• 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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