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PayDay Loans

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  • #150938
    AvatarMichelle
    Participant

    My niece took out a payday loan and then lost her job. I’m not sure what advice I can give her as she is afraid of getting bad credit  as she is struggling to pay it back. Thank you in advance

    #150966
    JasmineJasmine
    Keymaster

    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.

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