Lending moneyOne of the unfortunate side-effects of the recent double-dip recession in the UK has been a sudden rise in the number of people turning to payday loan providers for short-term loans. Traditional lenders have been turning people away in huge numbers, and that has left people struggling to make ends meet. Payday loans allow people to borrow cash on the promise that it is repaid when the borrower next receives a salary payment. However, exorbitant interest rates and the ability to defer repayment mean people can quickly get lost in a spiral of debt. However, there are 5 steps that a debt help specialist will take on your behalf that could see you debt-free in a matter of months.

1.  Freeze the Interest

The ability to defer repayment means interest can quickly turn a small loan into a debt mountain. A debt specialist will immediately negotiate a freeze in future interest charges and that will result in a more manageable monthly payment.

2. Negotiate a Realistic Timetable for Repayment

Borrowers who deal with their creditors directly can sometimes be pressured into repayment schedules that are simply not achievable. A payday loan debt specialist will take into account all the outgoings of their clients, and they will negotiate a realistic schedule of repayments directly with the lender.

3. Deal with All Communications

Managing debt while trying to run a home and keep a job can be a hugely stressful time, yet millions of people in the UK face this scenario on a daily basis. However, by allowing a payday loan debt help specialist to deal with all communications on their behalf, hard-working people can concentrate on living a stress-free life.

4. Assign a Personal Advisor

Of course, people in debt want to know exactly where their repayments are going, the status of the debt and how long an agreement has left before repayments stop. It may also be necessary to change the repayment schedule from time to time; paying a loan off more quickly could save people money. That is why a respected payday debt help specialist will assign every client their very own advisor. The result is constant advice and information that is delivered by a specialist that can be trusted.

5. Offer Help and Advice for a Brighter Future

A payday loan debt specialist will help clients to manage their finances more efficiently in order to make sure debt problems don’t resurface in the future. This often means advising clients on restructuring debts, or it can simply involve making subtle recommendations on expenditure. Although not everyone will be eligible for debt management services of this nature, a quick phone call and a brief assessment by debt experts may lead to a life free of debt.

Dealing with creditors can be a daunting prospect for many people, but help from people that know the industry can lead to peace of mind and a brighter future.

Image courtesy of FreeDigitalPhotos.net

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  1. In my mind, payday loans are a sign of severe and impending financial collapse. Anyone living paycheck to paycheck is in serious need of financial counseling. I’m not sure how this would work in the U.K. But here in the U.S. there are very few payday lenders that will give you financial counseling and help you manage your debt. The one good thing is that there are other resources that are available to help with debt counseling and can be had for free.

  2. PayDay loans are a last resort. Folks need to establish an emergency savings fund. That fund should have at least three months of income as a base. If you’re not making enough money to have an emergency saving fund then two things need to be done. Look at adding additional income and ,( I hate to say it), sacrifice a little more.

  3. It shouldn’t be so easy to just get a Payday loan… you should be forced to take a 1 hour class or something which at least teaches you of the consequences of taking a high interest short term loan and how quickly it can get out of hand. People don’t take these loans because they’re stupid, they are just financially ignorant.

    1. Haha, that would be a good way to do it. maybe they should provide people with a breakdown of the costs to show them what they are getting into.

  4. This global recession caused lots of problems for people all over the world. Lots of people lost their jobs and many face troubles due to the high cost living. In emergencies these payday loan lenders were and still available with their loans and providing cash but with high interest rates and so these above mentioned points are good and people should follow.