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D-day - 29th October - Urgent Advice Needed - Massive Payday Loan debts

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Hi all,


I've posted previously but lost track of my thread.


I have £3200 of debt with 8 different payday loans, my pay for this month is just short of £700.00 which is a massive drop from normal, and it is looking likely that my salary wont increase again until January 31st. My outgoings leave me with £400.00 to pay with without paying any of the below.


My loans are with Wonga (biggest loan £1*00), Payday Express (£500.00), Minicredit (£415), Lending Stream (£279 & £123), 1MonthLoan (£156), 247 Moneybox (£150) Wagedayadvance (£137.50).


Obviously, there is no chance in hell I can pay these back, I can't get a personal loan to cover them, and I can't borrow off any family due to various reasons.


I really am coming to the end of my tether with this, and I've been in this situation for over 18 months where I just keep re-loaning or paying off interest. God knows how much I've spent on interest.


What steps should I follow from here? I know it's a massive mess, but any advice is welcome.



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Try paying one back and defaulting on the others, then repay one next month, by the end of a couple of months you will start getting threatening letters from some of the lenders, but then you can offer them £50 a month on the proviso you repay the original loan plus one months interest only....


What you MUST do is get another bank account to protect your salary by raids, Wonga are well documented for doing this as are QQ and other firms. Just 'loosing' your card isn't enough, you sent them the bank details when they had a copy of your card.


Do not accept phone calls, and keep an email trail if they do phone, even if you email the collections department or whatever, everything in email then if they try court you can hit back saying you have communicated, want to pay them but do not want to rack up charges.


Of course you can write to them in advance stating your circumstances have changed and you want an interest freeze but MAKE SURE YOU HAVE A NEW BANK ACCOUNT before you do this otherwise they may 'accidentally' help themselves.

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As usual some good advice from SG.


The most important thing is to put a stop to the reloaning trap once and for all. It is well documented in this forum that you can easily regain control and pay back reasonable figures that you can easily afford. Good luck

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