There are several companies, known as payday lenders, who specialise exclusively in these arrangements. Whilst popular, payday loans can cause a lot of financial trouble later down the line.
Many people turn to payday loans in their hour of need because they propose a fast, easy source of funding. However, the vast majority of payday loans come with extremely high-interest rates, meaning people can end up paying back far more than they initially borrowed.
The longer you take to return the money, the higher the charges can be. In some instances, there may also be hidden fees involved – it’s not uncommon for a small loan to end up costing you four or five times the original amount borrowed. The Financial Conduct Authority (FCA) regulations stem from concerns about payday lenders’ previous conduct and the amount of interest being charged on loans, as well as concerns that loans were being made to people who simply could not afford to repay them. While the FCA has clamped down on a lot of poor practices, payday loans remain an expensive source of borrowing and great care should be taken before accepting a loan from these companies.
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Bennett Jones has helped thousands of people solve their debt problems. We understand how stressful and difficult life is when you can’t pay your debts and your bills.
You can trust Bennett Jones to help you if you are struggling to pay your debts. We specialise in Individual Voluntary Arrangements – a legal solution that allows for unaffordable debts to be written off. With an IVA from our team, you will make affordable repayments to your creditors over a fixed period, with the remaining debt written off at the end.
An Individual Voluntary Arrangement (IVA) is not suitable for everyone who needs help with their debts. If an IVA is not right for you we will give you free no obligation help so you can decide on the solution you need.
Can Bennett Jones help me with payday loans?
If you’re in financial difficulty due to payday loans, it’s important to take action as quickly as possible to prevent further financial problems from arising. Speak to the Bennett Jones team today and we’ll give you valuable information to help manage your debt and make a full financial recovery.
Our team are always on hand to offer information that can help you deal with debt – even if you’re on benefits. Contact us on 0161 9600054. Otherwise, leave us a message on the Bennett Jones contact page to request a callback.
Bennett Jones’ role in your financial recovery
Bennett Jones can review what you’re spending, both personally and if you are self-employed in your business, and help you understand whether an Individual Voluntary Arrangement (IVA) is the solution you need. Whether you need an IVA, an alternative debt solution, or simply information to help you organise your spending, we can deliver some peace of mind.