Been a total Idiot

[stupidfool79]

Hi guys

 

I have made a major screw up, a few weeks back I got a £100 loan out with quickquid (had a couple of other ones over the last 6 months for like £50, and paid them back) however I was a bit worried about being able to pay this back, went onto the site and saw they were offering to top up my loan, now this is my problem, I am a gambling addict (trying to recover but it doesn't help that they are rammed down your throat 24/7) saw this as an oppertunity to win the money to pay for it, ended up getting another £400 and losing the lot (yes i know I am so stupid) so know I owe £170 this coming friday and £750 in 4 weeks

I have no hope of paying any of this back, I am unemployed, think i said I was employed on the forms, can't remember tbh I just wanted some money, got paid today my benefits which didnt even cover fridays payments let alone leave me anything to live off so I decided to try and win enough to do this (I know I know, but my brain doesn't compute till its too late) naturally I have lost all that now so no money for next 2 weeks or to pay even the first set of interest off (how they can get away with even charging £400 interest on a £550 loan I don't know never mind what they will try when I dont pay them)

 

The worse thing is I went bankrupt just 4 years ago after losing my business, falling into severe depression and gambling so been here before you would hope I would have learned by now wouldn't you , but no not even close

I am living with my parents and its imperative to keep this from them as they have enough to deal with and I will 100% be thrown out this time if I dont chuck myself under a bus

 

what are my options, I cant even afford to pay them on friday and they will just add up and up and up, what can I do ??

 

thanks for listening

[renegadeimp]

The first thing you need to do is contact them and let them know you cant make the repayments. You can offer them a token payment of £1 a month until you are in a job again. If they choose to take it to court, you can get a doctors note, or a consultants note to assure the court of your addiction.

 

However, write to them, tell them you lost your job and cant meet the repayments and can only offer a token amount per month. See what they say. Make sure you either Email them and cc the letter back to yourself, or use royal mail recorded delivery. Never use the phone or a webform.

 

They key is not to stress. They cant do anything to you. The absolute worst they can do is file for bankruptcy, which rarely if ever happens. Most of the time, the judge sees you cant meet repayments and throws the debt out.

 

PDL loans are very LOW priority, although they try and think they're not. If you cant meet repayments, simply write a letter, saying you lost your job, and would like them to consider suspending the debt for a month or two until you are employed again.

 

By the sounds of it, you have no job, no assets and no money, so theres little to no point worrying about it.

 

You need to keep in touch with them in writing, and keep a full paper trail, so if it goes to a court, you can show the judge everything.

 

Some PDL's try to think theyre above the law and refuse to negotiate. However these PDL's NEVER go near a court. They simply threaten and thats it.

[stupidfool79]

Thank you very much for your advice, do I need to set up with some kind debt company such as cccs/payplan or just do it all myself?

 

best regards

[renegadeimp]

You can do it yourself if you like. Contact the national debtline and they can give yoh much more info.

[Blossom99]

I was advised that sorting a debt youself rather than somebody handling it for you eg citizens advice or a debt help company can look more favourable with regards to your credit rating, but obviously it depends on personal circumstances, and I'm certainly not saying its the wrong thing to do