Pay Day Loan Mess

24601_

Hi.

My daughter has got herself in a mess with a few pay day loan companies, one of which is called The Cash Store. She has a very low paid job and a baby. She is being telephoned constantly by these people demanding that she goes to their premises to pay them money. The company named above has also issued a default notice but is still threatening to charge 59% interest. I have found a useful template on here to stop the threatening phone calls. Can anyone point me in the right direction so I can help her to: 1) Get the interest stopped immediately 2) Set up a realistic plan for her to repay the loans over a manageable period of time 3) Stop these people paying her a visit at her home.

She knows she has been stupid and wants a way out of this vicious circle.


Thank you.

libra10

There seems to be lots of advice here

https://forums.moneysavingexpert.com/discussion/2735257

Post 34 refers to a template letter here -

https://forums.moneysavingexpert.com/discussion/comment/20950957#Comment_20950957

Look at post 6

Hope that helps

timbstoke

Unfortunately, they have no obligation to freeze the interest - there's no real way to stop this other than to ask them nicely.