• credit report UK from ExperianTwo out of every ten people in the UK cannot repay a payday loan they have taken on!
  • Did you know that the Payday Loan is quickly taking over the well known “Bank Overdraft”?
  • Have you taken advice about having too many payday loans or advice about what to do next about being unable to repay a Payday Loan?

Here at Lewis Alexander Financial Management, we are specialists in helping people consolidate and clear payday loan debt, most people cannot afford to repay multiple payday lenders in one go.

The problem of having too many payday loans can escalate when the money you have for one loan repayment has gone on other expenditure!

  • If you got paid twice for one months’ work everything would be okay! When did this last happen to you?

When we speak with people who have multiple payday loans, we understand that it can be difficult for them to see how debt consolidation can work for them. They are unable to borrow more money due to being over committed and do not understand that personal debt solutions such as debt management plans or Debt relief Orders and Individual Voluntary Arrangements / IVAs can be viable routes out of the problem they face.

People naturally think of taking on more credit to get out of the credit they have. However, when aware of other means of consolidation such as a personal debt solution, the only reason someone should take on another loan is if they need the money for something else apart from to clear the payday loan debt or they wish to protect their credit rating!

Usually, the person who has borrowed the payday loan funds is unable to borrow any more due to other credit commitments such as credit cards and store cards or bank loans and overdrafts. They are also likely to have an impaired credit rating or bad credit history.

Debt Solution Finder

If you have too many payday loans and are struggling with debts such as unsecured loans and credit / store cards, then contact our debt helpline today in confidence using;

  • 0800 018 6868
  • Lines are open 24 hours / 7 days
  • Calls are usually free from UK land lines
  • From a mobile it may be less expensive to call 0161 872 3383

Payday lenders are now generally, trying to be very compliant with regards to lending practices and there are very few lenders in the market place. Most payday loan operators are either lead generators or are brokers of some sort.

A decent, reputable and bona fide payday loan broker will actually only recommend the well known payday loan lenders and people tend to find that once they have had one or two payday loans, they generally know or have awareness of the places they qualify for such credit from.

The less pleasant side of payday loan collections is still finding its feet as far as the debt collection industry goes and most decent and trusted payday lenders are trying to make sure that the debts they fail to collect internally are collected responsibly and in line with debt collection guidance set out by the Office of Fair Trading by appointed 3rd party debt collection companies.

If everyone understood APR’s and companies presented their APR’s more transparently with added triggered explanations, then the press would stop using the APR as a beating stick!

“APR” – (Meaning)

The term annual percentage rate (APR), also called nominal APR, and the term effective APR, also called EAPR, describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. It is a finance charge expressed as an annual rate. Those terms have formal, legal definitions in some countries or legal jurisdictions, but in general;

  • The nominal APR is the simple-interest rate (for a year)
  • The effective APR is the fee plus the compound interest rate (calculated across a year)

Source of above APR meaning and further / full information of an APR can be found at Wikipedia

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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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