Most of MYJAR’s customers repay their loans on time, without any difficulties.
However, we recognise that, for a variety of reasons, some of our customers occasionally have difficulty repaying their loans.
We always help our customers in whatever way we can in setting up repayment plans and allowing them extra time to pay. We never reject offers of payment.
Although we will do all we can to help, some people need specialist debt advice.
The recent report by the Low Commission raises some important questions about how this advice should be provided and funded. It recognises that for the best outcomes to be achieved by the greatest number, a mix of free and paid for advice is the most appropriate model with funding for free services to come broadly from the state and the private sector.
This is a model that we largely support. When customers ask for advice, we recommend free independent services but we are also aware of good quality commercial providers who charge for their services. We support the customer’s right to choose and we believe that there should be choice in where they get debt advice too. It should never be the case though, that someone in financial difficulty cannot get free advice if that is what they need.
As a responsible lender we recognise that free independent services need to be adequately resourced. This is why we have chosen to fund some of the leading UK debt advice charities including StepChange, PayPlan and Christians Against Poverty. Not all lenders do this.
At MYJAR we work hard to make sure we only lend to those who can afford it, and work just as hard to make sure our customers have the right support if they’re struggling to repay a loan.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk