Dealing with debtThe majority of borrowers are folk who take out a loan with every intention of repaying it in full and always on time. They‘ve very often done their homework, checked out the best options on the market and got their personalised quotes to decide which is the right product for them.
Unfortunately, little old life isn’t always as straightforward as we’d like it to be and it sometimes throws a few obstacles in our path – even hijacking the most wonderfully prepared money plans.
We want you to be able to ask for help if you’re having a tough time with your finances. After all, burying your head in the sand and hoping that everything will work out on its own is probably not the best strategy.
Lending a hand in a financial strugglegiffgaff gameplan and Ratesetter share the same thinking when it comes to helping struggling borrowers - we both agree that a sympathetic and compassionate approach is key. So if you take out a RateSetter loan through giffgaffmoney and down the line find yourself struggling, get in touch with the friendly team at RateSetter who will be able to help.
In order to see that giffgaff gameplan and RateSetter walk the walk, here are some of the benefits of getting a RateSetter loan through giffgaff gameplan:
- Only one missed payment charge - RateSetter will only make one charge of £10 on a failed Direct Debit payment
- Interest charges frozen – After you miss a payment, RateSetter will temporarily freeze the interest being charged on your loan
- Limited resubmissions – If you miss a monthly payment, RateSetter will only retry to take the payment twice. This helps limit the charges that your bank might make for a failed resubmission.
- Making contact – RateSetter will always try to get in touch with you directly (by phone, email or text message) for a friendly conversation to help find a solution.
Debt management - top tips to help with loan repaymentsWe want you to be a smiley, happy borrower with a skip in your step so we’ve put together some tips to help you manage your repayments.
Think ahead, contact your lender
If you know that you might have an issue with making your next monthly payment, contact the folks at RateSetter as soon as you can to discuss a repayment solution. The sooner you wave the flag the better - we don’t want you falling into arrears, which could well affect your borrowing potential for the future.
Stay chipper and ask for help
There’s no debt problem that doesn’t have a solution. It might not be quick or easy, but there’s always a way out of a sticky financial situation. The key is to ask for help when you need it (and the sooner the better). If you don’t tell RateSetter in advance about your repayment problems you may incur additional fees.
Look for free debt counselling
If you think you need expert advice, help is at hand. Whether it’s you need help with budgeting, negotiating with creditors or creating a personal money plan, here are some free non-profit debt counselling services you might want to try:
Citizens Advice Bureau (CAB) - Find your nearest CAB for a full advice service and they often have specialist caseworkers who are knowledgeable chaps trained to help you deal with debt.
StepChange Debt Charity - A full non-profit debt help service available across the UK, with specialist support for young and vulnerable people and additional online support.
Money Advice Service (MAS) - A free and impartial advice service set up by the government with support available in person, online or on the phone.
Who to avoid
There are lots of companies out there that offer debt counselling services but be wary of them, you may end up forking out more dough in the long run.
Learn more about:
What is giffgaff gameplan?
Managing your loan