I WAS unreasonable, and stupid - can I cover it up?

[CRS]

I took out a pyday loan. I KNOW, very stupid, but I felt desperate. This month £315 will come out of my bank account. HOW can I explain this without telling the truth, which is so embarrassing?

[OurPlanetNeptune]

Explain it to who, CRS?

[hellospoon]

Explain to who CRS? What did you spend it on? How bad is the truth?

[Mare11bp]

Yes who?

[BertyBurlington]

get selling on ebay quick?

[thisisyesterday]

well... who do you need to explain it to? your husband/partner?
what did you use the money for? and why?

[KAZAMM]

Explain it to who? If its your DP then best thing is to come clean as it wouldn't be fair to keep them in the dark.

Is that the loan paid off now or will there be another amount coming out next month?

[CRS]

Explain to partner. We were having a really bad time last month, and I borrowed £200 cos it seemed easy and a quick fix and he was so worried and stressed about money. But now I've made it a million times worse.

[thisisyesterday]

omg you borrowed £200 and you have to repay £315? £115 interest in a MONTH???

sorry. i know you know that's crazy.

my advice is... fess up NOW. explain why you did it, he'll understand I'm sure.

[OurPlanetNeptune]

Tell him CRS. Seriously, covering it up will be so bad, so bad. Don't do it.

[Mare11bp]

Stop the direct debit/standing order and offer to make alternative payment arrangements over time.

I am assuming this is a proper regulated credit company not a shark?

[CRS]

It is all paid this time, no more, but I have just wasted £115 to cover a shortfall we were worried about, and he won't understand why I instantly have no money when payday is Friday, all because I did this stupid thing! I had an online chat with the people at quick quid asking to defer - they said too late, and I said sort of ironcally well then ,maybe I can go on the game and make £300 quid, and the response was - "That would be interest free". I am not joking. I have the chat window open.

[AgentZigzag]

Awww, I hate it when you ask people to tell you the truth and they do, and even though you know they're right, the answer gives you a cold sweat.

You have to tell him CRS.

You'll make it a zillion times worse if you don't.

[Claw3]

Depends on whether you share your finances or not.

[thisisyesterday]

sorry, but that did make me laugh

tell him. you did a kind of silly thing (but for good reasons!) and you've paid it off and now you'll have a tight month.
it's ok... really

[CRS]

OK. I knew I had to tell him really. Not tonight though. I need to psyche myself up to it. Lesson learnt though. By the way - wasn't that online chat response a bit shocking, even though I sent a flippant comment?

[KAZAMM]

Sounds like you were really under pressure money wise and made a rash decision.

Tell your DP and then you'll feel relief and you can both sit down and sort out your finances.

My DP and I have just come through a really bad year money wise so i know how tempting it is to get credit but it's not worth it if the interest is that high. Good luck.

[Mare11bp]

So CRS am I right in saying you now owe them 115 pounds which you cannot afford? What do their terms say about the penalty for non-payment? I would get in touch with the CAB they are debt specialists and their advice is free. They can negotiate on your behalf and will know if the company is playing by the rules or not.

[Claw3]

CRS huh?

[OurPlanetNeptune]

We don't know your DP CRS, but I know that if I ever did what you did my husband would be annoyed with me but we would work it out. BUT if I ever tried to cover it up he would be livid and his trust in me would be damaged.

Think about it - how angry is he going to be if you tell him the truth now and how angry will he be if he discovers a cover up at a later date?

[CRS]

Thanks KAZAMM - I know it was stupid - but we needed to pay for stuff we couldn't and the advert seemed so tempting. I am very embarrassed and know I've made things worse. Will just have to take the consequences and Learn I guess. : (

[ImperialBlether]

Mare, there's no negotiating with these people! Their rate goes up to 2222%!

OP pay it off. Don't even THINK about not paying it off. Better starving for a month than having an even greater bill next month.

[CRS]

I am paying it all off - it would be crazy (even crazier!) not to - they would let me pay £59 and then still owe it all next month - but how on Earth do I explain it to my partner? It was such a stupid thing to do!

[CupcakesandTwunting]

Look, don't beat yourself up. You know what you've done is a bit silly so presumably you won't be doing it again, right?

Right.

You have paid the money to the loansharkcunts QQ people, so this is good. You don't have them hovering over you to cough up. Can you just be very honest with your partner? If I have done something really stupid and I need to confess it to DH I usually start a conversation along the lines of "Look, I've done something REALLY silly. I've learned my lesson and I won't do it again but I need to tell you. I'd appreciate it if you didn't fly off the handle but..." Try that approach. Wear a low-cut top and joosh your hair up a bit beforehand.

Good luck.

[squeakytoy]

Speak to your payroll department, and ask if you can have a salary advance, as that would be interest free and could be taken back over a set period. Some employers will do this to help their staff out, so it may be worth a try and it would tide you over without you incurring extra costs.

[CupcakesandTwunting]

And really £115 isn't a huge amount (although it can be when you are desperate for it) Do you have anything you can flog on eBay/take back to shops to make some of it up? Car boot stuff off?