Debt Questions forum. General questions on debt issues.

Moderators: TalbotWoods, JaneClack

By YutyuNPT
#472745 Long story short, I owe (the pay it off now figures) about 5.6k to 5 companies in about 8-9 loans.
All payday companies.

Spiraled out of control where I was using more loans to pay of the other loans (They offered large and large amounts because I was able to pay on time) and now my repayments total about 85% of my income per month, having to pay for rent and utilities (which in itself total about 55-60% of my total income), I now hit the wall where I cannot cover the repayments.

I have applied for Payplan to contact me which will be tomorrow, Anyone got any advice on how I should start tackling this? I am willing to pay my creditors, I accept I took their money and spent it, it's just I cant afford the repayments.

Should I contact my creditors or contact payplan first? Repayments are due 21st of this month and it's landed on quarterly utility month which has mainly caused the first month of being able to not pay everything and I realized I have a massive debt, kinda shocked me and I just want to start tackling it properly.
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By JaneClack
#472747 Hello

You should have had your appointment with Payplan now so no doubt you are moving in the right direction.

If not - then you should be going through a financial statement with them which will let them see a financial snapshot of where you are now and what money you have available to pay these loans. It is always good to see where you are now and itemise things so you can start to see the wood from the trees and let the creditors know that you are seeking further advice.

If you have any problems you can let me know and I can send you a financial statement to complete and return and I shall look at it for you.