Payday loan interest repayments

jimmyblade

Hello all,

Im hoping someone can help.

I took out a payday loan in April 2012 for £350. I have paid only the £105 interest each month up until now. After a change of circumstances I simply cant afford to repay the captial and the total repayment of £455!

My question is if I continue to repay the interest only will the loan be shut down after a certain time period or do they continue to take interest payments forever and a day?

Thanks,

Jim

retepetsir

No it won't be shut down. You need to repay it as quickly as possible before it spirals out of control.

Apples2

Forever and a day.

The only way to stop it is to either repay your debt or stop them being able to take any (which comes with more problems)

electrobix99

You have already paid them £420 for borriwing £350, it is crazy to keep doing this so if you can not find the money from elsewhere you will end of wasting even more money on this "loan". If you have missed payments on your credit file for other things you are probably best stopping any payments and agreeing a plan with them.

There are pleanty of threads here on what to do but be prepared to move bank accounts.

DCFC79

Look at your finances to see what you can cut back on to then throw at the debt.

OneLife_OneShot

Who is the company in question?

If it is Wonga then a phone call to them should enable you to set up a repayment plan just remember to stick to it and not take out any other loans or PDLs in the near future.

Do you have anything you could sell??

What is your credit history like could you get a low-limit card like Capital One Classic to take around £350 of the debt off?