Wednesday 19th December 2018,
Centre County Business

Are You Finding It Hard to Pay Back Your Payday Loan? Know How to Deal with It!

Are You Finding It Hard to Pay Back Your Payday Loan? Know How to Deal with It!

Are you having a difficult time paying your payday loan back? Or is the lender treating you in an unfair manner? If yes, this article is just for you.

Well, ignoring this issue can be the worst thing that you can ever do. So, follow the below mentioned steps if you too are struggling to pay back your bad credit payday loans. Here you go!

Contact the payday lender right away

By law, your payday lender must do the following things:

  • Suspend recovery of debt for reasonable period in case you are developing repayment plan with debt advisor or even on your own.
  • Treat you in a fair manner and allowing you a reasonable time for repaying loan that may include suspending charges and freezing interest.

Apart from the above things, they must not even bombard you with emails, calls, or text messages. They can even accept minor token payments for temporary duration if you don’t have money left for the daily essentials like mortgage, rent, food, utility bills, etc.

Remember keeping copies of all letters and emails that you sent to the lender. You can even write down the details of the phone calls you made to them. This will be the evidence of how you tried contacting them in case they fail to reply you or in case you require making any complaint.

Consider cancelling recurring payment

If you don’t have sufficient means to pay your loan back, then you can just call your bank for cancelling recurring payment or continuous payment authority. Make sure to do this minimum one day before the repayment is due. Moreover, ensure that you inform your lender that you have done so. It is generally recommended to following up the phone call with a formal letter to the bank.

Get professional help

If you are finding it hard dealing with payday lender, then you can contact a confidential, reliable, and free debt advice services. They will really help you not only in getting your debts in control, but also negotiate with lender. However, ensure that you inform your lender about working with debt adviser as soon as possible. Moreover, ensure following up your calls with a proper letter.

So overall, if you too are one of them who are finding it really hard to payback your payday loan, make sure to contact a reliable debt service advisor. They will offer you the best possible assistance for resolving your issues.

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