Partner just told me about payday loans

[maslei]

Name changed for this.

My boyfriend just woke me up in a state to admit a few payday loans he’s taken out recently. We’re both out of work at the moment for different reasons, and have been using savings to pay off debts.

It’s now come to light that he also has a gambling addiction, and has used all of these payday loans on this. Now there’s no way of paying it back when it’s meant to be paid.

Luckily we’re young and I know if it needs to come to it he has a support system financially whilst he sorts himself out. I just wondered if anyone had experience of this and has anyone been successful in sorting out a payment plan with payday lenders? Is there something I can or should do now that I know?

I’m devastated and don’t really know what to do next...

I would call stepchange (a debt charity) for advice about the loans.

I would also look into support for his gambling.

I would also suggest you keep your finances very separate from his for now. Do you live together? Is there a way you could each move back in with your families while he sorts himself out?

Call the payday loan company yourself and explain you need the interest stopped and offer a small repayment plan, could you afford £5 per week from benefits?

Is your do seeking help for his addiction? He needs to help himself on this one otherwise what’s the point?

OP,

When are the payments due?

Call Stepchange with your DP there. Get it all out and off your chests. Let then help you. They'll negotiate with creditors on an affordable repayment plan.

There's also a possibility you could pursue a claim for irreponsible lending. Go to debt camel website. Lots of information there to assist.

Get a copy of your credit report. And his.

Totally agree with above suggestions.

1. Contact Stepchange for help and advice

1. DP gets help/counselling for his gambling addiction

1. Keep your finances separate to him

1. DO NOT lend/give him any money, as that is not helping him in the long term, he needs to face up to this and deal with the consequences. If he can walk away from it because somebody just pays it off, he will do it again and again and again..........

5.. Step up on the job searching and try and get employment asap in order that you have money coming in

1. Draw up a budget of necessary expenditure and split it 50/50.

How has he got a payday loan when he's unemployed? I thought there were stricter affordability checks now? Is it possible to challenge the company and get it written off?

Do you live together or have other financial ties? If not then I would leave him to sort it out himself. You're not his mum.

Thanks all, you’ve been massively helpful. I never thought about it being irresponsible lending so I’ll definitely be pointing that out. He used his last job, great checks being made!

Have been in touch with Stepchange who I think will help us sort this out. I know it’s not my debt but we do live together and I don’t like seeing someone who used to be great with money fall down this hole.

Now to deal with the gambling...

Thanks again

Well done getting some help.

Definitely keep your finances separate until he has the gambling under control.

I wouldn't mention irresponsible lending if your partner lied about his employment on the application that is fraud.Well done on handling this situation so well.i would ask for access to his credit report so you can check he has told you everything.