high interest on loans

[kittykins]

hi, i was wondering if i can ask a loan company to freeze the interst on a loan if im struggling to pay the loan? any information would be really great. thanks in advance

[Debt Camel]

hi, i was wondering if i can ask a loan company to freeze the interst on a loan if im struggling to pay the loan? any information would be really great. thanks in advance

what sort of loan is it?

[kittykins]

what sort of loan is it?

It is from a loan company called Everyday Loans. It is for a family member. . she borrowed money off them and was paying them back monthly. She decided to borrow more to pay off her credit card so what they done was gave her a bigger loan to settle the existing loan she already owed them (if that makes sense). This took the total outstanding to 6400.00. she has paid every week in total so far approx 4k but they still says she owes over 10k with all of the interest! I feel so sorry for her, she is at her wits end and has just had a baby so is finding it extremely difficult to cope

[Debt Camel]

OK well she can do, but these companies tend to front load the interest so she has already paid most of it off.

I assume she has some other debts as well? The best thing would be for her to talk to StepChange about a debt management plan, so she can make one affordable payment to all of her debts. See https://www.stepchange.org/Howwecanh...ementplan.aspx

In addition (NB this isn't instead of a DMP, it's something else to try when the DMP is underway) she could look at whether the Everyday loans loan was "missold" because they should have been able to tell she couldn't afford it. See https://debtcamel.co.uk/payday-loan-refunds/ - that covers payday loans but she needs to change the template letter so its clear she only had one loan from them.

[kittykins]

OK well she can do, but these companies tend to front load the interest so she has already paid most of it off.

I assume she has some other debts as well? The best thing would be for her to talk to StepChange about a debt management plan, so she can make one affordable payment to all of her debts. See https://www.stepchange.org/Howwecanh...ementplan.aspx

In addition (NB this isn't instead of a DMP, it's something else to try when the DMP is underway) she could look at whether the Everyday loans loan was "missold" because they should have been able to tell she couldn't afford it. See https://debtcamel.co.uk/payday-loan-refunds/ - that covers payday loans but she needs to change the template letter so its clear she only had one loan from them.

Hi, sorry i havent been able to log on to here for a week or so. Thank you so much for your response. I will have a word with her and see what we can do. I think speaking to StepChange is definitely the way forward. Thanks again