A supporter of our Clean up Credit campaign, speaks openly about his experiences of payday loans spiralling out of control in this guest post, Skint Dad. He shares their story to greatly help other people from stepping into debtвЂ¦
Just last year, my fiancГ©e and I also had been both working and doing OK (and so I thought) and I also had been determined to possess an excellent xmas. We knew we had been both due become compensated right before Christmas time and i knew we couldnвЂ™t then leave it until to complete the xmas shopping.
After checking the financial institution i possibly could see we had been currently well into our overdraft and that which was left could be required for meals and travel. We knew precisely what doing. Like I’d done going back couple of months before вЂ“ I would personally just just take a payday loan out.
It had been easy peasy I had the option to borrow some moneyвЂ“ I just pulled out my phone, opened the payday loan app and within a few minutes. I’d repaid last monthвЂ™s loan thus I surely could withdraw my whole limitation that has been ВЈ400. Fantastic.
Blown the complete lot on gift suggestions
That week-end we went shopping and blew the ВЈ400 that is entire.