Quik cash payday loans - Charleston

Fact sheet no. 30 SCOT Payday loans,​This fact sheet tells you how to deal with the common problems that often occur with payday loan debt.,A payday loan is a non-priority debt because you cannot lose your home, lose an essential service or go to prison for non-payment.,A payday loan is a type of cash loan, normally paid into your bank account. They are called payday loans as they are intended to be short-term loans, meant to be paid back when you next receive your wages or benefits.,Even though these loans are non-priority, they often cause other problems.
The interest rates are usually very high and it can be easy for the debt to get out of control. Later in this fact sheet we cover alternatives to payday loan borrowing.

We also cover the other common issues with these loans.,Some payday loan companies may offer you a loan ‘rollover’. This means that your loan is rolled over for another month, giving you extra time to pay.
This may seem like a helpful solution if you are struggling to pay.,However, a rollover usually means you make a new agreement with the payday loan company. More interest and charges will be added, so you will owe more than you did before.,If your loan repayment due date is coming up, and you cannot afford to pay, you can take action to stop your payment being taken. The action you need to take will depend on the repayment method you agreed with the payday loan company.

They may not be able to stop the payment to the payday loan company if they are only given very short notice.,If you are finding it difficult to contact the payday loan company, for example, because they are an online company, contact your card issuer.
See the sample letter Withdraw your continuous payment authority from your card issuer. Your bank should stop the payment (or payments) being taken, even if you haven’t told the payday loan company.,A direct debit is an arrangement where you give a company or individual permission to take money regularly from your account. You can cancel a direct debit by writing to your bank or using your internet or telephone banking service. It is also a good idea to notify the payday loan company.,If you have written a cheque to the payday loan company for them to cash on the loan payment due date, you will need to cancel the cheque. You can do this by writing to your bank or using your telephone or internet banking service.,Continuous payment authority (CPA)Payday loan companies sometimes call these ‘recurring payments’.

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A CPA means you give the payday loan company your debit or credit card details, and permission for them to use the card to take a payment or payments, to repay your loan.,There has been a lot of confusion about CPAs and the right to cancel them. If you have agreed to repay your loan in this way, you can take action to stop the payment being taken. See the next section of this fact sheet for more information.,Stopping payments to the payday loan company may help you pay your essential bills and living costs, but it does not mean you no longer owe the money.
You need to get full advice on how to deal with the debt in the long term. Contact us for advice.,The FCA says that payday loan companies must lend responsibly. This means that they must check that you can afford to repay the payday loan before they give it to you.

If your loan was unaffordable, this might have meant that you:,If repaying your payday loan meant that you had ‘undue difficulty’ in paying it back, you may be able to get a refund from the lender and some loans removed from your credit history.
How much you might get depends on your circumstances when you took out the loan, but could include:,Asking for a refund and for the loans to be removed from your credit history is normally a three-step process.,You may have taken out a payday loan, or be thinking about it, because you are finding it difficult to manage. Lots of people get into debt because they are not getting all the help to which they are entitled.,Government help – you can apply for help with funeral or maternity costs, cold weather and winter fuel payments and in some cases, budgeting loans.
If you are on Universal Credit, you can apply for a budgeting advance instead of a budgeting loan. There are rules about who can apply. Contact us for advice.,A payday loan record on your credit reference file may adversely affect your ability to get a mortgage in the future.,You can also complain to the payday loan company.

Ask them about their complaints procedure. The main payday lender trade associations have issued a ‘customer charter’ which sets out how their members should behave.
If you are unhappy with the way your payday lender has behaved, the charter may help you make a complaint.,For example, the charter says lenders should warn customers at least three days before they try to take a repayment from your card.

If you are having difficulty repaying your loan, the charter says that lenders should “freeze interest and charges if you make repayments under a reasonable repayment plan or after a maximum of 60 days of non-payment.”

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