Payday Advance - What to do if your payday is not enough to cover
your previous advance
It's a tricky situation but you'd be surprised how many people accidentally get in to using the payday advance as a financial remedy. There's a problem that needs fixing, or just more bills than usual this month. You need some money fast. A payday loan seems like the answer and it takes care of the problem, but the money to pay that back has to come from next month's salary.
This in turn would leave you short and possibly in even worse trouble next month. Therefore, you're unable to pay that Payday Advance back right away. If that's the case, you'll be charged interest and if you don't pay it off within a certain time you could be in big trouble.
Firstly, to reign in your stress levels take a moment to think about what the worst thing is that could happen? You could be taken to court. It's definitely not any fun, but it's not fatal and it sometimes happens to those in financial difficulty. You could also lose some of your belongings if you defaulted on repayments on your payday advance for long enough, and get a very bad credit rating or even be declared bankrupt. It's easy to prevent all this from snowballing and becoming out of control though.
Your first port of call is your lender. Tell them what your difficulties are, explain your financial situation in detail, and see if you can spread the cost of the Payday Advance over a longer more manageable period. Another important thing to do is to get some up-to-date advice on debt and your rights from the Consumer Credit Counselling Service (CCCS). The CCCS is a charity set up to help people in debt and they offer advice in situations like this. They also don't charge a penny!
Whatever happens, you'll have to pay the money back eventually, and if you let the month go by without paying, you'll have to pay even more back in interest. Taking out another loan isn't the answer but negotiating with your lender, asking for help from friends or family, or even getting by on less money for one month might be.
This in turn would leave you short and possibly in even worse trouble next month. Therefore, you're unable to pay that Payday Advance back right away. If that's the case, you'll be charged interest and if you don't pay it off within a certain time you could be in big trouble.
Repercussions In Payday Advance Loans
If you don't pay your payday advance back, it will roll over and before you know it, you'll owe even more money to the company who initially were trying to help you. The loan amount will gain interest and you won't be able to cut it down to size. Eventually, you'll be taken to court and some of your belongings could be taken away.Moving Forward With Payday Advance Loans
It's obviously best not to get in to this situation in the first place. However, if you're finding yourself unable to pay back a payday advance there are some things you can do now to start fixing things.Firstly, to reign in your stress levels take a moment to think about what the worst thing is that could happen? You could be taken to court. It's definitely not any fun, but it's not fatal and it sometimes happens to those in financial difficulty. You could also lose some of your belongings if you defaulted on repayments on your payday advance for long enough, and get a very bad credit rating or even be declared bankrupt. It's easy to prevent all this from snowballing and becoming out of control though.
Your first port of call is your lender. Tell them what your difficulties are, explain your financial situation in detail, and see if you can spread the cost of the Payday Advance over a longer more manageable period. Another important thing to do is to get some up-to-date advice on debt and your rights from the Consumer Credit Counselling Service (CCCS). The CCCS is a charity set up to help people in debt and they offer advice in situations like this. They also don't charge a penny!
Whatever happens, you'll have to pay the money back eventually, and if you let the month go by without paying, you'll have to pay even more back in interest. Taking out another loan isn't the answer but negotiating with your lender, asking for help from friends or family, or even getting by on less money for one month might be.
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