Payday loan debts - write off

If you’re at the point where you need to take out payday loans then it's probably a sign that you need debt help. Make a decision to get payday loan help today and don't put it off any longer. You could write off most debt including credit card debt, loans, store cards, catalogues, payday loans, HMRC debts and more. Payday loans are the worst type of borrowing with high APRs. PLEASE NOTE THAT WE DO NOT LEND.

✓   You could clear your debts
✓   Stop all interest and charges
✓   Write off unaffordable debt
✓   One affordable monthly repayment
✓   Become debt-free
✓   Rated 5* excellent on Trustpilot
✓   Freeze all interest and charges
✓   Stop demanding phone calls and letters

See if you qualify in under 1 minute

Step 1: How much do you owe?

If you think an IVA is right for you, fast track an appointment with a senior advisor

Taking out a payday loan to pay other debts can quickly make your situation worse. Our experience with helping thousands of customers get out of debt is that you should never use a payday loan to pay your debts. But if you already have payday loans, an IVA could be the perfect way to freeze interest and write off a substantial portion of the loan.

We all need access to extra money from time to time but there are many alternatives and more affordable ways to borrow money. Their high interest (APRs of 400%+), short repayment periods (typically two weeks), and the widespread practice of loan renewals can tempt borrowers into a costly cycle of multiple loan extensions.

Taking out a payday loan to pay other debts can quickly make your situation worse. Our experience with helping thousands of customers get out of debt is that you should never use a payday loan to pay your debts. But if you already have payday loans, an IVA could be the perfect way to freeze interest and write off a substantial portion of the loan. We all need access to extra money from time to time but there are many alternatives and more affordable ways to borrow money. Their high interest (APRs of 400%+), short repayment periods (typically two weeks), and the widespread practice of loan renewals can tempt borrowers into a costly cycle of multiple loan extensions.

Payday loans are forms of unsecured debt and can always be included in an IVA. When you start an IVA you will stop making payments to your payday lender. However, stopping the payments to a payday loan company can be done by immediately cancelling your continuous payment authority. The surest way to stop this is to cancel your card and get a replacement.

Payday loans will appear on your credit report. You might find that other lenders look at you less favourably because you’ve borrowed from a payday lender in the past. Lenders will view your credit report negatively if it shows you’ve taken out payday loans regularly, which could limit the products and rates they’re willing to offer you.

Any unsecured debts that you may have when you start an IVA will be included in the arrangement. This also applies to a payday loan taken out just prior to an IVA application. However you are not allowed to apply for a payday loan once you have commenced the IVA application process, as you must not apply for any form of credit.

If you were to borrow money knowing you could not pay it back, technically that could be seen as fraudulent. It is possible that creditor could accuse you of fraud, but it is unlikely. Especially in the case of a payday loan where the amounts borrowed are small. There would have to be a clear case of you misleading the creditor.

hat could be seen as fraudulent.

Depending on the amount you borrow and the circumstances, it is possible that creditor could accuse you of fraud, but it is unlikely. Especially in the case of a Payday Loan company where the amounts borrowed are lower. There would have to be a clear case of you misleading the creditor by perhaps lying on your application form.

If you’ve taken out a payday loan and you can't repay it, don’t take out another debt. Most payday lenders take your bank details so they can take continuous payments from your account (continuous payment authority, or CPA). If the payment is declined, more attempts are made. It's very easy for payments to swallow money paid into your account.

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Immediate help to write off payday loans and other debts

Are you struggling financially to pay your growing debts? Are you only able to make minimum payments? Do you struggle to manage your finances? Bennett Jones is here to help you explore all the options to regain control of your finances and become debt-free.

  • Say goodbye to grinding debt
  • Immediate debt assistance
  • Focussing on a fresh start
  • Free confidential assessment
  • No set-up fee
  • See if you qualify to get out of debt
  • Use IVA legislation to write off up to 80% of your debt
  • Stop legal actions, bailiffs, harassment and debt letters
  • Save your house, car and other assets
  • No obligation to use our service
  • We are regulated by the IPA
  • No call centres, agents or middlemen

The cycle of payday loan debt

The name 'payday loan' is somewhat of a misnomer because the payday lenders don't want you to pay back the loan on your next payday. Their ideal customer is one that takes out loans over a few months and rolls over the loans to produce a continuous cycle of payday borrowing  We’ve seen customers with multiple payday loan debts. If you’re in this situation, you should cancel your payday loan payment to stop the money from being taken from your bank account. You can then contact Bennett Jones to get expert advice on how to deal with your debts.

Read some of our excellent customer 5* reviews to see how our customers have become debt-free, and rid themselves from credit card debt. We specialise in Individual Voluntary Arrangements (IVA) – a legal solution that allows for unaffordable debts to be written off. Call our debt team today for immediate debt help and advice. We’ve given debt help to thousands of customers, you can see their 5* reviews on Trustpilot.

The sooner you start dealing with your debt, the sooner you’ll have it beaten. If you need some help getting started with a plan, or if you’re not sure about your exact circumstances, then please contact Bennett Jones for free, confidential help. Typically, the earlier you contact us, the better the outcome.

If you have aggressive creditors who are pressing very hard with letter, call or even bailiff action, we will help you clear your loans, credit cards, catalogues, payday loans and many other debts.

Read our 5* reviews on Trustpilot. We then offer debt help tailored to your individual personal circumstances. The amount of debt clearance will depend on numerous factors such as debt level and affordability.

We will help you clear debt, with your loans, credit cards, catalogues, payday loans and many other debts. Check if you qualify for an Individual Voluntary Arrangement in 60 seconds, by completing the form above. We can do a brief assessment and tell you what documents are required to move forward with your case. We've helped thousands of people clear their debts. We listen to everyone’s story with empathy and understanding. We then offer debt help tailored to your individual personal circumstances. Our free service allows you to explore your options with absolutely no pressure and there is no obligation to proceed. We are ready to answer your questions to choose the best solution to clear your debt.

Bennett Jones Team