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Just Wondering

Date: Tue, 08/28/2012 - 12:48
Submitted by on Tue, 08/28/2012 - 12:48
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I keep getting calls from a Payment Direct company. Is this a legitimate company or a scam.? they are offering to consolidate loans i have into one payment without an interest rate! Please help.


I can't find any info on them either, but the reason I'm thinking it's one of those shady payday loan debt management companies is their offer. The way those guys operate is they have you forgo paying your payday loans and they handle it for you with one monthy payment to their debt management company. So technically, there's no interest - they make their money because they are of the same mold as the payday lenders and can get the companies to settle for the principal/slightly below it. They operate by waiting until, say, a 300 dollar PDL is owed 1200 for late/NSF fees and then they make their client think they are amazing for getting the lender to settle for 300 dollars, the settlement company makes 900 bucks off it. So technically there's no interest and there is one monthly payment. It's not necessarily a scam, it's just a horrible way to deal with your payday loans.


Submitted by waffles on Wed, 08/29/2012 - 05:10

waffles

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Even if they are a payday loan consolidation company, I would not put my trust and money into them. Before finding this site, I had a payday loan consolidation company, who I thought at the time, was helping me. It turned out to be more expensive for me. They did very little to help. Even these types of consolidation companies need to be licensed. Again, do not go this route.


Submitted by bingonut on Wed, 08/29/2012 - 17:07

bingonut

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