I Can't Repay My Payday Loan
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If you have gotten into financial difficulty due to spiraling debts and are unable to repay your payday loan(s), you are not alone. Thousands of people in the UK are in the same position as yourself.
It is important to reiterate that due to the high interest rates, payday loans should only be used in unexpected emergencies and only if no other options are available. If, however, you are in financial difficulty, there is a wealth of information that you can utilise that can help you get out of your troublesome debt. There are several not-for-profit organisations recommended by the Financial Conduct Authority that offer information, advice and tools to help you get back on track and resolve your financial troubles. These can be found at the bottom of the page. |
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What to do if you are unable to repay your payday loan
First things first, do not borrow more money from payday lenders to pay off your existing loans. Instead, speak to each lender and explain your situation. You may find that they can be very accommodating to your circumstances. Your lender may offer you a repayment plan to help you pay off your loan over a number of months and may even offer to freeze the interest on your loan so that you don't get into even more debt.
You may already being going through a debt management company to help deal with existing debts. If this is the case, it may be worth speaking with them to discuss adding the payday loan to your debt management plan. If not, and you are only in debt with a payday lender or two, then it would be far more financially beneficial to work with the payday lender to come to a repayment agreement. If you have other outstanding debts that you are struggling to afford, it may be worth speaking with a debt management company to discuss possible options regarding getting out of debt.
Money Advice Service
www.moneyadviceservice.org.uk
0300 500 5000
You may already being going through a debt management company to help deal with existing debts. If this is the case, it may be worth speaking with them to discuss adding the payday loan to your debt management plan. If not, and you are only in debt with a payday lender or two, then it would be far more financially beneficial to work with the payday lender to come to a repayment agreement. If you have other outstanding debts that you are struggling to afford, it may be worth speaking with a debt management company to discuss possible options regarding getting out of debt.
Money Advice Service
www.moneyadviceservice.org.uk
0300 500 5000