Get Out of Debt! Find out How!
Payday loans have such high interest rates, they become unaffordable at some point to most people. You don’t have to pay everything you have towards your payday loan and end up with nothing.
Do you feel trapped in a debt spiral and there’s no prospect for you to get out of it? Don’t take on even more loans.
Address the main concerns that brought you in to this stressful situation. A debt solution might just be the best way.
If you owe at least £1000 and have more than one creditor, we could help put an end to your debt struggle. By completing a short form, you will receive free professional advice as to what your options areand your legal rights regarding your payday loans
A payday loan is a sum of money you borrow, usually in cash, that you are expected to repay entirely when you receive your wage. Thus, these types of loans are only offered for a period of 31 days.
The companies offering payday loans usually have extremely high interest rates, so payday loans become extremely hard to repay once rolled out from a month to another.
People tend to take payday loans lightly since they can always repay only a part of the sum, they can postpone the repayment for another month. This is actually the beginning of the problem. When payday loans are not paid on time, additional interest adds with every month the repayment is deferred. In this way, the debtor is made dependent on taking a new payday loan monthly, since he or she cannot afford to repay the original one that keeps increasing. This situation is very common and has received the name of the “Pay Day Loan Trap”.
How can you realise if you’ve entered such a trap? Traces of this vicious circle can be easily spotted. If a significant part of your income goes towards payday loans and if they are always a present feature in your monthly finances that should ring a bell. Don’t blame yourself for it. There are many who claim that these companies intend to get you to fall into their trap from the beginning by making it almost unavoidable. There is a way of exist, though, and we can help.
If an unsecured debt such as a payday loan is the main concern of your debt struggle, you might be surprised to find out that you don’t actually have to pay it. At least, not the unaffordable, full amount. By entering one of the debt solutions (DMP, IVA), you could make repayments more affordable and even end up repaying less than you owed. Want to find out how? Complete the form and an advisor will assist you shortly.
There are other cases of payday loan repayment difficulties, other than the above mentioned “trap”.
Many take several payday loans and at some point they become overwhelming. People usually find a solution to this issue by attempting a payday loan consolidation. This means that all individual loans are repaid and they will only have to make contributions to a new, substantial loan that covers for all the others. As long as one can keep with the agreed terms and sums of repayment this might work. However, debtors end up defaulting on this new loan as well, since the real causes of their debt struggle still remain. This brings forth greater problems, as the interest keeps piling and makes the debt unreasonably large in the end.
There are various reasons that can push a person towards a payday loan, regardless of the consequences. There are family matters, health matters, situations that came up unexpectedly and need urgent dealing with and so on. Moreover, with the financial crisis of the last two years, many have accumulated debts and payday loans may seem to ease their monthly struggle.
If this is your case, remember that such a loan is not the answer to your problems. You no longer need a loan if you lower your outgoings and make debt repayments more manageable. We can help you with that. You just have to complete a short, confidential form.