If you cant pay QuikQuid, send them an email and tell them TOUGH ! Yes, I know that is what we all want to do but there are some sensible things to be done.
Most payday loan companies include some sort of warning about late payment to avoid a situation where you cant pay QuikQuid such as:
“Your loan may be automatically extended if you don’t repay it in full, this may impact your credit score and cost you extra in fees and interest.”
Lets look at what we can do if you cant pay QuikQuid, well just like many payday loan companies they will have asked when the loan was taken helps to set up a CPA (continuous pay authority), the difficulty for not only you but many others is that the moment settlement is due Swift sterling may debit your bank account taking the entire amount as opposed to a partial payment which was part of the initial agreement.
This leads to customers taking on additional payday loans to pay the original one, naturally it is very easy for this to get uncontrollable.
If you cant pay QuikQuid then you should know that payday loan companies like QuikQuid have computer-generated systems to assist them to recover their debts, many of these types of are involves multiple telephone call messages and electronic mail to your home and also often work. This is a technique to lobby you to repay the loan. Often clarifying that you have a priority debt and settlement would lead to you being unable to pay for gas or electricity supplies or even buying food will help! The best way is to write the letter similar to the one below
If you cant pay QuikQuid then it will be important that you cancel the CPA that is connected with your bank account so that money is not just taken one may feel they wish to.
Threats of imprisonment or foreclosure by payday loan companies are just that they have no legal power unless the instruction is from a court. In this case you may simply wish to inform the court that you want to pay them back but the business is ignoring your suggestion. This will often work in your favour.
Letter to be sent to your bank to cancel your Continuous Payment Authority (CPA)
This cancellation letter relates to:
Swift Sterling: Account/Agreement No:
Cancellation of Continuous Payment Authority
Dear Sir / Madam
My payday loan with Swift Sterling is being paid using a continuous payment authority. (CPA)
I’m withdrawing my authorisation for any more payments to be taken from my account for this debt.
The last 4 digits of the card these payments are being taken from are ****
In line with the payment services regulations which are run by the Financial Services Authority, any more payments taken from the card will be an unauthorised transaction.
Please confirm that this has been done.