‘Taking away a pay day loan left me suicidal’

Croydon woman’s financial obligation nightmare and how to handle it if it happens for you

  • 17:48, 24 might 2019
  • Updated 17:58, 24 might 2019

As being a home owner and somebody with a good work, Abi – we have changed her name to safeguard her identification – may possibly not be the initial person who comes in your thoughts once we consider payday advances.

However the workplace worker became suicidal whenever she could maybe not carry on with together with her payments.

Her tale indicates that all it will take is a big change in circumstances to get into a spiral that is downward of.

In 2016, Abi had been making between ?25,000 and ?30,000 doing agency work as a PA.

She is owned by her Croydon house along with never ever dropped behind on her behalf payments before.

She took out an ?800 payday loan, safe in the knowledge she could pay it back when she got another contract when she had a couple of weeks break from work. She had never struggled to obtain work that is regular.

But she dropped sick, which means that she could perhaps maybe perhaps not result in the re payment prior to the limit that is 30-day the huge 1429% annual interest grew to become added on.

1429% interest

Regrettably she needed to just simply simply take longer down work than anticipated while the debts started initially to rack up.

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The 52-year-old dropped behind on her behalf home loan repayments plus in a bid to steadfastly keep up she took down another ?800 pay day loan.

It had been the same time that Universal Credit, the means tested advantage, ended up being rolled away in Croydon among the pilot boroughs.

It had been introduced because of the Department for Perform and Pensions and rolls six benefits into the one which are paid month-to-month with a wait that is six-week the very first one. Continue reading →