Published on August 7th, 2015 | by FinanceLoophole0
I can’t pay my Satsuma loan
I can’t pay Satsuma loans. What can I do?
Nobody ever means to get into difficulty with payday loan companies like Satsuma Loans, but sometimes issues can arise which mean you can’t pay your loan back in time. Like many payday lenders, if you can’t pay Satsuma loans, it can cause serious financial problems.
But don’t panic! If you can’t pay Satsuma loans back on time, helpful options are available to reduce future problems, or solve them completely.
First things first: If you can’t pay your Satsuma Loan, talk to them!
Satsuma is a business, but there will also be people there you can talk to about any issues you have paying your Satsuma loan back. As with most debts, if you can’t pay back in time, the creditors themselves are the first people you should inform. If you speak to Satsumaloans directly and explain exactly why you’re having trouble paying them back, they may be able to offer alternative payment plans that suit your current circumstances a little better.
To help you out, we have made some handy template letters that you can use if you can’t pay your SatsumaLoan, or any other loan for that matter.
If your financial difficulties or circumstances are particularly serious, such as the loss of your job, Satsumaloans may not be able to help directly. If you can’t pay your Satsuma loan and are in serious financial issues, this link will point you in the direction of some friendly specialists who will be able to help.
What if talking to SatsumaLoans doesn’t help?
If you can’t pay your Satsuma loan back and have been unable to get any help from SatsumaLoans themselves, there are still plenty of options. It might be the case that your SatsumaLoans debt isn’t the only debt you’re having trouble with, you may have other higher priority debts to take care of first, or you may have experienced a sudden change in your financial circumstances. It can be a terribly stressful and demoralising position to find yourself in, but you’re certainly not alone. Many people will have found themselves in similar positions, but managed to recover with the right help. If you’ve got debt problems there are professional companies who can take over management of your debt – like this one.
Golden Rule: Don’t borrow any more from Satsuma Loans to pay off your debt!
It may be tempting to use another payday loan to remove immediate arrears, since they are generally much easier (and faster) to borrow from than higher sum borrowing. You should focus on clearing your existing debt before adding any more creditors, especially when high interest rates of payday loans are concerned. If you can’t pay your Satsuma loan back, they may be less likely to give you a suitable repayment arrangement for further loans until the debt is cleared.
Can further borrowing help me pay my Satsuma loan?
While it’s not recommended to use payday lenders to help pay off existing debts, borrowing can provide a debt solution known as debt consolidation. Debt consolidation loans, which can be used to help with nearly all kinds of debt, from Satsuma loans to secured borrowing, means taking out one loan to pay off all existing debts. This means you only need to worry about a single monthly payment, rather than having to keep on top of monthly payments. You can also speak with the debt consolidation lender to work out a payment plan that suits you and your income. Generally speaking, debt consolidation is better suited for much larger debts, or debts from numerous creditors. If you can’t pay your Satsuma loan or any other payday loan, a debt consolidation may not be necessary to clear this debt.
So what should I do about my Satsuma Loans debt?
Debt management is becoming a very popular and often widely successful method of controlling debts, reducing payments or interest, or stopping creditors from calling you and hassling for payments you may not be able to make. A debt management team will help with all of the above and more, providing you owe more than a certain amount. They can also take over communication with the lender on your behalf.
They will have a strong understanding of all the rules, terms and conditions of your SatsumaLoan debt, as well as legal expertise. They will then work with SatsumaLoans or other creditors to find the best solution for your situation. Please be aware that there is no guarantee a debt management group will be able to solve all debt problems, but you can speak to them in detail, without paying anything up front, and they will be able to give you a list of options that may help you. This link will take you to the best one I know that will be able to help you out properly.
More information on Satsuma Loans
SatsumaLoans is a short term payday loan company that offers loans upto £1000 that can be paid back over a period of upto 52 weeks. The representative APR is a rather high 845%, which means if you were to borrow £400 over 26 weeks, you would need to make 26 weekly payments of £26.15, meaning the total amount payable would be £679.90, that’s £279.90 than you initially borrowed – that’s without any late payments. Needless to say, there are risks involved with payday loans such as this, and if you can’t pay your Satsuma Loan, you can find yourself in serious financial trouble.
Interest rates are made clear for Satsuma Loans before they are taken out, however they are still high enough to cause problems.
Other facts about SatsumaLoans include:
- Payments will automatically be taken from a debt card, the details of which you share upon applications
- SatsumaLoans has their own debt support line, which you can call on 0800 694 0004
- You need a valid email address, phone number, address information, information on your income and outgoing, and your bank details.
- You must also be aged 18-74, living in the UK, with no history of bankruptcy.
- Satsuma Loans will carry out a credit check, which will appear on your credit history.
- Any information on missed or late payments will be shared with credit reference agencies, and will damage your credit rating.
How can I complain about Satsuma Loans?
As a regulated financial service, you can register official complaints about SatsumaLoans with the Financial Ombudsman Service. If you feel unhappy with the way you have been treated, whether you can’t pay your Satsuma loan or are having other difficulties, you can contact them in the following ways.
- Freephone 0800 023 4 567 (free on landline and mobiles) this is quicker than email firstname.lastname@example.org
- Or by post:
The Financial Ombudsman Service
London E14 9SR
- More information http://financial-ombudsman.org.uk
Always do this if your bank or credit card provider is refusing to cancel a Continuous Payment Authority (CPA) you should also use the Ombudsman to complain as this is your right to cancel it.