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Clear payday loan debt

If you’re in a cycle of payday loan debt and are struggling to repay what you owe, we could help you consolidate your payday loan debt into one easier to manage monthly repayment; which could reduce the overall level of interest you are currently repaying.

To find out how much interest you are currently paying on all your unsecured debts, including your payday loan, use our interest rate calculator.

What could Baines & Ernst do for me?

Freeze interest and chargesWe’ll ask your lenders to freeze interest and charges on your debts, so you pay off the debt itself – not the interest. Although we cannot always guarantee this, we’re pleased to say that in 93% of the debts we manage we do freeze interest and charges. However, on an occasion where a lender doesn’t agree then the plan length and balance may increase.
Reduce your monthly repaymentsWe’ll complete a financial review to work out how much you could afford to pay towards your debts after taking into account all of your bills and living expenses. We’ll then speak directly to your lenders and secure a lower, more affordable repayment plan for you.
Reduce direct contact from lendersDirect contact from lenders is something we work hard to reduce. While we can’t guarantee this will stop completely, lenders will often choose to contact us instead of you once they know we are dealing with your debts.
Any letters or phone calls you receive can be directed to us and we’ll handle their enquiries, so you don’t have to.
Help you clear unsecured debtsWe’ll provide a solution to help you get out of debt as fast as you can realistically afford. Providing you make all of the monthly payments as agreed you’ll be clear of the debts included on completion.
Provide ongoing help and supportFrom your initial enquiry right through to when you clear your debts, we’re with you every step of the way.

What to look out for when clearing payday loan debts

When it comes to using other means of reducing payday loan debt there are a few things you need to know:

The payday loan rollover

Payday loan lenders may offer a rollover which usually lasts for the same period of time you originally took the loan out for. But be careful if you take this approach as the lender will charge you additional interest (on top of what you already owe) during the rollover period, potentially causing your payday loan debt to spiral out of control.

Cancelling the Continuous Payment Authority (CPA)

Most payday lenders receive payment by a Continuous Payment Authority (CPA) allowing the lender to re-coup payment directly from your account when the loan is due to be repaid. Payday lenders are unlikely to cancel the CPA if you still owe them money however, you could speak to your bank and request they cancel the CPA. Once this is done, contact your payday lender and explain what has happened so that you can arrange a repayment plan that suits both parties. Read more on how to cancel the CPA here.

Don’t struggle with debt on your own. Get an expert on your side and take back control of your finances. Simply fill in the form or text “DEBT” to 87070 and a member of our friendly team will get back to you.

Find the right solution

Answer a few simple questions and we'll help you find your solution.
  • Total unsecured debt: £500

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Find the right solution

Answer a few simple questions and we'll help you find your solution.
  • Total unsecured debt: £500

  • This field is for validation purposes and should be left unchanged.

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We are committed to providing the highest standard of service to our customers and helping them find their way out of debt with the most appropriate debt solution.

Money Advice Service

You can get free debt advice from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. Click here for more information.