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Everything You Want To Know About Payday Loan No Broker Debt Consolidation

As the term suggests, payday loan no broker debt consolidation is a debt relief program, where no brokers are involved in the process. When you sign up for such a program, it means you will be working directly with the debt consolidator who negotiates with your payday lenders. When you are trapped in mounting payday debts and do not have an idea on how to get out of it, consolidating your debts under the guidance of a professional negotiator can prove to be a great help. With the growing demand for such loans in the market, many agencies have started hiring brokers who bring customers for them and get a commission for that. Obviously, the presence of a broker in the process will increase the cost, or alternatively, you can say that a broker’s presence will cause you to save less money than the process of debt consolidation is capable to save for you. Following is a brief rundown on it.

Choose Only Those Companies That Offer Free First Consultation

When it comes to choosing payday loan no broker debt consolidation plans, you must e wary of all those companies that charge a fee even for the first consultation, where all they do is to listen to your problems and then suggest you some debt relief options accordingly. You are already neck deep in debt and it does not make any sense to pay for financial suggestions only. The first consultation must be provided to you free of cost. During this first consultation, you must be allowed to explain all your problems related to your debts and finances. Brokers often do not listen to your problems and they are only interested in selling the debt relief plans that can earn them a commission. Always remember, a genuine debt consolidator will not just offer you a debt relief program but will also help you to manage your finances in a better way.

The Cost Of A Debt Consolidation Plan

The cost of a debt consolidation plan is another important factor that you must look into while you are considering signing up with a payday loan no broker debt consolidation company. Always remember, a genuine plan is supposed to reduce

your debt burden and to get you relief from your debt problems. It never increases your debt burden by charging adding some extra burden on your existing debts, such as in the form of service fees. However, it does not mean that debt consolidation companies do charity works. They do make money, but they do so by helping you to reduce your debts, not by increasing it. For example, if you owe $2000 in payday debts to various lenders, they will negotiate with your creditors and convince them to waive off certain charges and to write off a certain part of the debt balance that consists of interests and other charges. A good debt negotiator can get your debts reduced to over 50% of the total outstanding balance. The debt consolidator will charge

a price of viagra certain percentage (say 20%) of the total amount of money you thus save ($1000 cheap generic viagra in this example). This way, they will charge a commission of $200. You will be paying $200 to the debt consolidator and $1000 to your payday debt creditors, which means you still save a whopping sum of $800.

Last, but not the least, it is also very important for you to understand that a payday loan no broker debt consolidation company will never ask you to pay their fee in advance. So, be wary of all those debt relief organizations that make big claims but charge their fee upfront. Read the fine prints thoroughly before you sign up.

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What are the pros and cons of debt consolidation?