I have a credit card, it goes for a great deal of money, I, in turn, use that credit card for paying off my interest. My household balance is always in negative territory. Even though there are some payments I pay automatically, I had no history of paying the lump sum off right away. I was seriously down on my luck. What would I do now?
Shortly after returning from my holidays I called a loan shark and asked him if he would work with me. He said that he would do everything he could to help me out. He had some experience from doing it before, he told me. He wanted me to borrow between £500 and £1,000 to start paying off my mortgage. On this occasion I wasn’t able to secure a loan and so I went to payday loan shop. They said that I could easily get another loan, which they’d give me in exchange for an initial 100% repayment.
I called the payday loan shop back and they were very generous. They were very helpful and gave me the equivalent of £600. They required £50 on every loan I took out – a little over £50 a week – after a payment is made to my mortgage.
I’ve only been able to pay off my mortgage from that amount on four occasions – in order to pay off the debt, I had to take out one loan, pay it off in advance and take out another loan. I’ve been in debt for almost eight years now and I’m saving up for my car’s insurance to go on my mortgage.
I’ve heard about a lot of people borrowing, and their biggest regret is not paying off their debts more quickly. Lendalabs and GetSafeCredit are reputable debt relief loan companies. You can also approach credit unions who will provide you with interest-free loans, but you have to ask.
Have you had any similar experiences with debt? Have you taken out a loan you are struggling to repay? If so, why?