Citizens Advice Bracknell & District Coronavirus Impact Report 2020-21
17 Mar 2021
Big Energy Savings Week 2020
22 Jan 2020
Big Energy Savings Week 2019
08 Jan 2019
What do you do if you have to pay out for an unforeseen item – such as a replacement washing machine or cooker? Or your car fails its MOT and the repairs are more than you can pay?
Where can you get a loan?
Some people will go for a payday loan – these are a potential solution IF you will be able to pay it back at the end of the “term” (usually after a month as they are supposed to be a loan until your next payday). Although they have a high interest rate (if you borrow £100 you may have to pay back £130) they may be a “quick” answer to an immediate problem.
Payday loan companies were not treating their customers fairly.
Following our national campaign, the Financial Conduct Authority introduced tough new rules on payday lenders.
Problems can quickly arise if you fail to repay a payday loan within the time – resulting in increased debt. Once you realise you can’t pay it back, DON’T ignore it! Contact your lender who should: direct you to free and independent debt advice; suspend recovery of debt for a reasonable amount of time while you work out a repayment plan; not bombard you with phone calls, texts etc.
If you have a recurring payment in place (a Continuous Payment Authority – CPA), consider cancelling this so that you have enough money left to pay for food, housing costs, utility bills etc.
Your lender may offer to “roll over” the debt – DON’T do it! This will incur extra charges and interest so that your debt increases a lot more.
If you have debts or are struggling to manage on your money, you may like to get help with budgeting or dealing with debts.