PayDay Loan Help
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Denyer97
Posts: 1 Newbie
Hi All,
My first post here. I dropped out of university in November 2016 due to not being able to afford to live up there with a car, paying for my own phone etc and yet not being able to work more than 16 hours a week without it affecting my studies, once I returned for a short while I was jobless and began taking out payday loans with various companies. By that January (2017) I’d taken out over a thousand pounds. Since then, things have got worse and worse. While I never miss a payment, sometimes this means taking out another a loan in order to pay the next instalment. I know this is stupid, immature, my own fault and as a 20 year old with his head screwed on (or clearly not) I should know better. But here I am. I currently owe around £4000. I have enquiried about debt consolidation loans and tried to apply but the only ones I am being offered are guarantor loans, but nobody knows about the problems I am dealing with and I intend to keep it that way. I have also enquiried about a debt management plan and I fear this may be the only option. I wondered if anyone had any advice or reccomendations because it really is keeping me awake at night and causing me a lot of problems mentally to. Are there any non guarantor loans for debt consolidation that I may be able to get that I may not have tried already.
My first post here. I dropped out of university in November 2016 due to not being able to afford to live up there with a car, paying for my own phone etc and yet not being able to work more than 16 hours a week without it affecting my studies, once I returned for a short while I was jobless and began taking out payday loans with various companies. By that January (2017) I’d taken out over a thousand pounds. Since then, things have got worse and worse. While I never miss a payment, sometimes this means taking out another a loan in order to pay the next instalment. I know this is stupid, immature, my own fault and as a 20 year old with his head screwed on (or clearly not) I should know better. But here I am. I currently owe around £4000. I have enquiried about debt consolidation loans and tried to apply but the only ones I am being offered are guarantor loans, but nobody knows about the problems I am dealing with and I intend to keep it that way. I have also enquiried about a debt management plan and I fear this may be the only option. I wondered if anyone had any advice or reccomendations because it really is keeping me awake at night and causing me a lot of problems mentally to. Are there any non guarantor loans for debt consolidation that I may be able to get that I may not have tried already.
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Comments
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You won't be able to consolidate - and more debt isn't the answer.
Post an SOA on the board and people will be able to give you good advice on your options.0 -
Stop taking out payday loans.
There are measures in place to deal with problem debts, but you must stop the borrowing now.
Post your SOA, the link is here :
http://www.stoozing.com/calculator/soa.phpI’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-letter0 -
Come clean to your friends and/or family and hope they bail you out with a repayment plan. Don't borrow anymore.0
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Consolidation loans don't work, you have the proof in the fact you now owe £4000. You've been consolidating loans for well over a year now and what has happened is things have got worse so as you can see borrowing your way out of debt doesn't help.0
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Stop the payday loans and debt consolidation will make your situation worse as you have now found. If you had sorted this at the start your debt would be much lower.
Are you now working or claiming benefits? If so, post an soa on here. You need to live within income which may mean getting rid of your car and moving to sim only mobile once you are out of contract. You can get a second job to bring in more income or sell stuff.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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.0 -
Do not consolidate. I repeat. Do not consolidateSavings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0
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