Join MoneyMagpie today!
Log in or Register.

Reply To: PayDay Loans


Well the good news here Michelle is that the Financial Conduct Authority (FCA) is telling Payday lenders that they have to give their clients a ‘payment holiday’ for, probably, three months if they need it.

They’re still in the ‘consulting’ period but really, when the FCA ‘recommends’ an activity to financial companies, they end up happening.

So do tell her not to be too worried because it’s highly likely that in just a few days she will be told by her lender that she will be given a lot more time to pay the debt off, and it shouldn’t affect her credit record.