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More payday loan debt than income Debt Arrangement Scheme Payday Loans 

More Debt Than Income

When I got a large energy bill which i couldn’t afford to pay it forced me to take out a payday loan, although it appeared easy to repay the reality my income wasn’t enough

The payday loan repayment along with interest just meant i had bought myself a month before i was back to having the same problem again.

The only option I had was to take out another payday loan to cover the first one and hope there’s was a way I would find another way to repay it.

Within a space of about 3 months I had about 4 payday loans and the amount I owed was greater than my total monthly income, this is when i sought help

More Payday Debt Than Income

I owed around £1,500 in payday loans but my monthly income was just £1,250, this mean even if I gave them every penny there’s not way i could repay it.

I had no where to turn and the debt was too much for my family or friends to be able to help me with it, although I really didn’t want to ask anyway.

How I Solved My Payday Loan Debt

I spoke to a friend who advised me he had entered a debt arrangement scheme which had frozen his interest and charges, letting him repay the debt over 3 years.

This is exactly what I needed so called the same debt advice people he had spoken to previously and they agreed it was the ideal solution for me.

Once I had completed the forms with a money adviser it was sent off and a short time later I was informed it had been accepted by my creditors.

I have one and a half years left on my debt arrangement scheme but so far i’ve had no problems, it’s gave me my life back.

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[accordion title=”Story By:” load=”hide”]Sarah Pollock[/accordion]

More Debt Than Income
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