Archive for February, 2011

How To Make A Payday Loan Debt Settlement Offer?

There are basically two ways to make a payday loan debt settlement offer to your lenders. First, you can do this with the help of a company. The company will then handle things on your behalf. Second, you can choose to do it on your own, which means you will have to negotiate the settlement deal directly with your lenders. You must do some basic research work to decide which of the options you should go for. Following is a brief overview on how to do it yourself.

Calm Down

The primary reason why most borrowers find it an almost impossible task to make a payday loan debt settlement offer to their lenders on their own is that they are not confident about their ability to do this successfully. And, the main reason why they are not confident is because they are simply overstressed due to the kind of situation they are in. So, the first thing you have to do is to relax. Don’t panic. As per the lending laws in the United States of America, you cannot be sent to jail for nonpayment of debts (be it any kind of debt). Lenders do not have the option to file a criminal lawsuit against you unless you have committed some forgery. So, cool down. You can work out a solution only with a cool head.

Gather All Details To Find Out How Much You Currently Owe To Them

In order to make a payday loan debt settlement offer, you must first get a clear picture of where actually you stand with your debts at present. So, get a pen and paper and write down all the details, such as the amount outstanding on each account, the APR, penalty charges, and other such things.

Understand The Laws

These days, almost every state has imposed certain laws to protect consumers from the predatory nature of payday lending programs. You must be well aware of the laws applicable in your state. Most of the times, you are most likely to find your solution right there in the laws. For example, many states have made it mandatory for the lenders to offer an affordable repayment plan or a payday loan debt settlement offer to the borrowers if they are otherwise having difficulty in paying off the debts. If your state is one of them, you will be in a great position while you are negotiating the deal. In short, if you find out that your lenders are not following all of the laws thoroughly, you can use the situation to your advantage.

When you contact the payday loan companies you have borrowed the money from, make sure you bring all the details, such as how much your monthly income is and how much you can practically afford to contribute towards the debt repayment every month. This way, you will be able to get the best payday loan debt settlement offer approved by the lenders.

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