Payday Loans (also called a payday advance) is a small, short-term loan that is intended to cover a borrower’s expenses until his or her next payday. There has been some criticism of these loans in the UK recently.
Controversial payday loans that charge astronomical interest rates of 2,000% or more over short periods to desperate borrowers have become hugely popular since their emergence in 2006, according to a report by a consumer watchdog. Paydayuk.co.uk, for instance, charges borrowers £50 for a loan of £200, which for short-term borrowing is an APR of more than 22,600%.
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If you are being chased by debt collectors and have multiple other debts, such as bank loans/credit cards/payday loans, I can guarantee the stress is affecting everything you do daily. If your partner does not know, or maybe even family members, then there really is no escaping it. I was in this exact position, except for me, it was also the calls to work and the depression that came with it all. So the good news with multiple debts, is that there are many loopholes/FSA backed methods to legally get rid of the lot and shut them down immediately. All calls stop, no more letters/text messages and you never have to deal with who you owe money too again. The best news, this month, you get to keep your wages again, instead of losing the lot 5mins after they hit your account. These guys are brilliant and literally gave me my life/sanity back. No matter what your situation, they will sort this by the end of the day, check them out here
If you need a payday loan then you are at a point where you are so short of cash, there is no alternative and whatever you need it for, cash is needed. However, once they have you, they apply multiple tactics to get as much cash from you as possible. So if you have taken a loan and fallen behind on a payment, or they are adding extortiant amounts of charges on your account.
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1. Call your bank and tell them your card has been stolen and you need a new card. Why? The payday loan company has your details, which means without you knowing they will use a POS machine to debit your acc for the loan charges you didn’t know had been applied and you wont know until you try to use your card somewhere and its been declined. With new card details, they wont have them and wont be able to debit anything.
2. You would have had to put your employers address and tel number on the application. This means they will use the tactic of calling your work and trying to embarrass you into paying. Who wants their collegues to know they are in trouble? With one letter you can send it to the payday loan company which will mean they are breach of Section 40 of the Administration of Justice Act 1970, and the Protection from Harassment Act 1997 if they hassle you at work
3. CCA request, stall them further by sending off a CCA request for the original agreement. You will be surprised how many cant and if they cant, you owe nothing.
4. At this point they will be writing to you request payment. One simple tactic is to call them and say you are under consultation to be made redundant. You are being taken to court for non-payment of council tax and other priority debts. Which means, you only have enough to pay 70% of the original payday loan without any charges. Otherwise they will just have to wait for court outcome and are welcome to wirte to court.
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If you are being chased by debt collectors or have debt in debt with banks/payday loan companies, then you need to stop all the threats/charges/interest now. If a get out of debt button is all your after, then there is a company that I have thoroughly vetted that can do this for you. I used them when I was in trouble and it also protects you from court action/bailiffs, whilst never having to talk to any creditor again. They contact them on your behalf and stop everything, informing you by email all the way. They hate these companies and their bullying tactics as much as me, any way check them out here