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Posted: Wed Dec 27, 2006 2:47 pm Subject: Payday Loan Consolidation?

Tammy, I read a post about consolidation of payday loans. How does this work and who can I contact? I have a big mess with these! Please help! Robin Dutton

Posted: Wed Dec 27, 2006 3:21 pm Subject:

Robin -

Since you have registered with this site, a consultant from your area will contact you soon to discuss debt consolidation or settlement, which will include your payday loans. Make sure you have all your information available when they call, so you can get started.

You've made an important first step - soon you will find yourself back in posession of your entire paycheck, rather than paying the whole thing out to payday loan companies in fees.

Posted: Wed Dec 27, 2006 3:55 pm Subject:

Suebeehoney, I wasn't aware that you could consolidate them. And if you do, does the interest still accrue??

Posted: Wed Dec 27, 2006 4:01 pm Subject:

You will need to talk with the counselor and discuss your options. Most will be able to bring down the interest rates and waive off maximum fees added in the total. The best thing to do on pdls is a settlement, rather than going for consolidation. You keep on paying it every month until the debt is cleared. If you have it settled in one time, you are out of it.

Posted: Wed Dec 27, 2006 4:03 pm Subject:

You know, Nat, I'm not sure about the interest question. I do know that when I signed up here and was offered consolidation, they specifically said they would work with my PDL's. Many other credit counseling companies I called specifically said they wouldn't, and didn't know any credit counseling agencies that did.

You might try the ranking list on this site and contact one of the agencies for your state and just ask them that question. I know for most debts, when they are going through a credit counseling agency, the interest is either greatly reduced or eliminated altogether.

Posted: Wed Dec 27, 2006 4:03 pm Subject:

Hey, onelamb - you wanna race?!? LOL

We seem to be following each other tonight! Very Happy

Posted: Wed Dec 27, 2006 4:05 pm Subject:

You are pretty fast, Suebee. I will be glad to stand after you. Smile

Posted: Wed Dec 27, 2006 4:06 pm Subject:

I think that you and Steelers are just about the fastest ppl on here... Laughing

Posted: Wed Dec 27, 2006 4:07 pm Subject:

Nope, onelamb, just stand beside me and we'll work on these together! Smile

Posted: Wed Dec 27, 2006 4:16 pm Subject:

Yup! I see so many people here just to help others. Good thing to happen in this community. There will be a day when questions from people will be less in front of loads of answers put by this community. This is from real experience. Nothing is more valuable and true than being in the shoes and to face problems, then advice others not to repeat those mistakes.