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If you’re struggling with your finances and considering applying for a payday loan, you should first consider the alternative solutions on offer.If your finances are getting on top of you and you are finding it hard to manage, Pay Plan can offer quick, free and professional advice to help you find a better solution and avoid taking on additional debts.It allows you to make one more affordable monthly repayment rather than having to manage multiple debts at often much higher rates.Debt consolidation makes sense because it puts all your credit in one place.Find out if the lender is a member of the Community Financial Services Association of America (“CFSA”), which represents payday lenders.Under CFSA’s best practices guidelines, a borrower who cannot pay back a loan when it is due has the option of entering into an extended payment plan.Or, should I just close my bank account and try to start over?A: First, let’s deal with your question of closing your bank account to avoid paying the loans.

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The amount you receive can range from as little as £50 to well over £1,000.In either case, if the lender submits the check or puts through the withdrawal and you have closed the account or don’t have enough money in it, you will still be charged whatever your bank charges for insufficient funds. You will still owe the money, and you could rack up bank fees and penalty fees from the lender.The best thing you should do is contact the payday lender to see if you can work out an extended payment plan.It’s likely that when you took out the payday loans, you signed a contract that prevents you from closing your bank account.Either you gave the payday loan company a pre-dated check to deposit, or you gave the lender authority to make an automatic or ACH withdrawal from your account.

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