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6 payday loans taken out in summer still only able to afford interest, getting behind with rent, please advise? :(

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Hi there, Merry Christmas and a Happy New Year To All


I have got myself stck in a rut with payday loans which i took out in summer 2012,

All i can afford is the interest each month(struggling when i say afford) not able to pay them off at all.:|

My circumstances have changed and i'm struggling with rent now too.

I really dont know what else to do..:???:

Can anyone help with what i should do next?:|


Many thanks in advance


Miltonworries :|

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Rent is a priority

Payday loans are non priority

Pay your rent first before loans.

How do you pay your loans? ie S.O, debit card or direct debit

Have you been in touch with payday loans and explained that you are having financial difficulty?

Others will be along who can help more but list your payday loans and approx amounts that you are paying to them so you can get as much help/ info from CAG.


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You need to sort out a budget sheet for yourself so you know where you are with your finances - I have attached one below.


You then need to cancel all Direct Debits or Continuous Payment authorities with your bank. immediately.


Once you have worked out how much disposable income you have - that is the money left after you have paid all your priority debts eg.. rent, utiltites, council tax, food etc.. you can then work out how much you can afford to pay each of the non priority debts.. PDLs come right at the bottom of that section !!


Write to each of the PDL companies explaining that you have a financial hiccup - that you are not looking to avoid your debts but that you can only afford to pay £x amount each month, which you will pay by standing order. That you would like them freeze interest and charges until you can catch up with yourself again.


You do need to cancel the original CPAs first, because as soon as they hear you are struggling, they will each try to empty your bank account on or around pay day.


In fact, it might well be in your interest to open a parachute account - a separate bank account that has no connections at all with the one you have at the moment and move your income into the new bank.


Ellens Budget Sheet.xls


You can find some draft template letters in the CAG library that you can use for contacting the PDLs.

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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.



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