Posts Tagged ‘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.


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.

Custom Search

Basic Things You Must Know About Bankruptcy Dismissal

When you file a petition for bankruptcy and the court rejects your petition on certain grounds, it is legally termed as bankruptcy dismissal. Dismissal means your case is officially closed and that the court will make no further rulings on your case. Some of the most common reasons why a petition is...

Credit Repair

Building Credit With No Credit

When it comes to building credit with no credit, there are several online canadian pharmacy factors that you need to take into account. Just because you do not have any credit history at present, it does not mean you will never have one. No one is born with a readymade credit history. You have to gi...

Credit Repair

A Loan To Defeat All Loans Debt Relief Loan
Payday loans fax-free payday loans and instant online payday loans are everywhere be it on the Internet newspapers or television. Today when the economy is in turmoil these loans look like the saving gra... Read more

Tips On How To Consolidate Payday Loan Debt
You may need to consolidate payday loan debt when you are caught in the middle of a financial crisis arising out of your inability to repay multiple loans. Debt consolidation loan allows you to consolidate all... Read more

Do Not Put Up With Debt Collectors Harassment
There was an emergency and the need arose to take a payday loan. It seemed to be the fastest and the best option available then. However now the debt collectors harassment is horrendous. The fact that using t... Read more

Consolidate Payday Advances To Save Yourself
Payday advances are loans taken against a persons paycheck. They have a way of digging into your paycheck month after month. They usually have exorbitant interest rates though the sites offering the services... Read more

Can I Consolidate Payday Loans
Can I consolidate payday loans is a question you are sure to ask yourself when faced with a trying financial situation. When payment of loans becomes difficult it is possible to consolidate and replace many... Read more

What are the pros and cons of debt consolidation?