Settlement of Debts

Were any of your payday loans obtained in the Internet?

If you're not getting any debt settlement company which can help you in settling payday loans, then you can try to settle the debts yourself. You can check out the given page in order to know the required steps to settle the debts:
http://www.debtconsolidationcare.com/steps.html

Hi!
Welcome to the forums!
Do you want to go for consolidation or settlement or both? However, if any settlement company is refusing to help you in settling your payday loan debt, then go for do it yourself debt settlement.

Please make sure your payday lenders are all legal/licensed in your state before you pay a consolidation company or even before you attempt to settle. Illegal lenders do not negotiate, and even if you think you have paid them off they will either sell off your information to bottom feeder collectors or other illegal Internet lenders, then you will be harassed and threatened again. So, the bottom line is, research these lenders and make sure they are licensed/legal before you proceed.

Shazzers is correct. If any of these lenders are not licensed to operate in your state, then you needn't worry about them. You're in no way legally bound to pay them back. You can simply close your bank account and ask them not to call you anymore.

please do not advise that people not at least payback the principle borrowed as we always advise that.just because they are illegal doesn't mean you can borrow and not payback.

If you borrow money, even from an illegal pdl company, and do not pay back the principal you are guilty of fraud. Most people on the site got caught up in the payday cycle because of the high interest. However, the majority have paid back the principal and some have received refunds of some of the interest.

Borrowing money and not paying it back (principal) is FRAUD.

Paul and Aubrey are absolutely right. Pay back what you borrowed. Otherwise, it's basically stealing and, in my book, makes you no better than the illegal lenders.

[SIZE=3]I have never had a payday loan but my wife was mixed up with a couple of the worst of the worst as outlined on this site when we met. That is how I became a member here. Trust me when I say you do not want to get mixed up with these idiots even if you think you can make a quick buck. The $200 you might have deposited is not worth all the hassle of dealing with them stealing your identity, abusing your bank account info, stealing your money and dealing with repetitive abusive calls. It is especially painful that those calls are not only made to you the borrower, but also any other number they can associate with you, including employers, friends and relatives. [/SIZE]

Part of the problem is these people generally do not fall within U.S. jurisdiction. They have no reason to abide by any U.S. collection laws because they are located offshore. They are not within reach of our government.

I do agree that morally one should not specifically seek out these crooks and try to obtain money with the intentions to never pay them back. I have the same attitude toward all lending institutions including banks, brokers, credit card companies, payday loan companies and the like. I honestly do not know if my wife???s accounts were ever settled. The main problem I had is the crooks I dealt with had no intentions of settling. Every time I talked with them they demanded electronic access to bank accounts and they would not accept any other alternative. They would not give out addresses. They would not validate the debt. They would not send statements. They always attempted to be verbally abusive. They tried many scare tactics. I suspect that they collected more than she ever borrowed but I never reviewed her bank statements and they had no intentions of providing any of their statements. I guess the point is it is not nearly as black and white as either paying or not paying because of the nature of the relationship.

[SIZE=3]Ultimately my opinion is if you have a couple of these because you did not know any better then any attempt of settlement should be as follows: You should always take care of necessities first. Next, you should build an emergency fund. After that you should take care of the legitimate debt. Finally, the illegal ones belong at the bottom. I would not recommend one spend a great deal of effort or energy talking with the illegal companies or pursuing written documentation because both seem futile. The simplest thing to do is send them a bank certified check with a statement on the check about if they cash the check then they agree to settlement in full; however, I never made it to that step because I believe my wife over paid. [/SIZE]