temp closed and as someone trying to pay back a social loan it is like pulling teeth as nobody wants to know so I'm resorting to just putting the money to one side for the day when they will send a lovely letter finally demanding payment) but as you and I have found at some point these payment/short term lenders will say NO!  


  • DCFC79DCFC79 Forumite
    38.4K posts
    Part of the Furniture 10,000 Posts Name Dropper
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    Your a student right so why not look at getting a job to pay the loan.
  • sourcratessourcrates Forumite, Board Guide
    20.2K posts
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
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    In future, and i really hope your future does not include further payday loans, but remember that payments are required as per the agreement you signed, not as you seem fit to pay them.

    I have no idea why you would think this was a good idea, possibly naivety about how the system works was my first thought, as for what you do now, don`t resort to more borrowing, freeze your debt card, cancel the CPA with the bank, and the lender, so they cannot attempt to take the payment, stop begging and apply common sense, you have no money to pay it, so don`t.

    When things improve, get it paid off as quick as you can.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    [email protected].
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
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