Payday Loan Repayment Plan

Anon123456_2

I have looked on the forums but can't see anything recent with regards to repayment plans with payday loans.

Basically I have a payday loan with Swift Sterling which I am unable to repay in full - due on 30th July £233.00.

I have contacted them via their live chat which was useless and have also emailed and had no response. Today I have rang and explained my situation. The man wasn't particularly helpful and just kept stating that I will be charged £59 for non payment and they will continue to purse payment. I am not sure what to do from here and hoping someone will have been in this situation and can advise?

Thanks for any help...

Gerry87

This is from there website:

What will happen if I am unable to repay my loan on time?

To help ensure you are able to use this type of loan responsibly it is important that you repay your loan in full on your repayment date. The repayment date will always occur the same day you are paid by your employer. If the funds are not available when we attempt to withdraw payment, you may incur arrears charges up to £59.00. Depending on your financial institution, additional banking fees may also apply. In addition, failure to repay on time may result in a default appearing on your credit file. We will work with you to arrange a payment but there may be occasions where we will ask a third party collections agency to contact you.

Anon123456_2

Thanks.

I am going to ring again tomorrow and hopefully will get someone a bit more willing to help. My situation being that my partner has left, I am now paying all bills and childcare costs etc on my part time wage. This should ease when tax credits Re in place but been advised this could be 6-8 weeks. Just don't want to have their payment rejected totally, would rather get something in place prior to this.

Apples2

You can't not pay and not default on your payment.
It is what it is, you either pay in full or incur the £59 penalty.

Can't you speak to your utilities companies and defer their payment?
This PDL is going to rocket if you don't repay it, £59 is just for starters.

Only once you have missed their payment will they be receptive to discussing a repayment plan, but by then your debt will have increased, sometimes dramatically.
They may well clean your account out anyway.

They will not care for any explanations or tales of pitty.

Gerry87

Definatley best to sort it now, you're doing the right thing rather than burying your head in the sand about it. I'd cancel any recurring authorised payment agreements you have with them. They will take whatever they like from your bank if you don't.

Good luck and hope you get this sorted.

sourcrates

Anon123456 wrote: »

Thanks.

I am going to ring again tomorrow and hopefully will get someone a bit more willing to help. My situation being that my partner has left, I am now paying all bills and childcare costs etc on my part time wage. This should ease when tax credits Re in place but been advised this could be 6-8 weeks. Just don't want to have their payment rejected totally, would rather get something in place prior to this.

OP, write to them with your proposals for repayment, its no good ringing them, or using live chat, as the operators there have no decision making powers.
Put it in writing asking for charges and interest to be stopped and they will be a lot more amenable to you.
I was in just the same position once, and they could not have been better with me, after id written, they emailed back saying as long as my payments hits there account before the end of every month, no charges will be added.
You have to no how to approach these people, and who to talk to.