Posts Tagged ‘Federal Debt Relief For Payday Loans’

Federal Debt Consolidation Programs For Payday Loans

There are many companies in the market who claim to offer Federal debt consolidation programs for payday loans, but it is very important for you to understand that it does not mean in any way that those companies are representing the federal government and are offering you free money so that you can pay off your mounting payday debts. It is highly tempting to believe that governments offer debt relief grants for payday loan defaulters, the harsh reality is that such things do not exist as of now.

The Term ‘Federal’ Can Be Misleading But Not Illegal

Now that you know that federal government or for that matter even a state government does not offer any debt consolidation plan for payday loan borrowers, you might be assuming that companies that use the term ‘federal’ with their debt relief programs are misleading you or that they are all scams. This is not always true. As per the laws in the United States of America, it is not illegal for debt consolidation companies to use the term ‘federal’ for their programs. The inclusion of this term only means that whatever plans they are offering are in compliance with the federal laws. But at the same time, just because a company is using the term ‘federal’ for its debt consolidation services, it doesn’t necessarily mean that the company is a genuine and legitimate one.

When it comes to checking the legitimacy and reputation of debt consolidation companies, you must look into more important factors, such as whether they have a good record with the Better Business Bureau, whether they have memberships to reputable Associations and whether they have a good success record.

Checking The Details With The Federal Trade Commission

If you still come across a company that claims to be a representative of Federal government and that claims to offer government grants to pay off payday debts, you should first check their authenticity by contacting the federal

trade commission. Such companies are most probably scams.

Do Non-Profit Organizations Get Grants From Government?

Many companies that work as non profit organizations are also often misunderstood as government organizations. This is again a false assumption. Just because a company is operating its business as a non-profit organization, it does not mean in anyway that it gets grants from Government.

Therefore, you are advised not to get confused with the term ‘federal’ when it is used with debt consolidation programs for payday loans. As of now, despite the rapidly growing number of people getting trapped into mounting payday debts, no debt relief help has been announced by government. But yes, federal and state governments are introducing new laws to tighten the legal grip on unscrupulous payday lenders. In most cases, just the awareness and proper use of those laws can help you find out a way on how to deal with your payday debt problems affordably.

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