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 Don't ignore the warning signs and get deeper into debt

As a debt management company you can imagine we deal with creditors of all sizes and types.  Most are very pleasant (to us) and the worst we normally see is administrative inefficiencies and poorly trained staff.  But we are shielded from their worst behaviours as these are normally reserved for the clients.

Creditor Hassle

Now we know that creditors hassle clients that aren’t making their repayments and we understand that if you have no contact with them they are desperately trying to get hold of you to find out what is going on.  We also know and tell our clients that many of the call centre agents chasing you for money are paid on commission and that’s why they are so insistent on taking a payment from you.  But is there worse?

What is a Payday Loan?

Pay day Loans are the newest kids on the block, they have been licensed for short term finance and they offer small(ish) amounts of cash very quickly for very high interest rates.  These companies are vetted and licensed to offer these loans and their advertising blurb is ‘cash advance til payday’(sic).  The extremely high interest rates reflect the lack of credit checks and the speed and can be over 2000% APR typical. (yes the number of noughts is right!)

What if I Can’t Pay Your Loan

Of course if paid back on time then other than having paid a high price for the short term finance all is well, but what happens when you can’t pay it back.  Your first option is to roll it over, this allows you more time but of course with more interest.  We have seen clients whereby a £400 loan has become £1000 in 6 weeks.

 

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