Stuck in a rut, any advice please

Tish1986

I currently have a payday loan not massive 300 and it costs me 89pm. I also have a car on finance which I have been paying half my agreed amount for past 3 months, I am finishing my maternity leave on Monday and my wages will drop by about 500. I'll be getting less a month than my smp. Anyway I basically can't afford to pay my full car payment and my payday loan. How do I deal with the payday does anyone have any advice please.
Thank you

happy_bunny_2

Sounds like the car is the priority here.

I would cancel the CPA with your bank, then email the payday company, telling them you have done so as you can't afford to pay. Tell them you are seeking advice from a debt charity, they should give you some time. Then call someone like Stepchange to see what they advise.

You will likely get a default in your file, unless you come to an arrangement then it will be an arrangement flag.

What does the payday loan say regarding interest and charges on non payment?

Tish1986

It's with swift sterling, just says they don't offer roll over and if you have difficulty paying then I need to call them. Can I go into my bank to cancel the CPA?

sourcrates

Tish1986 wrote: »

It's with swift sterling, just says they don't offer roll over and if you have difficulty paying then I need to call them. Can I go into my bank to cancel the CPA?

Hi,
Swiftsterling are actually very good to deal with if you have financial difficulties.
You need to cancel the CPA with your bank, by phone is probably best, you then need to write a letter to swift, explaining your circumstances, and make them an offer of payment, I have also found if you include an income/expenditure sheet showing what you can afford to pay, they will be more likely to accept.
Send to there address in Malta :


Northway Financial Corporation Limited
SwiftSterling.co.uk
Level 5 Plaza Commercial Centre
Bisazza Street
Sliema SLM 1640 Malta


always best in writing, don't expect a quick response, it may take them a few weeks to get back to you.
They should freeze interest and charges if you stick to what you agree with them.

Tish1986

Thank you, I don't have phone banking though so I'll have to go in there.

happy_bunny_2

:j

Tish1986 wrote: »

It's with swift sterling, just says they don't offer roll over and if you have difficulty paying then I need to call them. Can I go into my bank to cancel the CPA?

Yep, you can do it in the bank