Having Problems Paying Bills?
Payday loans are unsecured, repaid over a very short time period, often accompanied by very high interest rates of over 2,000% and can even be as high as 5,000%. The term “payday” refers to the concept that the loan is supposed to provide funds to support a shortfall in finances until the person receives their next pay cheque. They can look attractive if you’re having problems paying bills – but can cause more problems than they solve.
There are a lot of payday lenders in the UK market at the moment – Wonga, QuickQuid and Payday Express to name a few. All offer fund transfers directly into a bank account following a rapid online application process. The loan can take as little as an hour to complete from application to funds arriving in your bank account. The loan does not often need a full credit check to be approved, looking instead at things like employment history, UK Bank account details and age.
Don’t Skip Payday Loan Repayments
These loans can be easily arranged with little insight into their affordability by the payday loan company. Repayments can quickly get out of control. Missing a payday loan repayment can make the loan very expensive to service, especially if the loan is not repaid in full by the end of the initial loan term. If this happens often people will need to take another loan to repay the existing loan. This is called a “rollover” loan and can lead borrowers into a spiral of ever increasing debt. Recent changes in legislation limits lenders to only two rollover loans for each payday loan. This has had some impact on reducing the amount of payday debt that borrowers can get into. However this is no consolation if you can’t pay your existing payday loan or are having problems paying bills.
Having Problems Paying Bills – What can I do?
If you are struggling to pay payday loans, loan shark debt, credit card and loan bills it can be difficult to deal with without help. If you’re struggling with a number of debts and need help, it’s worth speaking to a debt advice service. Using the services of a good debt management company is an easy and stress free way to get things sorted. Don’t delay if you have got debt repayment problems as the problem will only get worse – quickly. CnatPayMyBills work closely with Say No To Debt who provide top quality debt management services. They will work closely with you to get you out of debt.
Top Tips If You Can’t Pay Payday Loan
Payday loan companies must by law:
- treat you fairly and with consideration allowing you reasonable time to repay the loan which may include freezing interest and suspending charges
- suspend recovery of the debt for a reasonable period if you are developing a repayment plan with a debt manager or on your own
- direct you to sources of free and independent debt advice.
In addition, they should:
- consider accepting small token payments temporarily if your repayments mean you haven’t enough money left for essentials like food, rent or mortgage, and utility bills
- not bombard you with phone calls, emails and text messages
Remember to keep copies of all emails and letters you sent to the lender and write down details of your phone calls to them. This is evidence of how you’ve tried to contact them if they don’t reply and you need to make a complaint. (See ‘How to complain about a payday lender’ below.)
You may also be interested in getting more information about dealing with payday loan debt by visiting the Money Advice Service.
You can find below links to a number of reviews for companies which offer payday loans. To make sure you don’t have problems paying your payday loan have a look at the reviews we have gathered for these lenders before you take out a payday loan. If you have previously used any of these lenders please feel free to fill in a review for the lender to help out other users of our website.
Can’t pay Peachy payday loan company review
Can’t pay Quick Quid payday loan company review
Can’t pay Wonga payday loan company review
Can’t pay Wizz Cash payday loan company review
Can’t pay Payday Express payday loan company review
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