Payday loan/default question

Bardo

Good morning everyone.

Quick question, I have 3 payday loans due to be taken at the end of this month. Took one out to get me through a bad month, took another one out to pay this off etc. Should have learnt from when being on DMP 5 years ago not to get in this mess again but hey ho here I am.

My question is; I can definitely afford to pay half of each of these at the end of the month. Can they issue a default for me not paying in full? This is my biggest worry as I ended up with 6 defaults just before my LBM those years ago which are due to drop off in the next two years.

Thanks in advance!

sourcrates

Hi,
Just talk to them and come to an arrangement with them to pay off the balance, they will come to some agreement with you, normally a 3/6 month repayment plan is what's offered, ask for interest and charges to be stopped, most will do this.

They could default you, but may not if you agree, and stick to a repayment plan.

National_Debtline

Hi Bardo


Anything you do that goes against the terms of the original credit agreement could result in you being defaulted - different lenders will apply different criteria to decide when they will do this. Given the nature of payday loans and the relatively high rate of missed payments/underpayments, I'd be surprised if these lenders defaulted you straight away - but that's not to say it couldn't happen. Communicating with them as per the above advice from sourcrates will help to reduce the chances of them defaulting you.


Dennis
@natdebtline

Bardo

Thankyou both for your helpful replies. I will call them tomorrow :-)