Nightmare Payday Loan Cycle

edited 30 November -1 at 1:00AM in Debt-free Wannabe Challenges
1 reply 750 views
WoodfordReserveWoodfordReserve Forumite
1 Post
edited 30 November -1 at 1:00AM in Debt-free Wannabe Challenges
I feel completely embarrassed posting this, however recent news has driven me to do so. Over the last few years I have been in an awful payday loan cycle with Wonga and have had nowhere to turn.

Only recently I've come to terms with the fact that I'm in trouble and that I need help...but it may be too late. The recent news that Wonga has gone into administration has filled me with dread - not only can't I get another loan, but I can't do anything to rectify my mistakes!

I've been using Wonga loans since I was very young (around 19) and now I'm 26. It started out as a way to overcome the financial struggle of studying, but it turned into a requirement. I just saw it as a dirty secret, something that no one could ever know, but recently I've realised that I've been used by the greedy system.

When I started using wonga I was a child, they allowed me to set up loans the very same day I paid them off. They knew how much I was being paid and when and yet they were happy to rob me. I have paid thousands and thousands of pounds in interest and I don't know what to do.

This is incredibly hard for me to admit, but I need help. With the recent news that Wonga will no longer exist, I fear that I will never be able to right what I've done. I know that I'm the bad guy. I know that payday loans are terrible, but I've been trapped for years

I didn't know where else to turn. Can someone offer me advice on what to do?

Thank you so much.

Replies

  • Dolly_RockerDolly_Rocker Forumite
    5.2K Posts
    Tenth Anniversary 1,000 Posts Name Dropper I've been Money Tipped!
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    Hey,

    Didn't want to read and run.

    Don't have any advice for you, I have never used a payday loan my debt was all loans and credit cards but I know that someone who has more experience with this will be along soon to help you out.

    Hope you manage to get it sorted out and you are not a bad guy, just someone who was struggling financially and did what a lot of others did and turned to payday loans.

    Dxxx
    56 Month Plan - August 2021 to March 2026
    £287 per month
    1 - Pay off CC's (£3,000)
    2 - Pay off IOU Mum (£3,000)
    3 - Add to savings (£10,000 goal)
    Debt - £0/£3,000
    Savings - £0/£10,000
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