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My loan repayment is getting me depressed
I was struggling with money at the end of 2019 and ended up taking out an Everyday Loan for £6000.
At the time, I just needed to be in a better place and didn't think of the consequences of the repayment I would have to make on the loan.
I took the loan out on a 5 year repayment plan at £272 a month.
I am now getting depressed and sad about the amount I am having to pay back.
I have been paying back since December 2019 and haven't missed a payment. But is there any advice you can give me on how not to pay triple of what I've borrowed?
My salary barely last a week.
At the time, I just needed to be in a better place and didn't think of the consequences of the repayment I would have to make on the loan.
I took the loan out on a 5 year repayment plan at £272 a month.
I am now getting depressed and sad about the amount I am having to pay back.
I have been paying back since December 2019 and haven't missed a payment. But is there any advice you can give me on how not to pay triple of what I've borrowed?
My salary barely last a week.
0
Comments
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Who did you borrow with? What’s the current APR?1
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If you were struggling with money but they still gave you a loan (£6k is a large loan for someone struggling financially), you can make a complaint.
Payday loans such as those offered by Everyday are meant to be paid back over short periods of time. 60 months is a long time and as you say, you'll end up paying £18+
You must have repaid more than £6k now anyway.
You can also contact Citizens Advice and they have some really helpful information on their website about how to complain, see this link -
https://www.citizensadvice.org.uk/debt-and-money/borrowing-money/types-of-borrowing/loans/payday-loans/payday-loans-making-a-complaint/
Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.1 -
Lola1175 said:es5595 said:Who did you borrow with? What’s the current APR?1
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Is this your only debt ?
I`m assuming this loan is unsecured, so low priority, if push comes to shove you do have options, you can do none, one, or all of the following.
You can tell them your in financial trouble and want to lower your payments.
You can also make an affordability complaint.
A last resort would be to default on payments, and just pay what you can comfortably afford, this would result in a default, but at least interest would be stopped.
Check out the "Debt Camel" website, also the debt charities in my signature, should you want them to deal with this on your behalf.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
50.9% APR is absolutely outrageous. How do they get away with it?0
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Risk based pricing.1
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You need to speak to someone as soon as possible, like today! My daughter got herself in a worse position, robbing Peter to pay Paul. 7 x loans amounting to £18k. She is a single parent living in rented accommodation. I worked her a budget out, I over estimated her gas and electricity and her car running costs (repairs and tyres) and allowed her £100 / week (£100/month + £75 per week) for food and living. This left her with £50 / month to pay of debts. We wrote to all 7 companies telling them how much we were going to pay. This was between £18 - £1.50 depending on amount owed. Some companies asked for expenditure statements, which we filled in using the budget sheet. 3 years on and she's now owes £2k. 3 of the largest loans were sold on and the new company has always offered 80% discount to pay it off. I have always stepped in and paid, and she has paid me back. She now has a bad Credit history, but at least the end is in sight! If you cant pay, tell them, get them to STOP the interest. Offer them an amount you can afford. Best of luck to you and learn by your mistake.4
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