Help to Consolidate Payday Loans

On March 6, 2012, in News, by Lewis Alexander

Did you know that you could consolidate your debts and have one monthly repayment with an IVA or debt management plan and other personal debt consolidation solutions?

Every day we hear from people that need help to consolidate personal debt and they say that they wish they could have found us 1 year ago!  Why would they say this?

Maybe because when they speak with us they realise all the recent payday loans they took out no longer make things any better and the financial problems they faced are still there, if not larger now with the added payday loans they have taken on.

  • So what can you do?

It all stems back to the time when the individual knowingly inside admitted to themselves that they cannot meet the financial commitments they have that day, week or month. When the individual realises this, it is the decision they then make on how to deal with a debt problem that can create the situation we discussed above.

If someone is struggling with payday loans and other credit cards and overdraft facilities, the worst thing they can do is try to borrow out of the debt problem, unless you have a fabulous income and have had one out of the ordinary month with regards to outgoings and expenditure, then there are arguments for someone borrowing their way out of a long term debt problem, otherwise you need to decide very quickly that another loan is not what you need and it is usually when the individual gets refused loans that they then realise more credit is just not possible and they find themselves struggling to consolidate personal debt.

  • So how can you consolidate payday loans?

It all depends on your current financial circumstance, usually you will be struggling every month if you are in the grasps of payday lenders and you need to speak with a debt consolidation company or advice centre about your monthly income and expenditure to find out what is going wrong.  You may already know what the problem is (too many payday loans?) so the answer could be to contact the companies you owe money to and make arrangements to repay at a rate you can afford as opposed to rates and timescales that suit those companies or lenders.

Consolidating Payday Loans is not easy because of the way that payday loan companies take the money you owe them back, they do it by debiting the money directly from your bank account at a time very close to you getting paid, leaving you with no money for that month if you have borrowed from a number of payday lenders.

You can consolidate payday loans if you qualify for a debt management plan or IVA / Individual Voluntary Arrangement; these are personal debt consolidation solutions that enable you to consolidate debts into one monthly payment, without the need to borrow any more money.

If you wish to find out if you qualify to consolidate payday loans by utilising an available personal debt solution, then contact our personal debt helpline today which is free to call from a land line using 0800 018 6868, mobile call costs may vary.

  • Consolidate payday loans if you are genuinely struggling by calling us now – 0800 018 6868
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