Does this make sense?

Date: Fri, 09/05/2008 - 21:11

Submitted by anonymous
on Fri, 09/05/2008 - 21:11

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Total Replies: 1

"Our program normally lasts twelve months. During that time period you will put aside money each month, into a personal savings account set up for you. You will have one monthly payment (weekly or bi-weekly options available) which will go into your savings account to settle your debts. When you build up enough funds to make a settlement (usually about 50% of the original loan amount), we contact your lenders and negotiate a settlement, getting you out of debt and ending the cycle!"

I was looking into places that could help me consolidate some store front loans here in AZ.
I read the "how it works" thing and this doesnt make much sense to me.

They want me to default for months before they even contact the companies? Doesn't that mean I still have to deal with over drafts and collection calls?

Anyone know of AZ debt consolidation companies that work with legal store front payday lenders? I haven't defaulted yet....but it's only a matter of time.

I don't think it would be a wise decision to let a store front l

I don't think it would be a wise decision to let a store front loan go unpaid for a long period of time, they're usually legal and will eventually sue you, which could lead to garnishment through the court system if they get a judgment against you. I would speak to them myself and try to make payment arrangements. If you are absolutely strapped for money, you can either go into the store or make payments via USPS (what you can afford as good faith payments) with money orders . That way if they do decide to take legal action the Judge will see that you are making an attempt to pay down these debts and is more likely to work with you on making payment arrangements to pay these debts off.

lrhall41

Submitted by Shazzers on Sat, 09/06/2008 - 06:15

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