If you're stuck in payday loan debt and are looking for a way out of the problem, you may consider payday loan debt consolidation. This is where you negotiate for lower rates on your debt and consolidate multiple bills into a single monthly payment. Consolidation helps you out of payday loan trap so that you can have better control of your money. If you want to know what payday loan consolidation is all about, glance through the topics given below:
The consolidation program is such that payday loan debt consolidation companies accept a single monthly payment from you and disburses the funds to your payday lenders. This is how you consolidate payday loans and replace multiple bills with one monthly payment.
Since you're paying much more in total interest and the term is quite long, a payday loan consolidation program is a much better option compared to taking out payday loan consolidation loans.
When you go for payday loan debt consolidation assistance, you get the following benefits.
Payday loan consolidation offers a manageable way out of your payday loan debt problems. It relieves stress and gives you peace of mind when everything seems helpless.
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Brilliant!! Howard payday loan consolidation is a wonderful advice - it gives breathing and thinking room so that priorities can be set. Great work!
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Excellent advice, Howard. Payday loan consolidation can definitely help. The only thing I would do differently is not do quickcollect, since that is very costly, but would stand fast and send payments through the mail.
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Very good advice Howard! I would definitely second your advice, kscornell - always send payment through the mail, never by quickcollect or moneygram. Then only you can be successful in Payday Loan Consolidation.
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Hi Howard, I think that the first most important thing that you can do is close the current bank account that you gave the pdl companies access to and open up a new account at a different bank. These places won't stop taking out money just because they are asked to. There have been stories of people opening up new accounts at the same bank and the pdl companies getting access to them and debiting the account.
I think that this is an excellent thread and perhaps should be made into a sticky for payday loan consolidation. You have given some great advice. I do agree with suebee and kscornell-I refuse to pay money doing Western Union or Quick Collect/Moneygram because these places don't want to give out their addresses. If they want my money, they will take a money order!!!
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I would never send payment thru Western Union for the simple fact it is almost untraceable from your end.You have no proof they got it. Cashier's check or money order would be best in my opinion while doing consolidation of payday loan.
Keeping an eye out for consumers.
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809
http://www.ftc.gov/os/statutes/fcrajump.shtm
http://www.debtconsolidationcare.com.../about216.html
Use this letter to protect your rights under the FDCPA
myfairdebt.com & myfaircredit.com-Good source of case law in forums.
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Giving these companies access to checking account is not safe. Cajun puts a good point about Western Union are untraceable. I have a question in my mind. Do you think every company has a receiver code and they will accept money orders? Is there any kind of rule on this part? If we are sure about this, we will not feel lost if we are forcing the pdl company to accept money order. What do you say?
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Actually somewhere buried in either the truth in lending or electronic transfer act is a statement that a borrower cannot be forced to just do ach,they must have options if ach is not possible.I do agree with you about not letting these sharks near a bank account.
Keeping an eye out for consumers.
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm#809
http://www.ftc.gov/os/statutes/fcrajump.shtm
http://www.debtconsolidationcare.com.../about216.html
Use this letter to protect your rights under the FDCPA
myfairdebt.com & myfaircredit.com-Good source of case law in forums.
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Thanks Cajun, I will do some research on TILA Act. I got a direction. If you find something, please post it here. It will help a lot.
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I believe it is part of the Electronic Transfer Act. Goudah just posted it in a thread the other day.
please check into your state laws regarding closing account that a payday loan is written on.
some states, like missouri, have it written that it is considered a criminal offense to close the account it was written on, as well as putting a stop payment order on it. and if you do this, you can be put up on criminal charges for intentionally misleading a creditor to evade making payment. (something like that). anyways. just some additional info to check into.
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