Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk. You can compare our loans to other short term lenders.

Debt Management and Short-term Loans

Debt management advice introduction

Debt management advice – Introduction

If you’re having difficulty managing your debt, that can be stressful and exhausting. But you may be able to turn things around through a mixture of communication and perseverance.

Please note that the following does not constitute financial advice. Always do your own research into financial matters to find the right solution for your personal circumstances. While we are linking to some websites that you might find useful or interesting, we are not responsible for what they publish on their own websites.

Prioritising debts

Sites like the Moneyhelper recommend prioritising your debts into three different types.
 
Priority debts (those with further consequences, such as court appearances, bankruptcy, bailiff action or removal of vital services like electricity)
Non-priority debts (where you may not have immediate consequences, but missing payments could become more expensive or lead to court appearances etc later)
Debt emergencies (where you’re in immediate danger of a court appearance or bailiff action, etc).

For debt emergencies, you should immediately look for free independent debt advice.

If you’re not at an emergency stage, you should list out all your outgoings and try to pay priority debts first, as these carry the most severe consequences. After this, if you want to reduce debt, it usually makes sense to overpay the most expensive debt first, paying the minimum amount elsewhere, so you don’t keep spiralling. Although it’s always worth checking if you are likely to receive a penalty for overpaying. It’s worth noting that the ‘most expensive debt’ may not actually be the biggest amount you owe, but the one that would work out most expensive if not repaid.

Once this debt is repaid, you move onto the next most expensive debt and so on. If you have used high-cost short term credit, then this may be one of the more expensive debts, as they’re designed for short term use only.

Repayment plans

If you’re having difficulty repaying a debt, it’s often worth contacting the lender. They may not be able to do anything, but they may be in a position to put you onto a repayment plan.

These obviously vary from lender to lender, but some will be able to freeze the amount of interest you owe and arrange a repayment plan to allow you to pay off the debt over a period of time with lower payments.

If you do start a repayment plan, it’s important to stick to it. If you don’t, then the lender may go back to the original payment schedule. If you can now afford this, that’s hopefully fine – if not, it could just put you back at square one.

Lending Stream and debt management

If you’ve taken out a loan with Lending Stream and are struggling with the repayments, please do call us. We understand that this can happen and we’ll try and help you find a solution and set up an affordable alternative payment plan. If we don’t know about your financial issues, we’ll continue collecting your next payment automatically, which could make your immediate situation worse.
 
You can contact us via chat by logging in to your account section.

Links

You may find some of the following links useful. They’re not-for-profit organisations recommended by the Financial Conduct Authority and provide free, confidential and impartial debt advice.

The Financial Conduct Authority recommends contacting the following not-for-profit organisations for free, confidential and impartial debt advice, or for details of where to get such advice in your area.dit score.
We don’t guarantee that you’ll be able to borrow the amount you apply for, even if approved. You may be approved for a lower amount, depending on your current financial situation and how much we believe you can repay.

Moneyhelper

For free, unbiased and easy-to-access money tools, information and advice, visit www.moneyhelper.org.uk or phone 0300 500 5000 to speak to a Money Adviser.

Money Advice Scotland

If you live in Scotland, phone 0141 572 0237 or visit www.moneyadvicescotland.org.uk to find contact details for debt advice in your local area.

Citizens Advice Northern Ireland

If you live in Northern Ireland, phone 0800 028 1881, email debt.advice@citizensadvice.co.uk or visit www.citizensadvice.co.uk for debt advice.

AdviceUK

Member centres offer debt advice including specialist advice for minority communities and people with disabilities – visit www.adviceuk.org.uk or phone 0300 777 0107.

Christians Against Poverty (CAP)

For free debt advice in your home, check post code coverage at www.capuk.org then call 0800 328 0006.

Citizens Advice

For advice and information on debt and other topics, visit your local Citizens Advice Bureau (address in the phone book) or go to www.adviceguide.org.uk.

National Debtline

If you live in England, Wales or Scotland phone 0808 808 4000 or visit www.nationaldebtline.org for debt advice and information.

StepChange Debt Charity

For debt advice throughout the UK phone 0800 138 1111 or visit www.stepchange.org.

Related Loans

We don't offer loans under 60 days. We offer 6 or 12 month loans. So, the minimum repayment period is 6 months and the maximum repayment period is 12 months. You can choose to repay early and save on interest without any penalty. Maximum APR 1625%.

Representative Example: Given a Representative APR of 1271%, if you borrow £300 over 6 months at 292% p.a. (fixed), you would owe 6 equal repayments of £96.39. You will repay £578.36 in total.

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