Payday Loans

Negotiating Payday Debt With A Cash Advance Lender – Your Awareness Is The Key Factor

When it comes to negotiating payday debt with a cash advance lender, there are several things that you need to take into your careful consideration. You must be well prepared in advance before you approach your lender and start negotiating. Following is a brief rundown on how to go about it.

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Check The Legal Status Of Payday Loans In Your State

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You must first spend some time and research the laws related to payday loans in your state. The more informed you are about these laws and your legal rights, the more efficiently you will be able to negotiate a deal in your favor. As per latest reports, the majority of payday lenders these days are indulged in illegal activities; it is very much likely that your lender is also not treating you fairly. For example, it is possible that your state has already banned all sorts of payday lending, but an Internet-based cash advance lender has still issued you a loan. If you find this fact at a later stage, you must remember that the laws do not obligate you to repay the loan with interest and penalty charges. First of all, since it is an illegal activity on part of the lender, you must immediately file a complaint against them. If collection agents have been harassing you for that illegal loan account, you can even file a lawsuit against them and ask for compensation. However, despite all this, in most cases, you will still be legally obligated to repay at least the principal amount of money that you had borrowed initially.

Check The Statute Of Limitations

Besides that, if it is a very old (2-3 years old) loan account and if it has been issued legally, you are advised to look into your state laws and find out details about the statute of limitations applicable for payday loans in your state. The statute of limitations usually ranges from just one year to four years, and in some cases, even longer. If the statute of limitations has already expired, your cash advance lender must stop all collection attempts; in this case, you no longer can be held legally liable to repay the debt. The statute of limitations refers to the specific period of time after which lenders lose their right to collect the debt.

What Does The Laws Say About Repayment Plan On Payday Loans?

With the growing debate on whether payday loans are good or bad and with the very fact that organizations like the FTC (Federal Trade Commission) have warned consumers against it and reputable consumer protection agencies have termed these loans as predatory lending programs, many states have banned payday lending and many others have imposed laws to make the repayment easier for the payday loan borrowers. For example, where some states have strictly prohibited the provisions of rollovers and renewals, others have made it mandatory for cash advance lender to offer a more affordable repayment plan to those borrowers who are going through tough financial phase and are unable to repay the debt as per the current terms. If you are residing in one of those states, you can use it in your favor and negotiate your payday debts more efficiently.

Overall, as we can see, information is the key factor when it comes to negotiating debts with a cash advance lender.

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