Pay day loans debt - advice needed

Formo314 · 11 June 2018 at 7:01PM

Hi all, I've come here looking for a little help and support regarding paying off pay day loans. I'll start by saying I took these loans out a few months ago to feed a gambling addiction I am currently trying to get under control and feel completely ashamed that I let myself get in this mess as I have never been this bad when it comes to gambling but after a tough break up recently I ended up losing my head and falling into a depression where I didn't care at the time and now I'm trying to get my life back on track and get these loans paid off. I feel like I'm in a constant cycle of borrowing more to stay on top of payments and feel like it's slowly but surely starting to spin out of control.

I'm looking for advice on the most efficient way to pay off these debts and any advice is welcome.

I'll list what I owe out if that is any help, all figures provided will be the amount I owe if I let the loan run its duration:

Lending stream - £421.04 (3 separate loans)
Satsuma - £674 (2 separate loans)
Sunny - £602.78 (4 separate loans)
Swift sterling - £220.51 (1 loan)
Wage day advance - £223.20 (1 loan)
Peachy - £392.68 (1 loan)
Mr lender - £389.31 (1 loan)
Wonga - £380.47 (1 loan)
Myjar - £434.67 (1 loan)
Uncle buck - £223.64 (1 loan)
Ferratum - £800 ( Credit line paying off the minimum amount per month)
Piggybank - £123.20

Total: 4855.50 (I added 800 on for Ferratum as I have no clue how much I will owe back each month on this credit I've taken out).

I work in retail part time on a 20 hour contract but I normally work around 35-39 hours per week and get paid monthly so my monthly wage is normally around £1000-£1100 of which I owe out £180 for rent (living with parents) and £40 phone contract. I've started walking to work to save money on transport. I'm pretty terrified if I was to lose my job or if my hours dropped as I don't know what I would do to repay these loans as I'm already stretched to my limit every month with no left over money

My plan was to pay off all the pay day loans over the next 4 months and then tackle the ferratum credit I took out once I'd paid off everything else, is this the best course of action?

Is there anything else I can do to pay these off faster? It would be easier if I could pay them off one by one to stop interest accumulating but like I said I have very little left at the end of the month to do so and I don't have any means to make extra cash as I work shifts and they vary every week so getting a second job isn't an option and changing jobs would cause all sorts of trouble if my pay date was to change.

Is there anything I can do to make this easier? Right now I'm just trying to keep on top of paying everything I owe per month but the amount I owe out in July is more than I'm going to earn and I'm getting worried at my options..

Any help is appreciated, sorry for the long post and if you need any more details I'm happy to provide them.

sourcrates · 11 June 2018 at 7:07PM

Hi,

There appears to be a history of payday loan usage here, once caught within its grasp, its hard to get out of it, I know, I did a similar stupid thing when my marriage ended.

Have you been using them a long time, and have you heard of the payday loans refunds on interest and charges if they were deemed to be unaffordable ?

Check out Debt Camel for more info :

https://debtcamel.co.uk/payday-loan-refunds/

Formo314 · 11 June 2018 at 7:25PM

I started taking out the loans around the end of November 2017 so I don't think I would qualify. I also did not tell these companies of existing loans I had at the time of taking them out so I don't think I would have a leg to stand on. (Stupid, I know)

Thanks for reply.

zippygeorgeandben · 11 June 2018 at 7:25PM

The first thing you need to do is sort out your addiction. Even in your OP you say that you are 'trying to get it under control' which leads me to think it isn't.

Visit gamcare for advice and support.

Formo314 · 11 June 2018 at 7:35PM

You're correct, it isn't but I've put some measures into place to help me stop. I've given control of my bank account to my parents and have agreed to let them open my bank statements so they can make sure I haven't gambled. I've also had every poker site I play on close my accounts and ban me from the sites. I'm in a position where I can't gamble now and can just focus on paying off my debts. I've agreed that if any money Is left at the end of the month it will go towards paying off as much as I can from my debt.

zippygeorgeandben · 11 June 2018 at 7:43PM

I think that there is a way you can block any gambling accounts on your phone if I'm not mistaken?
I wish you all the luck.

Formo314 · 11 June 2018 at 8:08PM

Yeah all the ones I use I've blocked, I'm only interested in playing poker and I haven't gambled in almost a month now, still got urges but I think I've got it under control now. Thanks for the well wishes.

Gemsy81 · 11 June 2018 at 10:04PM

Good luck. Maybe post a detailed SOA on here, so people can see where you all your wages are going and offer some advice. You seem to have very low outgoings, so I'm sure you could pay these debts off quite quickly and easily, but the important thing going forward is that you have to change your mindset to money to avoid ending up right back in the same situation. Obviously, as you know, addressing the gambling is also part of that.

Sncjw · 11 June 2018 at 10:23PM

You say you don!!!8217;t have a lot left at the end of the month to pay the debts: what else are you spending on other than phone and board.

Post a statement of affairs so we can see where you can save money.

Pay day loans debt - advice needed

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