Payday Loan Debt Settlement
Payday loan debt settlement gives a peace of mind to anyone. Some of the best ways to reach a payday loan debt settlement are negotiating with a collections agency, working with a payday loan debt consolidation company and getting credit counselling.
A payday loan debt settlement often comes months later because borrowers struggle with on-time loan payment, loan renewal fees and triple-digit annual interest rates. Borrowers are given 14 days to pay the debt, something that 85 percent of Americans fail to do. Not only do borrowers end up taking out a second loan to cover the first, but they also pay renewal fees to roll the loan over.
Here is a look at the ways to get a payday loan debt settlement.
Speak with a collections agency
A collections agency does want to reach a payday loan debt settlement with you through negotiations. Hire an attorney to help and see if you can set up a payment plan. If you’re able to reach a negotiation with the collections agency, find a local debt settlement program to settle the loan on your behalf and then reschedule the payment plan.
Work with a payday loan debt consolidation company
A payday loan consolidation company will help with payday loan debt settlement by combining all the debts into one sum. Later, the company will negotiate with lenders for a smaller debt amount on your behalf. You only have to pay off the debt monthly until the balance is settled.
Don’t go with any payday loan debt consolidation company without researching it first. A reputable payday loan consolidation company will likely offer an initial free consultation. According to the Better Business Bureau, consumers find out the hard way that debt negotiation companies asks the consumer for upfront initial payment, then disappear with the money without contacting the lenders. As a result, the consumer stop speaking directly with the lender and sink deeper into debt.
A credit counselling agency can also assist you with payday loan debt settlement. A credit counselor provides various services that include financial and budget counselling, community education and debt consolidations strategies.
If you believe that credit counselling is for you, check with the Better Business Bureau or a state Attorney General’s office for any complaints customers filed about an agency. Once you find candidates that you think are reputable, contact them with questions about their services. The Federal Trade Communication has more information on choosing a credit counselor.
A payday loan debt settlement can be also be reached through a consolidation loan, which bundles several debts into one. This lets you make one monthly payment with one lender and gain better control over your finances.
A consolidation loan does not mean your debt goes away; you still owe this debt. Speak with financial institutions and credit unions about their loan interest rates and policies. Above all, make sure the cost of the new, bundled loan will actually be less than your current, multiple debts. If you have good credit, you could qualify for a low interest consolidation loan.
Payday loan debt settlement is possible to achieve. My Payday Loan Relief’s customers are happy with our services. Katie S. of Illinois said:
I want to thank you all again for your assistance and the valuable information you have already taught me since signing up with your service. You have helped relieve so much stress! Thanks again. This is amazing! I never could have done this on my own.
Tammy P., also of Illinois, said:
Thank you, Eric, for all of the information and to let me know there will be an end in sight. We don’t always make wise decisions when we are at a time of stress, but I am glad to know there is help available!
Get a Payday Loan Debt Settlement by filling out the form on this webpage today! Our payday loan consolidation program can help reduce collection calls and deliver quick and proven results.