Stop paying payday loan
if you need to stop paying payday loan with valid reasons, this is ok. Payday loans are there to help you in a short time only but some people may take more than they afford and from different lenders at once. If you have borrowed too much, then this is more than efficient to say that you would need to stop paying payday loan to the lenders who had issued them to you in the first place.
If you are in a position where you can’t pay off your payday loans that were due, then stop paying by contacting each one of your creditors via a phone call, letter or email.
Letter and email template to stop paying payday loan:
Dear [insert lenders name],
My reference number is [loan reference],
Full name: [your full name],
DOB: [your date of birth]
In respect of my outstanding balance of £[insert balance owed], I have reached in a situation where i am financially unstable to pay this. Please contact me with regards to a small payment plan we could agree to in order to settle this loan.
Please can you stop the interest and fees for this loan.
Sorry for the troubles caused.
[your full name]