Payday loan consolidation involves hiring a company to negotiate your payday loan debt directly with the individual lenders. The goal is to decrease the amount you are required to pay back. In general, the payday loan consolidation company will set up a savings account in your name, into which you will make small monthly payments. The negotiator then uses these funds to negotiate a settlement with the lender. The interest on your payday loans will stop accruing, leaving you with less to pay back over time. If you have multiple payday loans and think you could benefit from this service, call our toll-free number and speak to one of our representatives without delay
Do you need help?
Accepting that your debts have become unmanageable can be difficult. Many people find a small debt becomes impossibly large within a short space of time, particularly if they fail to make their repayments on time and face penalties. If you regularly receive calls, letters or emails from your payday loan lenders or a debt collection agency, then this may be a sign that you need financial help.
Another way of considering whether or not you need assistance with your payday loan debt is to think about whether you will be able to pay it back within one year. Payday loan consolidation could leave you debt-free within as little as six to 18 months. If you doubt your ability to pay off your payday loan debt without help, speak to a representative via our toll-free number or complete our online application form without delay.
If you decide to seek help from a payday loan debt consolidation company, they will start by talking to you about your debt and working out your monthly payments. They will then open a savings account in your name and negotiate with your lenders on your behalf, paying them back using the funds that accrue in your savings account. Typically, people who choose payday loan debt consolidation find the process takes between six and 18 months, after which they become debt-free. The exact time it takes to clear your debts will depend on a number of factors:
1. The total amount of payday loan debt you have
2. The amount you can afford to pay into your savings account each month. This is usually calculated by considering your monthly income and expenses.
3. The negotiations between your payday loan consolidation company and your lenders. Most payday loan companies recognize that it is better to get some money back from you than none at all and are willing to enter into discussions with the consolidation company.
Find out more about payday loan debt consolidation and your probable monthly payments if you choose this route by calling our toll-free number and speaking to a representative.
Be Debt Free
If you are struggling to manage your payday loan debt, there are really only two options – file a bankruptcy or pay back the loans. Bankruptcy allows you to erase your debts, but you will have a negative mark on your credit record for up to ten years. This really should be a last resort. The alternative is to consider hiring a company like Green Touch to negotiate on your behalf and help you pay off the loans.
Payday loan lenders tend to be very strict about ensuring you repay your loans on time, so take action before you incur penalties and get into more serious debt. Complete our online application form or call our toll-free number and speak to one of our representatives.