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Template Letters Stop payday loan payments

Published on June 26th, 2014 | by FinanceLoophole

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Stop automatic bank payments – Free payday loan help template

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To make sure that they can continue to remove money from your bank account directly a loan company must be able to demonstrate that they have made every effort to maintain good contact with you.

And here is the crunch for the loan company…. if you have had any problems contacting them or had difficulty getting their help to change payment arrangements then you will be well within your rights to suspend payments from your bank while you seek out a better dialogue with your lender. This could provide you with the breathing space you need to arrange a better method of payment for your outstanding payday loan.

To help you contact your payday lender to suspend payments we have produced a free template you can use to contact your payday loan lender:

Free download – Suspend my bank payments to my payday loan company (word doc 22kb)

Things to remember when contacting your payday loans lender

  • Know your rights – having a look around this site can help
  • Make sure you are reasonable with them
  • Make sure you keep a cool head

This can often be very difficult as you will be feeling under pressure and stressed. But If you don’t do this when you contact them then it is much more likely that your payday loan company will ignore your problems or try to bully you into repayment.

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If your debt is over a certain level, another invaluable source of payday loan help may be open to you. If you are really struggling with payday loan debt, a debt management company can transform your situation. A good debt management company will charge no upfront fee, and will contact the company your payday loan debt is owed by on your behalf. With experience of dealing with these companies and expert knowledge of regulations and rights, they can halt all threats and unnecessary contact, and help create a much more manageable situation in which you will finally be able to successfully pay back your loan.

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