Covid 19 issues - trying to pay debts on time but having to struggle to financially 24 May 2020 at 4:08PM in Debt free diaries 2 replies 201 views

aident1803

Hi all, I am just looking for some advice really as I don't know who to turn to.
I am in debt, and although it has reduced quite drastically and I am nearing the end I am struggling to get through these final months due to the Covid 19 sitatuion aka been furloughed etc.
My total debt is approximately £2000 but is spread across approximately 10 pay day loan companies. I am paying back £500 monthly across all loans.

During these furlough times I am now receiving £1150 after tax per month, so once debts are paid, rent and council tax is paid I only really have £200 to play with for the rest of the month.Don't get me wrong I know I can survive on this but I am sick of having to struggle on the last week of the month etc.
I know these holiday payments are available, but I have worked my !!!!!! off trying to rebuild my credit score and don't trust these companies in regards to it not affecting me.
The loan companies I am currently using are - sunny, lending stream, loans 2 go, satsuma & 118 

Any advice would be great.

sharpe106

Any delay pay will only cost you, so you might as well just struggle on for a few months and it will be clear. 

ryanm8655

I’d agree. While your earnings are low, it is a small debt and in lockdown outgoings should be a lot lower.

You’ve posted in the diary section so may struggle for replies...but are there benefits you can access to support income?

Are you supporting family/kids etc? Could you move back to parents in the short term to save on rent etc?

How long to clear the debt? Is £500/month making a big dent or is lots of it interest?