A payday loan or short term loan can often seem like the perfect financial solution to relieve a problem quickly. However, when the situation changes then repaying the payday loan can be difficult and help may be required. Payday loan help from our charity, Debt Support Trust, is confidential and supportive to help you resolve outstanding short term loan problems.
If you would like to speak to a debt advisor about your payday loan, please call us on 0800 085 0226 or complete our debt test.
Help with Payday Loan Debt
A payday loan is generally a high interest short term loan. The interest rate can be as high at 5,000% APR. Failing to repay a payday loan can mean the loan spirals out of control and a £300 debt can easily reach £2,000 – £3,000 very quickly.
If you are unable to negotiate with your payday loan provider then speaking to a charity can often provide you with opportunities to gain valuable advice. We will listen to your complete personal and financial situation, including any other unsecured debts, like credit cards, overdrafts and store cards etc.
Once we understand your situation we can provide you with all your options and help you with your payday loan debts.
Payday Loan Help Advice
Our charity advisors are specially trained to help with payday loan debts. The short term loans can often increase the quickest, particularly when payment isn’t being made.
Payday loan companies may encourage you to rollover your debt into another loan, however this may not resolve the fundamental problems. Our charity advisors will be able to guide you along the process to resolve your payday loan debts. If you have other debt problems then you may be applicable for a debt solution, or perhaps a token payment agreement will be the best option.
By speaking to our charity advice team you can receive help and support in dealing with payday loan providers.
Debt Advice on Payday Loans
All advice provided by Debt Support Trust is confidential and qualified. It usually takes 15 minutes to understand your financial and personal situation so we can give you specific advice tailored to your situation.
Our advice team is available on 0800 085 0226 or alternatively you can email our advisors on firstname.lastname@example.org
If you would prefer to simply ask a question about your payday loan debt you can also use our Debt Advice Forum.