Payday loan company has been bought over

chelby77

Just looking a little advice.. I work for a company that does payday loans. at christmas last year my house was flooded, I was made homeless, and at that time was pretty skint . I had to take out an online payday loan, through a company (not my employer) I had managed to get the loan down, but the last bit I have had to extend. I got a call today from the loan company telling me that they have been bought over by my employer! due to that my loan must be paid in full on my next paydate. I tried explaining that I couldn't afford this, and I thought that my agreement was with them . Iv been told there is nothing I can do and it has to be paid in full failure to do so could result in me losing my job. I dont no what to do now. I havn't defaulted any previous payments, but I can't afford to pay this in full this month... Although I work for a loan company my wages are pretty dire! IS there anything I can do,I don't want to go to my employers and ask just yet until I see if there is any advice out there.

Xbigman

Are you working with money at all?






X

Gothicfairy

Xbigman wrote: »

Are you working with money at all?






X

Not sure if you are being serious or not cos the clue was "I work for a company that does payday loans"

I don't work at the moment due to redundancy but in my last role with a major company we were not allowed a debt to that company (although I did not work with money, not a bank or loan company etc)

I am guessing there will be something in your contract about holding a debt with your company and how they can act. I am guessing they are in their rights to ask for it back asap but it does seem harsh to want you to pay it all in one go.
What does your contract say ?
Are you in any union ?
It might be worth giving the CAB a quick call and seeing if they can help.