Cant pay your Payday Loan?

It is easily done, you have a Payday Loan and cant pay them off now, your a bit short of cash and have other debts, so you decide the best option is to apply for a payday loan. There are so many Payday Loans about right now, you pick one, apply and hey presto, £100 is in your bank account 1hr later, problem solved. Not really. The interest is building on the Payday Loan and your repayments are more than your wages.

If your at this stage you are probably already in debt. (if you are at a loss and can’t pay them back, email us today and we can contact them and cut the amount you owe, as well as spreading payments out  –  )

*UPDATE 12/04/12 - I am hearing some horror stories as the Govt and OFT are announcing they will soon be investigating this unregulated industry.  From representatives turning up at work places, through to neighbours doors being knocked on, to get to you if you cant pay your payday loan. I have in turn escalated my methods to tackling them, which must be annoying them so much, to date have received 9 letters from lawyer firms representing payday loan companies to try and have this site shut down…..which will never happen. So if you cant pay your payday loan, email me and I will fight them for you.

Cant pay your Payday Loan – Dont!

Maybe credit cards maxed out and a few debts are with debt collectors, calls and letters in red being delivered through your door everyday. Your not even half way through the month and your wages have been spent, so you apply for another Payday Day Loan. If this is a familiar story, dont panic. Here is your ‘ get out of jail card’, the secrets the payday loan companies dont want you to know.

First of all write your debts down on a piece of paper, with the address and contact details of each payday loan you cant pay. Never talk to your payday loan provider, always write. You do this to have a record of it, but also so the payday loan company cannot deny receiving any as well, send by recorded delivery so someone has to sign for them.

If you are dealing with a Payday Loan lenders, you need to know that the law is reviewing them as you read this and they are sympathetic to people in debt using them and the outrageous apr they incur, as well as the tactics they use to chase people and hassle them. The law is on your side as far as payday loan lenders are concerned.

The things they don`t want you to know…

Now to apply for a payday loan, you would have had to have provided your debit card details for them, so they can collect payments from you. So the first thing is to cancel it. They will ignore any letters/emails/calls from you saying you cant pay, as they have your details and using a pos machine, will debit your card anyway. So you think £20 is being debited and when you check your account online, you realise that the entire amount has gone, leaving you no money in your account. You cancel them by contacting the fraud team at your bank ,as only they can completely lock down your card (say it has been stolen and someone has your pin number). Now, they can no longer debit your account. Request a new card with new details, so you can access your cash, remember to reactivate any direct debits for essentials such as mobiles so they still work etc.

Write to your payday loan company now ,saying that you have been selected for redundancy at work, as the company is failing and as a result, you wont be able to make the payment date and wish to go on reduced payments. They will write back and suggest a payment arrangement. You have a choice now, either to suggest any amount that you are happy to pay, or simply ignore them. They will try and call you and text you, one tactic is to call you at work, so first of all send them a letter saying they are in breach of the administration of Justice Act 1970, and the Protection from Harassment Act 1997, that will put a stop to that.

Now send off to them a CCA request (consumer credit agreement) you would be surprised how many payday loan lenders do not actually have the correct authority, to actually operate as a lender. Make sure they send you the original document.

At this point, they will be sending texts and emails saying just pay off the loan,no charges or apr. At this point, write to them saying you are happy to pay off only 30% of the overall loan, as you are being taken to court for non payment of council tax and other essential debts. They know this means if it went to court a judge could decide you only pay back 70p a month if that is all you can afford.

Beat the Payday Loan Lender?

You want to throw them the right terminology in a clear pattern and at the right moment, as if you follow the above, they will know they are stumped and cant do anything. Every lender allows for some non-repayment of debt from debtors, so it is just about showing and convincing them that you are one of these. Remember, do not be threatened, or let their threatening behaviour scare you, when it is in fact you that has the power!

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