Who is responsible for your payday loan debt? Who do you blame when you can’t repay your payday?

One of the most controversial questions in the industry of credit in the United Kingdom is who is responsible for your payday loan debt. For nearly ten years, the public has wrestled with the payday lenders. The payday lenders have wrestled with the Ombudsman and the Financial Credit Authority (FCA). The FCA and the ombudsman have wrestled with the public who are in dire straights because they can’t pay their loans back, and the interest is killing them.

The Church is involved. The politicians are in the mix. Most parties are on the side of the mistreated poor people, and payday lenders now have to contend with a much-tarnished reputation. The press has taken many a payday company to task for shady business practices, as well as published many a woeful interview with people who have taken out multiple loans in a bid to pay Paul back by borrowing from Peter. The Labour Party has stomped its feet, insisting that it is the TV ads during children’s programming that is forcing parents to borrow more than they should. 

At the end of the day, the Church is found with its pants down, investing in one of the biggest payday companies. The hot air has gone out of the balloon for those calling for stricter control. The payday companies agreed without a problem and are complying with demands. Heck, some are even writing off millions of debts that are hopeless cases.

You are responsible for your payday loan debt!

You are responsible for your payday debt. There is only so much that a payday company can do to make sure that you are capable of paying your debt back. Payday companies are now required to check your credit rating before lending to you. They also cross check with other payday companies to make sure you don’t have a pile of loans here, there, and everywhere. You may apply online, but you will be checked before a loan is approved. So, if you were still approved for a loan that you cannot afford then that is your responsibility if you take it out. Short of making a house call, how are lenders to know that you can’t afford the loan. Everything seems to check out.

Another problem that can be safely put in your corner is if you get tangled in an internet scam or to deal with lenders that are not legitimate. You need to do your own research. You can’t cry wolf because some company on the internet scammed you, when the legitimate mainstream lenders offer a perfectly upstanding product. Get a loan from a proper brand name, or check with the FCA records to see if the company is legitimate.

Lastly, if you don’t have a pay day coming up, then don’t take out a payday loan. It is really that simple.