The evil of payday loans
On the surface payday loans seem to be a good thing, but break the surface and think about what your doing.
This is my story.
We were struggling to recover from my losing my job, although I was back in work, we discussed payday loans nut didn’t think whether we could afford to lose the money next month, as my overtime was never guaranteed.
We borrowed £80 and had to pay I recall £110 but then we missed the £110 so borrowed it back soon we were in the hands of 2 or 3 merciless companies, ironically owned by the same parent company. Things were plummeting out of control and the companies would not help, like the mainstream debts would have.
So as a result, my partner and I felt forced into an IVA, one step above bankruptcy.
Well as I write this we’ve just over a year of the iva left, and I have to say that it does make life easier, slowly.
I implore anybody thinking about borrowing, to consider a short term loan rather than a payday loan. I know they’re monitored now, and supposed to make affordability checks, etc, but when your desperate you don’t think you just act, as we did.
I would never go near payday loans again.