PayDay Cheque Advances

BallerinaGirl

I stupidly did this last month out of sheer desperation, for £600.00
It is now due this friday but I have the option of paying £75.00 to change the date to next month, or letting the cheque clear, and applying for another to make up my wage.

Any ideas how I can get out of this awful vicious circle???

I totally know its my fault, I hang my head in shame here.

immoral_angeluk

you need to get the money to pay off the advance. This is why payday loans are a nightmare.. it just puts off the inevitable. HAve you got anything you could sell? Or any way of getting some extra cash?

Burlesque_Babe

Is there anything you can sell on Ebay?? CD's, clothes, PC/console games, old mobile phones etc? If you have any books, Amazon could be a good way of selling them.

£75.00 is a huge charge. I would look to sell what you can as soon as you can to break the circle.

BallerinaGirl

Do you think they will let you pay bits off at a time???

I totally regret the whole thing now.....

Burlesque_Babe

I expect they will, but it will be at a horrifically high interest rate. You are currently paying £75 interest for a 1 month loan.

I would urge you to sell whatever you can on ebay as soon as you can.

mcmanlyn

Yeah i used to do this a couple of years ago, it's damned hard to get out of the habit! I knew the fella in the shop well at the end of it & even he used to tell me off for being silly with money and having to carry on with the loans

Basically you'll need to live like a pauper to break the circle - once you've managed 1 month you should be able to get back on track. Can you physically afford the £600 this month? Even if it means not going out & buying a 'value' shop - it's probably the best idea to stop straight away.

Burlesque_Babe

Is there anyway you can take on a second job in the evenings? Bar work, supermarket?

RAS

BallerinaGirl wrote: »

Do you think they will let you pay bits off at a time???

I totally regret the whole thing now.....

The whole idea of a pay day loan is that they make loads of money out of you, so if you do it bit by bit, it will cost you a fortune.

I would suggest that you head over to the money Saving old style forum and ask them to help you do a store cupboard challenge. The but nothing but milk and vegs from the market all month.

always_amazed

hey;
I've had a few emails about these and been so tempted in the past.

Anyway; a second job might be a good idea; can be quite scary (am just about to post on another thread to that effect) but worth it

BallerinaGirl

Thanks everyone for the idea's, but I already work pretty much 10hr days including drive time.

I am going to have to see what I can do....but if anyone else thinks of anything let me know please x