Payday Loans Debt Consolidation

How To Manage Payday Loan Debt Accounts?

There are plenty of things you can do to manage payday loan debt accounts. The good news is that even the laws in most states of the United States of America are now in favor of the borrowers. In most cases, you can find some great solutions to your debt problems by just making yourself aware of the legal rights and options available to you as per the payday loan laws applicable in your state. The majority of the borrowers get frustrated and confused when they are overburdened with rapidly growing payday debts. Because of this frustration and confusion, they often fail to make the best use of the laws in their favor. The first thing that is very important for you to understand that failure to make the repayment on a payday loan account is not a crime; you can never be sent to jail for this unless it is proved through court proceedings that you had borrowed the payday cash advances through some fraudulent activities. Following are the three major options available to you when it comes to managing payday debts.

Hire A Payday Debt Attorney

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If you do not have any idea on how to manage payday loan debt accounts, you can consider hiring a payday debt attorney. A debt attorney is similar to a credit counselor; it is just that besides being a financial expert, they are also well versed with the payday loan laws. Once you hire them, they will first do a thorough review of the loan contracts related to the different payday loan accounts you owe to different lenders. The idea behind this thorough review is to find out whether the lenders have been violating any laws. If yes, the debt attorney will talk to your lenders and do some aggressive negotiations. If you do not have an attorney to handle things on your behalf, your payday lenders are very much likely to harass you with false threats, such as they will file criminal lawsuits against you and all that. Considering the very fact that the violation of laws is very common with most of the payday lenders, hiring a payday debt attorney to look after your debt problems can be a good idea. The attorney will do some serious negotiations and will convince the lenders not only to correct the terms and conditions of repayment but also to offer you special discounts so that you can pay off your debts in an affordable manner. If such negotiations do not work, the attorney will take legal steps to deal with illegal lenders. The best thing about a debt attorneys is that they also perform the task of a credit counselor and teach you how to implement some strict budgeting plans to improve your savings so that you can handle your debts more efficiently and also build and maintain an emergency fund for future use.

Hire A Debt Consolidation Agency

Alternatively, you can also hire a debt consolidation agency to manage payday loan debt accounts. These agencies perform all the tasks of a debt attorney with an added service, which is consolidating your debts. It means when you hire a consolidation agency, they first check if everything is in accordance with the laws and then they negotiate with your lenders to waive off penalty charges and to reduce interest rates and to stop rolling over the loans. Once a repayment agreement is finalized with each and every lender, the agency requires you to make a single consolidated monthly payment while they will be taking care of the rest of the things. They will disburse the payments to your respective creditors. Just like debt attorneys, payday debt consolidation agencies also charge a fee for their service. But, always remember, you do not have to pay their fee upfront. As per the new US laws, all such agencies must first fulfill the promises they make and then charge their fees.

Last, but not the least, you do not necessarily need to hire a third party to manage payday loan debt accounts. You can manage things on your own also as long as you are well informed about the laws applicable in your state. A very simple strategy to get rid of payday debts without hiring any third party is by borrowing a new conventional loan (such as a personal or a home equity loan), and to pay off all your existing payday debts with the money thus received. You can find detailed information about this strategy and many other ideas by visiting the “repayment strategies” section in the “payday loan” category on this blog.

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