Posts Tagged ‘how to settle your payday loan debt’

A Brief Guide To Settle Your Payday Loan Debt

In order to settle your payday loan debt, you will have to go through a certain procedure. If you do not pay off payday cash advances on the scheduled due date, the outstanding balance keeps on growing very fast and things become out of control even before you can realize it. However, it does not mean that payday debts cannot be paid off once the extremely high interest and other charges start accumulating. Following are some key points that you can work on to settle payday debts.

Notify Your Lender

If you want to settle your payday loan debt with ease, without attracting further trouble, the first thing you should do is to contact the payday loan company you owe the debts to and let them know that you are going through a touch financial situation and that you are unable to pay off the debts as per current repayment terms and conditions. If you do not do so, the lender is very much likely to transfer your account to a payday debt collection agency, which will eventually make things much more troublesome for you. On the other hand, when you inform your lender about your financial problems, the high chances are that they will suggest you an alternate solution, something that you can easily afford.

Use Your Legal Rights When Dealing With Collection Agencies

Even if your accounts have already been transferred to collection agencies, there are still plenty of ways to settle your payday loan debt. But, before that, you need to make sure that debt settlement agencies are not harassing you. When they contact you, make a request to them in writing that you do not want them to give phone calls to you, neither at your home nor at your office, and that you want them to contact you only through writing, such as through letters or emails. However, do not forget to mention that

you are doing your best to arrange necessary fund to settle the debts on your own, and it is just that you need some time. File a complaint with the authorities if they still harass you, such as by using abusive languages.

Negotiate

Whether your debt account is with the collection agencies or not, in either case, you always have an option to negotiate the repayment terms. You can contact your lender or collection agency and give them a proposal where you explain the changes you want them to implement so that you can afford the repayment and pay off the debts. Always remember, lenders are only interested in getting their money back; that is the reason they are always open for such negotiations.

However, if such negotiations do not work in your case, you can hire a third party debt settlement company to help you settle your payday loan debt. Just make sure that the debt settlement organization you sign up with is legitimate, charges a low fee for the service and has the reputation to provide good results.


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