Thanks to CLEVR Money and the Payroll Partnership, she was able to get her finances back on track...
As a hardworking nurse, I didn't see myself as someone who would end up in a Payday loan trap. Having no previous debts, I suddenly came unstuck financially when a broken washing machine, failed car MOT and subsequent repairs led to me having a shortfall. Going online it was a long process to be approved for a loan or await a credit card to deal with these issues so I took a Payday loan to see me through the month.
Although this initial loan wasn't enough for me to fall into financial difficulty, when another household appliance failed the following month I retook the loan plus another one. Applying and obtaining the money took seconds and although I read the terms I didn't realise how quickly the interest would mount up.
By this point I was struggling to meet the repayments and felt quite ashamed knowing I was a reasonably well-paid professional who was living hand-to-mouth each month.
I feel the Payday lenders pray on those who need cash fast and my debts just escalated as I obtained more loans from companies who would lend to me at the drop of a hat despite a dwindling credit rating, which I believe is unethical.
One evening while I was feeling quite in despair about my situation I saw a Facebook post from CLEVR Money and how they had helped a man clear his payday loans, listening to his story rather than just flatly refusing based on his credit history.
I had been a member of CLEVR Money for a few years to save through my payroll. I saw a glimmer of hope and submitted an easy to complete online application and also sent an email explaining my circumstances.
The loans officer handled my account and dealt with me with discretion and kindness, assuring me in our initial call that he was confident the credit union would be able to help me. I didn't feel I was judged for finding myself in this situation even though I feel stupid myself for being in that situation.
Within just over a week the loan for £4,000 was in my account and my relief was immense. I immediately cleared all the existing loan debts leaving me with a manageable payment to CLEVR Money taken from my wages each month whilst also continuing to save.
Overall the process was simple - not quite as quick as the Payday loans but that's the whole point - CLEVR Money was ethical in their approach and treated me as an individual rather than a credit score on a screen and I look forward to paying off the loan and rebuilding my credit score with their assistance.
For more information about Payroll Partnerships click here.
Any employers wanting to help their staff with a Payroll Partnership please contact us on firstname.lastname@example.org If you need help clearing your Payday loans contact us and see how CLEVR Money can help you, call 01253 478827 today.