If you’re struggling with payday loan debt please don’t rollover your loan or borrow more. Your debt will spiral. Follow this advice to re-take control:
Cancel the CPA payment
If paying back the payday loan means you can’t pay your important bills you should stop the money being taken. Most payday loan repayments are set up using a continuous payment authority (CPA). The CPA is a direct link to your bank. If the money isn't there it could lead to you getting bank charges.
If you can’t make the full repayment you should cancel the CPA. Here’s how:
- If it’s the day the payment is due ring the bank asking them to cancel the payday loan payment
- If it’s 1-5 days away email this template letter to the bank
- If it’s more than 5 days away send this template letter to the bank by post
To keep them in the loop you should send a copy of the template letter to the payday loan company too. Do this after the bank has cancelled the CPA
Get debt advice
A payday lender cannot make you repay more than you can afford. We can work out how much that is and crucially, provide a budget to prove that to your lender. The easiest way to do that is to use our online Debt Remedy advice tool or call 0808 168 6718*.