Stuck in the Great Payday Loan Trap

[ruthyb81]

Hi folks,

 

I know it is my own fault that I am in this pickle but I'm hoping for a bit of advice. I started taking out payday loans when my daughter was small and her dad did a bunk. I've actually since got married to a lovely bloke and I am making a decent wage. However, I have managed to get myself up to my eyeballs in debt because initially, the more I borrowed, the more interest I paid, the more I had to borrow to pay the interest, if that makes sense.

 

I owe:

 

QuickQuid £282

Payday UK £75

PoundstilPayday £130

The Cheque Centre £950

The Money Shop £750

 

I could afford to offer each company 10% of the total debt per month if the interest was frozen, except for PoundstilPayday which I could pay off, if I wasn't paying the interest on the others. I have been paying some off paydayuk and p2p but I've basically run out of extensions.

 

Do you think they would accept this? Is it just a case of phoning them and saying "I can't afford this and here's my offer?"

 

I am assuming this will muck up my credit file for a while but that isn't such a big problem as I have been very careful not to link mine or my husband's credit files in any way. I would happily take a battered credit file for the next seven years if I finally actually have my wages back. Then I can set about paying off my credit card!

 

 

[jellycubes]

Hiya ruthy, loads of people on here myself , robjam,shanticat etc etc have all been in the same state but come to arrangements though a little tough with some heres how to start. 1. When are the next payments due ? 2. Cancel your debit card straight away report it lost/stolen. 3. pay off pounds till payday if you can they are one of the worst to deal with. Put together an email and set up files to keep all copies, this will help prove your communication and also if your scared to phone or stressed it helps alot, well it did for me. I think your credit file should be safe but it helps if the companies accept the arrangement. 4. make sure you get interest frozen and agree to a repayment plan with one months interest only, no agreement = no deal. set up a parachute account, if your online banking you will get a savings account instantly and night of wages transfer to be safe. 5. keep posting progress on here, there is lovely support and you ll feel stronger for it tell me if its cheques on any of them as these are a different kettle of fish. I and many others found they wont talk to you till you default on the day due. If you follow the golden rules and keep an eye out for ddebits that they will try and set up cancel them immediately. Well done for starting to take the first steps in regaining control of these loan sharks xxxxx

[shanticat]

Great advice from jellycubes.

Keep us posted here and we can guide you or advise as appropriate.

Time to take control!!!

[cornetgirl]

Just back from a week away and catching up on things! Great that you're taking control of the situation - just follow jelly's advice and keep us posted!