pay day loan consolidation

You should first check out whether or not payday lending is legal in your state. If payday lending is not legal in your state, then you'll be liable for paying off the principal balance only. You won't have to pay any late fees or charges to them. As the payday loan company has your existing checking account details with them, they can keep on debiting money from that account. So, it's better to close that account and set up a new account.

As far as the debt consolidation companies are concerned, they will ask you to set up a trust account where you can deposit a certain sum of money every month which will be used to pay off your payday lenders every month. I don't find anything wrong in it.

check your state laws @ http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

If you will provide more information we might be able to help you. If any of the pdl's are Internet loans there is a pretty good chance they aren't even legal/licensed. Provide the info below and we will guide you through a process on how to get out of the payday loan cycle:
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.