Ended up being the loan ‘rolled’ from month to month?

Ended up being the loan ‘rolled’ from month to month?

‘Rolling’ a loan merely means off– while also adding significant charges for doing so that it has not been paid off after the intended period – so, if you borrowed £200 but could only afford to repay £100 after your next payday, the chances are the lender would have extended the time you had to pay it.

If this has occurred, the lending company you borrowed from should perform an ‘affordability check’ each month – i.e. an evaluation of one’s incomings and outgoings to check on you into if you can afford the continued credit agreement they’re tying. Continue reading “Ended up being the loan ‘rolled’ from month to month?”