Payday Loans trap can anyone Help?!?
Help, I have 4 payday loans outstanding, I know not a great idea. I just worked out that they will take all of my salary next week, so I will have to take them out again. Any idea how to get out of this trap? I can roll two of them but will still pay high interest. Thanks, I can’t get credit hence I did this and now feel sick with worry.
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if you are struggling to pay them,tell them that you are unable to make the payment.Tell them that you will need to make an arrangement with them to pay the money back in instalments until it is clear.
Make sure your wages are paid into another account so they cannot take it all in one hit. If you dont have another account to pay money into,go to halifax or another and open a basic bank account with no frills.these accounts are for people with poor credit rating.
The trouble with all of these loan companies that specialise in lending money to people with poor credit history is the high interest they charge because you are a risk.In some ways it doesn’t make sense because the more interest added is likely to cause problems later on
if you lose your job or change job with lower income the payments are so high it makes it impossible to repay.In someways it would make more sense to offer low repayments to start and give you the option to
settle the account in full at a later date.,deferred interest i suppose.
Anyway dont feel bad about your situation there are thousands of people in the same situation with problems like these.
Me being one of them.I have just changed jobs ,due to long hours and stress i have taken a job with less hours and less stress,and less money. I contacted payplan and they advised me to make token payments to all my creditors because after paying everything else there was not enough money to pay full amounts,luckily most of them have acceppted.
yes you take any thing that is worth money and sale it == pennies on the dollar == start with your computer and work down until you get out from under this rock!!!
I’d start getting well acquainted with ebay, start with the things that are worth the most, additional TVs, DVD players, additional Computers/laptops etc. Thats about all you can do unless you have a nice family member or friend who will lend you the money. Legally your bound to pay the loans on time and in full so you don’t really have a leg to stand on!