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  • FIRST POST
    • Horizon7194
    • By Horizon7194 4th Mar 18, 6:59 PM
    • 1Posts
    • 0Thanks
    Horizon7194
    Struggling with debt repayments
    • #1
    • 4th Mar 18, 6:59 PM
    Struggling with debt repayments 4th Mar 18 at 6:59 PM
    Hi,

    I am currently worried that I won't be able to pay off my monthly loan commitments on top of my monthly spending. I have debts of around 3.3k spread over 8 payday loan companies including one with my bank. I have been refused by every loan company that I have tried in order to consolidate the loans, and my credit score is poor. I really do not know where to go! Can anyone please give me some advice?
Page 1
    • StokieBecks
    • By StokieBecks 4th Mar 18, 7:10 PM
    • 4,523 Posts
    • 27,263 Thanks
    StokieBecks
    • #2
    • 4th Mar 18, 7:10 PM
    • #2
    • 4th Mar 18, 7:10 PM
    Post up a statement of affairs listing all your incomings and outgoings

    This will help people tailor advice for you. You need to ensure all priority bills are up to date first and foremost so rent/mortgage, council tax and utilities.

    Contact the pay day loan companies and say you are in financial difficulty and make affordable repayment plans with them.

    It is a good thing you have been refused further credit as you need to change how you budget - consolidation rarely works.

    Ring the national debt line or stepchange for some free advice and support
    • FlowerGirl27
    • By FlowerGirl27 4th Mar 18, 8:33 PM
    • 102 Posts
    • 99 Thanks
    FlowerGirl27
    • #3
    • 4th Mar 18, 8:33 PM
    • #3
    • 4th Mar 18, 8:33 PM
    Deep breath. There is always a solution.

    Make yourself a cup of tea and head over to Stepchange!!!8217;s Website. They have a !!!8220;Debt remedy tool!!!8221; which is well worth doing. Fill in the online form, it takes about 15 minutes, and see what they suggest. It helps to structure everything, it will make you feel a little more positive and in control, it is completely anonymous (use a disposable email address if it bothers you) and you are under no obligation to sign up to any of their (free) services afterwards....
    • sourcrates
    • By sourcrates 4th Mar 18, 8:36 PM
    • 14,020 Posts
    • 13,278 Thanks
    sourcrates
    • #4
    • 4th Mar 18, 8:36 PM
    • #4
    • 4th Mar 18, 8:36 PM
    Hi,

    You need to stop the cycle of borrowing, take advice from stepchange, if you cannot afford the repayments, dont attempt to borrow your way out of trouble, contact your creditors and come to an arrangement with them, they will not bite you.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • enthusiasticsaver
    • By enthusiasticsaver 4th Mar 18, 9:22 PM
    • 6,385 Posts
    • 13,110 Thanks
    enthusiasticsaver
    • #5
    • 4th Mar 18, 9:22 PM
    • #5
    • 4th Mar 18, 9:22 PM
    Have you cut your spending as far as you can?

    Pay priority debts first like council tax, rent or mortgage, utilities and food. If there is not enough left to cover your debt commitments contact them to advise. Payday loans are an extremely expensive way of borrowing but I am assuming all other forms of borrowing are not available. You may need to consider a DMP. Contact stepchange.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • MalMonroe
    • By MalMonroe 5th Mar 18, 12:00 AM
    • 68 Posts
    • 60 Thanks
    MalMonroe
    • #6
    • 5th Mar 18, 12:00 AM
    • #6
    • 5th Mar 18, 12:00 AM
    I do agree with the people who say to contact StepChange - do it by phone, as soon as possible. They will reassure you and advise you, I guarantee. They will not embarrass you or try to belittle you. They will help - and you have taken the first step to getting help by asking on this site. Don't mess about putting a Statement of Affairs on here, it's just a waste of your time when StepChange can advise you immediately over the phone. They helped me so much, and once you get the right advice it's such a relief and a weight lifted. Good luck to you.
    • Ilona
    • By Ilona 5th Mar 18, 9:13 AM
    • 2,062 Posts
    • 7,090 Thanks
    Ilona
    • #7
    • 5th Mar 18, 9:13 AM
    • #7
    • 5th Mar 18, 9:13 AM
    I do agree with the people who say to contact StepChange - do it by phone, as soon as possible. They will reassure you and advise you, I guarantee. They will not embarrass you or try to belittle you. They will help - and you have taken the first step to getting help by asking on this site. Don't mess about putting a Statement of Affairs on here, it's just a waste of your time when StepChange can advise you immediately over the phone. They helped me so much, and once you get the right advice it's such a relief and a weight lifted. Good luck to you.
    Originally posted by MalMonroe
    WOW, that's a slap in the face for all the dedicated people on here who offer their time and knowledge, free of charge, to help people who find themselves in debt.

    A Statement of Affairs is always needed when embarking on a plan to to become debt free, whether self managed or with a charity like Stepchange. There is no getting away from it, and everyone seeking help should be encouraged to go through their finances and produce one. It is completely wrong to say it is, 'messing about'.

    Ilona
    I love skip diving
    • katie4
    • By katie4 5th Mar 18, 11:34 AM
    • 135 Posts
    • 38 Thanks
    katie4
    • #8
    • 5th Mar 18, 11:34 AM
    • #8
    • 5th Mar 18, 11:34 AM
    Have you tried your local credit union?
    I couldn't get a loan/credit card anywhere but my credit union accepted my application they are a lot more lenient than other loan companies

    • sourcrates
    • By sourcrates 5th Mar 18, 11:41 AM
    • 14,020 Posts
    • 13,278 Thanks
    sourcrates
    • #9
    • 5th Mar 18, 11:41 AM
    • #9
    • 5th Mar 18, 11:41 AM
    Don't mess about putting a Statement of Affairs on here, it's just a waste of your time when StepChange can advise you immediately over the phone.
    Originally posted by MalMonroe
    Not exactly true, you are always asked to provide a statement of affairs before advice can be given, how else do you expect to tailor that advice to the individual ?

    Everyone`s budget and expenses are different, and the debt solution you are offered is wholly dependent on the SOA you provide.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • sourcrates
    • By sourcrates 5th Mar 18, 11:43 AM
    • 14,020 Posts
    • 13,278 Thanks
    sourcrates
    Have you tried your local credit union?
    I couldn't get a loan/credit card anywhere but my credit union accepted my application they are a lot more lenient than other loan companies
    Originally posted by katie4
    Please do not advocate further borrowing to someone already in debt, it really is not good advice to give them, it may of been given with the best of intentions, but consolidation is just another symptom of a more underlying debt problem.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
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