Published on | by Steven Taylor0
In debt with payday loans and need help? Don’t pay a penny more: copy these exact tactics (and write off up to 80%)
If you are having payday loan problems, you may feel like you are trapped. The lenders want you to believe that since you borrowed the money, you have to pay it back, and there is very little you can do if you’re struggling. In fact, this simply isn’t true. There are many kinds of help with payday loans open to you. However desperate your situation has become, you can probably find a way to vastly improve your payday loan problems.
With the recession still in recent memory and the road to financial recovery slow, many people have found themselves in financial difficulties. Payday lenders advertise their services as a friendly source of help with your problems. Out of desperation, many people are snared into taking out these short-term, high-interest loans as the only way to make ends meet. With bills to pay, a car that needs fixing, and shopping to buy, they can seem like the only way to get money you desperately need.
Often, payday lenders do not make proper checks about whether you can repay the loan and what rates you can afford, and this is where many payday loan problems begin. A lot of people find themselves unable to pay back the money they borrowed. Unless they seek help with their payday loan problems, they will find it hard to keep on top of the mounting interest, let alone pay back their payday debt.
Other people take out payday loans when they are in a fairly stable financial position but need help overcoming a short-term difficulty. Then they find themselves with payday loan problems when something unexpected happens. Losing a job, suffering a cut in hours, or unexpected expenses can affect your ability to pay back your payday debt. If you find yourself in this situation, it is important to know your options for seeking help with payday loans.
Most people who contact the lender to explain they are having trouble are met with a complete lack of sympathy. Too often, the company seems to care about nothing but getting their money from you as quickly as possible. To make matters worse, many lenders seem to think that hounding you without mercy will mean you can suddenly find the money to pay back the payday debt. Letters, phone calls at home and work, and text messages arrive at all hours of the day. Often filled with threats, these can compound your payday loan problems and make you feel as if you are in danger of severe trouble until you have paid back the payday debt.
In fact, payday lenders are often more than happy for you to default on paying back your payday debt, because their profit comes from high interest rates. But they can’t show it, because their best profits come from keeping your repayments high and the interest rate steady. Any sympathy for your situation will open up the danger of affordable repayments with reduced interest rates.
Even if you do owe them money, payday lenders do not have licence to bully you and ignore the difficult circumstances that lead to your payday loan problems. There are several ways you can seek help with payday loan problems.
“OK, but I can’t pay my payday loan and need help now… what do I do?”
If you owe more than a certain amount, you can enlist the services of a debt management company to deal with the lender on your behalf. These companies have expert knowledge of the law and of your rights. They will get in touch in touch with the lender, and seek to improve your situation and make it easier to pay back your payday debt. Specialists in providing help with payday loans, these companies can put a stop to excessive contact, and negotiate repayments at a rate that won’t empty your bank account each month. Depending on your circumstances, they may also be able to reduce or halt the high interest rates on your payday debt. A good debt management company will not only provide expert help with payday loans, but will not charge any upfront fees. This is a link to the only one I personally know of that ticks all those boxes.
Another option is to write to payday lenders yourself using the range of free tools and free templates we offer. If you are being called at home, at work, and on your mobile at all hours of the day by a lender chasing you to pay back your payday debt, a template can put a stop to it. Simply add your own name and address and send it to the lender who is causing your payday loan problems. They are designed to remind the payday lender of your rights, and let them know that you will not put up with bullying or unaffordable repayments.
© 2013-14 UK Payday Loan Help
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