Can’t pay my payday loan
If for whatever reason you can’t pay your payday loan you need to act swiftly. You must deal with the issue. Never ignore the problem as it will only get worse. Payday loans are extremely helpful when you need money quickly to cover those unexpected expenses, but you must repay them on time to avoid paying more than you initially budgeted for.
Communication is key
Communication is key. Contact your payday lender as soon as you see you are not going to be able to repay your loan on time. It is not uncommon for people to struggle to repay their loan on time and your lender will probably be able to offer you a number of options.
If you do not pay your payday loan on the date you initially agreed to, you will inevitably incur extra service fees and additional interest.
On the other hand, if you try to deal with the problem by ignoring it, things will go downhill quickly. If you do not repay your payday loan on time your lender will try to make contact with you to find out why you have not paid. If you avoid your lender’s attempts to contact you, they will assume you are intentionally trying to avoid repaying the loan. This will not do yourself any favours. Costs will mount up and they will probably take legal action against you sooner than if you had communicated with the. For this reason open communication is best.
Get help now
It is also possible that you have gotten yourself into a real pickle and it is simply impossible or too overwhelming to deal with on your own. That is when you should take advice on how to deal with the problem. You should consider contacting an organisation like StepChange. They have helped thousands of people manage their debt problems. If you have one or more loans, StepChange will act as your single point of contact for the repayment of all your loans. StepChange will contact your lenders and negotiate a repayment plan that you can afford and they will ask your lenders to stop contacting you directly.
You can find out if you qualify for help from a debt negotiation company by clicking here. You may be able to write off up to 80% of your debt!