You have the option of writing a cease and Desist letter to the collection agents over the phone where they can no longer harass you for your debts owed to them. Your payday loan consolidation company assists you with that step. Through payday loan assistance, through settlement or consolidation, your payday loan consolidation company will guide you all through the procedure as your statute of limitation will expire once payments are rendered. They also work in tandem with collection agencies so that they do not harass you any longer, as well. In addition, they assist with loan repayment as you are able.
Payday Loan Debt Consolidation Programs – Gets a Bad Credit Personal Loan Without Fronting Money
When you do decide to work with a payday loan consolidation company and negotiate with your lenders for reduced interest rates on your loans, remember that you still need to make timely payments or risk losing all of the money you have borrowed from the new company. Some lenders will forgive your late payment fees, while others will not. You need to know ahead of time if the company you are working with will let you off the hook.
One thing to keep in mind when working with your payday loan consolidation company is how you report your income to the new creditors. If your payday loans were structured as cash advances and you have a high gross monthly income, chances are you will be asked to provide documentation of your income and bank account numbers. Make sure you are fully prepared to provide all of the information requested by the payday lenders before you sign up for a consolidation program.