Published on July 2nd, 2014 | by FinanceLoophole1
I can’t pay back my Peachy payday loan – what can I do?
I can’t pay back my Peachy loan – what can I do?
Taking out a payday loan to meet the shortfall in your finances to pay off that unexpected bill or payment is very common especially in the current financial crisis in the UK. This is perfectly understandable. People can get bad credit ratings due to circumstances entirely out of their control resulting in them having to resort to getting a payday loan from companies like Peachy.
If you do get into debt the regulator of the payday loan market The Office of Fair Trading (OFT) has issued its Irresponsible Lending Guidance. This requires that lenders treat borrowers in financial difficulty fairly and with forbearance, which means they should work with you to come up with a plan to repay your debt over a reasonable timescale.
Any action your lender takes must also be proportionate. For example, they can’t try to repossess your house just because you haven’t paid your credit card bill.
If you believe that a payday lender has been irresponsible, you may have a reason to raise a complaint about the company – have a look at the info from the Citizens Advice Bureau on complaints about the lender.
How can I pay back my Peachy payday loan?
If you have fallen behind with your repayments of a payday loan this can result in getting pestered and harassed by the payday loan company for repayment. This article has been written to try to help people having trouble paying off and dealing with their payday loans from companies like Peachy.
If you are struggling to pay back that Payday loan you do have rights and the payday loan company is not allowed to use bullying tactics to get money out of you. The first thing you need to do is make sure you know your rights and how to deal with your payday loan company. There are a number of things you can do to help yourself out of this situation.
Ok what are my rights for a Peachy payday loan?
The official guidance from the OFT says that payday lenders must treat borrowers fairly and must work with the borrower to help them come up with a plan to repay their debt. Any action taken by the lender must be proportionate.
If you have taken out a Peachy Payday loan and you are having trouble paying back your loan to Peachy you can get advice from a number of sources such as the National Debtline or use a reputable dept management company. You can also check if your payday loan company is a member of one of the main trade bodies such as the Consumer Finance Association (CFA).
If the payday loan company is a member of a trade body that has signed up to a customer charter (most of the big ones have) they should deal with your debt according to the customer charter. In a nutshell they need to deal with you:-
- deal with you sympathetically and positively
- offer to freeze interest and charges if you are able to make payments under a reasonable repayment plan
- tell you about free and independent debt counselling organisations
- did not pressurised you to extend the loan – explain how many times you’ve done this and how much you paid each time
- tell you about the risks of extending the loan
- make clear exactly how much it would cost to extend the loan – give details of information they missed out
- check your personal finances and general situation to see if you are able to pay back an extended loan.
If you are having problems paying back your Peachy Payday Loan debt do not panic there is help out there, don’t let them bully you into further debt. For professional debt management try Bright Debt Solutions.