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Payday Loan Debt Consolidation
How to settle your Payday Loan debt
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A lot of people turn to payday loan these days. It cannot be denied that Payday Loans have some advantages. For instance, you can have access to money within a short time and no credit check is required. But many people tend to forget that payday loans have an APR (annual percentage rate) of 400 to 700 percent. Consequently, millions of people get trapped in the vicious circle of payday loan debt. If you are one such debtor then consider Payday Loan Settlement.
Steps to settle payday loan debt
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First of all, you should notify the lender that you cannot make payments anymore. This will exasperate the Cash Advance store. So you might have a tough time. Your account will probably be sent to a collection agency.
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Inform the collection agency that they must contact you through writing. This means that instead of making harassing phone calls, they should contact you by registered mail. If they refuse, tell them that you are aware of your rights as a consumer. Point out that as per Federal laws, they cannot make abusive calls or contact you at office or harass you in a public forum.
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Notify the collection agency that you want to settle your payday loan debt. The agency might threat you with legal action. But do not get nervous. In most cases, collection agencies do not turn to court because it is not worth the time or money. So you might count on settling your account.
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It is highly recommended that you hire A Payday Loan settlement company or a law firm to negotiate with the debt collection agency. Settlement companies have the required expertise and experience to get the job done successfully. Yes, they would definitely charge you money, but it will be worth it.
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Many states require the settlement amount to be paid in monthly installments. This is a convenient arrangement. So make sure that you (or the settlement company) negotiate for monthly installments rather than for lump sum payment. If there are no specific laws in your state then you might have to pay a lump sum. Most debt collection agencies prefer lump sum payments.
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Also negotiate for waiving penalties, reducing interest payments, late fees etc.
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It is possible that the lenders might flatly refuse your settlement offer. In that case, you should threat them with bankruptcy. Tell them that you are consulting with your bankruptcy lawyer for filing bankruptcy. This will increase your chances of settlement because the lenders lose maximum amount of money when consumers file bankruptcy.
What are the advantages of payday loan settlement?
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You save a lot of money with payday loan settlement. Most debt settlement companies will cut your payday loan debt in half, which means that you save 50% or more depending on your circumstances.
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Payday loan settlement is a fast process and you can be debt free within 6-18 months. In this regard, payday loan settlement is a much better choice than debt consolidation and bankruptcy.
Payday loan debt can be a headache. But settling your payday loan debt can pull you out of trouble. So consider this option.
About the Author
The article is contributed by BG, who is an IAPDA arbitrator associated with Oak View Law Group. Through this article, he offers his suggestion on the ways to eradicate payday loan debts.
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