# General

Dealing with Payday Loan Debts

The leading debt charities have been inundated with calls from the public that have fallen into the spiralling payday loan debt trap. A recent BBC article provided some data from StepChange on these rising concerns. The StepChange debt charity helped 36,413 people last year (2012) who had payday loan debts (more than 20,000 from the previous year). Payday loan debts of course manage to grab the headlines due to their mass popularity on the web, but it should be noted that there are still plenty of problems in other areas such as subprime credit cards, logbook loans and so on. It can be difficult to deal with payday loan debts, because most of the leading payday lenders just don't tend to deal with defaulted accounts well at all.

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Weekend Payday Loans (Saturday and Sunday)

Many payday lenders operate their service between standard business hours only from a Monday to a Friday. A lender is more likely to provide Saturday payday loans over Sunday payday loans that is the most frequent day of closure (Bank Holidays are typically taken off as well). There are of course some lenders (particularly the major names) that operate every single day of the week. Within this time they will be taking calls and verifying new applications. There has of course always been a demand for weekend payday loans when someone may need some cash to be transferred over in a few hours time. This could perhaps be required to cover a night out on the town or maybe some emergency cash to fix something broken in the house.

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Trade Associations and The Good Practice Customer Charter

The Good Practice Customer Charter was unleashed in late November 2012. It was a joint proposal between 4 of the most well known trade associations. This included the BCCA (British Cheque and Credit Association), the CCTA (Consumer Credit Trade Association), the CFA (Consumer Finance Association) and the FLA (Finance & Leasing Association). This Charter is in place for anyone who chooses to use or is already using a payday loan or short term loan that is a member of any of the noted 4 trade associations. Any such lender with membership will be committed to a set of key commitments that provides further protection to the customer. Lenders that carry membership should provide a free PDF that provides all of the necessary information regarding the benefits involved.

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StepChange @ www.stepchange.org

The StepChange Debt Charity (commonly just termed as StepChange) is a recent switch in 2012 for the company that was previously known as the Consumer Credit Counselling Service (CCCS). The previous address of www.cccs.co.uk now heads to their new home at www.stepchange.org. This debt charity was launched back in 1993 and they have today come a long way, stating that they currently manage unsecured debts above £3.7 billion. Although they are tuned to provide guidance to those that need it, they are specifically known for their free debt management plan. The free StepChange debt management plan is competing with PayPlan who are the other major brand to offer a completely free service. Free debt help can be accessed by phone or from checking out their "Debt Information and Advice" section.

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Free Debt Management Plans (Introduction)

Much of the content here focuses on finding subprime lenders, but consumer debt is a very important subject that needs to be explored. This is in light of the most well known debt charities in the UK reporting record cases of payday loan debts in 2013 that are taking up most of their resources. Introductions have already been made for some debt management plan (DMP) providers and more will hopefully be following soon, alongside a later detailed comparison. For those that do fall into financial troubles that can't afford to pay back creditors today, working out a suitable repayment plan is highly recommended. This agreement could be with the lender directly, or it could be with a debt recovery agency where the account has been passed on to.

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15 Minute Payday Loans

This posting will briefly cover the premise of 15 minute payday loans. There are various lenders that headline 15 minute loans, but the funds of course wouldn't be transferred within such a short period of time. The lenders are saying here that this is the time that the funds will be sent to your bank after the application has been made. TxtLoan is one such lender that headlines 15 minute loans, QuickQuid headlines 10 minute loans and Wonga states that they will send the cash within 5 minutes. The noted lenders may simply be updating their systems on a consistent basis, but they will all be using the Faster Payments Service (FPS). FPS transfers will arrive on the same day, typically taking a few hours to clear.

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Compare Logbook Loans

Logbook loans are popular today with there being less demands asked from the competing lenders. Past bankruptcy and CCJs for example are still accepted and self employed applicants get the green light. Car Cash Point who came out with the lowest price today in fact don't even require a credit check (Edit: Easy Logbook Loans are now #1). What's important is that the applicant can show that they can afford to make the repayments. The lenders are less strict since these are secured loans whereby the lender is handed the legal right of the owner's car (or other vehicle) over the duration of the loan term. Logbook lenders have only recently started to be added here and so there are a few companies that will be added soon. See the notes for further information surrounding these loans.

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Compare Doorstep Loans

Doorstep loans (or home collection loans) have been around for a long time now in the UK. The market share is controlled by Provident Financial Plc's Greenwood and Provident brands with their company roots dating back to 1880. Shopacheck is the closest competitor that arises from Welcome Financial Services Ltd that is owned by Cattles Plc that itself dates back to 1927. The other doorstep lenders are mostly small organisations. To compare doorstep loans, the various details surrounding each company can be found below. These doorstep loan sites are mostly simple in their design with no such lender attached providing an account login feature (many don't use SSL either). Many of these logbook lenders started trading offline and so the domain registration year and original roots (if noted) are both referenced.

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Payday Loans Like Wonga

Many people are looking to track down payday loans like Wonga. Traditional payday loans are taken over the full monthly term with a minimum cash level of for example £100. Wonga changed the game by offering a highly flexible loan service with terms that you can select between 1 and 44 days and the figures start at just £1. With such flexibility provided from this lender, it is no surprise to see the increasing demand for payday loans like Wonga. Recent comparisons conducted here split up the payday lenders and the short term lenders that have each been previously introduced. Those that were grouped as short term loan lenders either carried similar flexibility to Wonga in the terms provided or they had set terms below the monthly period.

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Compare Guarantor Loans

The guarantor loans niche has always been a small and specialised niche. There are 2 sections headed that includes the guarantor loan lenders (includes the 3 main players). These loans are crafted to compete with the large unsecured personal loans such as Everyday Loans. We then have the guarantor payday loan lenders section that has just has the pair. These are termed as guarantor payday loans since are similar to them (amounts, terms etc) with the exception of a required guarantor (these smaller versions don't require a homeowner backing). When you compare guarantor loans, you will always receive lower rates than alternatives such as doorstep and logbook loans. Credit checks are usually made just to verify that the applicant is not currently bankrupt or on an IVA. Defaults aren't a problem.

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