If you can’t pay your payday loan you have a number of options to consider:
Get in contact with your lender
Contact your payday loan lender and clearly explain why you are not able to pay them back on time and most importantly, how you plan to deal with the problem. You will need to reassure your lender that you will do everything you can to repay your payday loan as fast as possible. The lender will want to know within what time frame they can expect to be repaid. In many instances they will do what they can to accommodate you, if you make a reasonable proposal.
Get help from a specialist debt help company
Get debt help. If you have had a significant change in your financial circumstances, for example you lost your job, this would naturally have a serious effect on your ability to repay your payday loan on time. In this situation it is unlikely that you could commit to a revised payment plan that would be agreeable with your lender. You would probably be best off getting debt help. Contact a specialist debt help company. They will negotiate (on your behalf) one affordable monthly payment with all your creditors. They will be able to assist you if you have 1 or more outstanding debts.
Follow this link to see how they can help you right now.
Don’t ignore your creditors
Surprisingly, many people chose to ignore all communications from their payday loan lenders when they can’t pay their payday loan. This is absolutely not a good idea. If your lender feels you are trying to avoid repaying your loan, they will most likely proceed to legal action much faster than if you were open, honest and communicated with them. Remember, your debt will not disappear just because you ignore your lender’s attempts to communicate with you. The amount you owe will grow due to interest and service fees. Your best bet would be to get debt help from a DMP provider.
In summary, you have two options. 1. Communicate with your payday loan lender, explain your problem, how you are going to deal with it and when they will be paid. 2. Get debt help from a DMP provider and let them help you to combine one or more of your debts into one affordable installment. Option 3, is really not an option you should consider. Your debt will not disappear. The amount you owe will increase. Don’t delay, get debt help today.
If you have having trouble paying one or more debts and need debt help, you should contact a DMP provider. You can visit their website by following this link.
What our readers say
I found your website really helpful. I used your monthly budget template to see how much I was spending on things. I saw where I could cut back on some unnecessary expenses and put that money towards paying off my payday loan.
Thanks a lot for the useful information. I used your letter to cancel a continuous payment authority and it worked. Cheers. Jamie
Hi guys, I just thought I would let you know that after reading your site I made some changes about how I dealt with my debts and I am nearly back on my feet again. I have paid off more than 80% of what I owed and I took your advice about paying the most towards my debt with the highest interest rate.
I had 3 payday loans and after I lost my job I started to fall behind with payments. I have signed up with iDebtPlan and they have been really helpful.