Basically I'm 19 and loved the idea of these payday loans . Didn't think nothing of it and thought repaying would be easy.
I currently owe
Natwest �710
Wonga �869
Quick quid �150
Sunny �580
Santander �158
Satsuma �254
Welcome to the forum ... First of all stop taking further pay day loans out !!!
Secondly contact a couple of insolvency providers and talk through your options ... A good starting point is www.iva.com
A debt relief order maybe appropriate, or an iva or bankruptcy ...but be sure to understand the implications for each solution there is ..... None of them are easy options and should be entered with full understanding.
Last edited by luluj on Tue Apr 08, 2014 2:37 am, edited 1 time in total.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
If you have a fair amount of disposable income before making any repayments then try contacting each of the companies direct and agree [and stick to] a repayment plan. This will be the most cost effective solution unless you have next to no disposable income
If you have a reasonable income you could speak with your bank and try and get a consolidation loan. This may be difficult as banks are wary of Payday loans but consolidation would not be as damaging to your credit file as any repayment plans. If the bank refuse you could ask family because at your age you do not want long term damage to your credit file.
Get a new bank account and never tell them your debit card number. Get any wages paid in to that account and pay your creditors by cheque or bank transfer (not debit card as the can take as much as the like when they like).
It's a bit difficult to see your figures as there is some extra text (probably as symbols), it looks like you have 2721 GBP of debt. This is too small for an IVA (IMHO), but would fit into a Debt Relief Order (this may or may not be a option for you, it may or may not be a good option)
Then I think you need to work out a payment plan, ideally work out what you can afford and split it according to how much you owe. You then need to talk t your creditors and keep them informed
I'm not a debt expert, I could be giving very bad advice
Actually the new payday loan rules may help you, as a new bank account may not be as needed.
The new rules limit the amount of times they can try to take you money. Personally I'm not sure I trust them to play by the rules, and depending on dates there could still be a grab for your pay on payday leaving you with nothing
I think I would try Mikes advice and approach lenders for a loan. Don't overstretch on repayments but try and clear it in the least time possible.
You are young enough to learn from this - payday loans are shocking and in my view the lenders are irresponsible. It's a relatively small amount (although I know it's probably a lot to you).
Hopefully you can move on from this, and tell everyone who ever mentions payday loans to steer clear!
Probably best if going down the loan route to find one which you can very comfortably repay, but which allows extra repayments
An extra repayment (if allowed) would shorten your loan , a overly ambitious monthly repayment that you struggle with could damage your credit history further.
In the post-FCA days of "Treating Customers Fairly", I would personally recommend that you try to arrange an affordable monthly repayment to each loan with a view to repaying them as soon as possible - and clearly don't take any more out in the meantime.
The FCA are breathing down heavily on payday lenders at the moment, who will want to demonstrate that they really do have good procedures in place to assist indebted customers.
I would hesitate against recommending further borrowings, without knowing more about your circumstances and general attitude to money management.
