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Payday loan settlement - Get rid of your pdl debt burden legally

Multiple payday loans often seem to entrap individuals in a cycle of debt. The exorbitant interest rates makes the debt amount grow considerably, thereby making it difficult to pay off. Payday loan settlement can be a great option if you're wondering how to get rid of your payday loans (pdl) in a legal way. Not only does it offer relief from the outstanding dues, but also makes sure that you pay less than what is owed.

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Table of contents

When can you settle your payday loans?

The high rates of interest associated with these loans can gradually turn them into massive debt burdens. Often, individuals get involved in pdl cycle as they try to pay off one loan with another. Settlement might appear to be the most fitting debt relief option for you, if you're facing the following conditions:


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Monthly payment you can afford
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  1. Carrying multiple pdl debts
  2. Want to get rid of the outrageous interest rates
  3. Debt amounts are increasing in spite of all your efforts
  4. Unable to make regular payments
  5. Facing harassments from the pdl lenders and collection agencies
  6. Might be facing legal actions by the lenders
  7. Considering bankruptcy as the way out of your debts
  8. Feel you might be able to pay if the debt amount is lessened

How does this option work?

Negotiation is at the base of every settlement process, and payday loan settlement is no different. Effective negotiation of the loans with your payday lenders or the collection agencies might lead to a considerable reduction of the debt amount. The creditors usually agree to settle your pdl debts if you're going through extremely stressful financial condition and have been missing payments. They negotiate and try to extract as much money as possible through the settlement offer, since they realize that the debts might be discharged if you file bankruptcy.


How OVLG processes your payday loan debts?

OVLG Payday Loan Debt Help Cycle

How can you settle payday loans?

There are two ways to settle your pdl dues. You can either do-it-yourself or seek professional assistance from a company offering debt relief services. If you think you can negotiate with the creditors or collection agencies, you can approach them on your own and get rid of your payday loans at a mutually agreeable amount.

However, expert negotiators associated with settlement company might be able to get you a better deal if you enroll with their program. Once you agree to go with a legal settlement plan, the experts might ask you to stop making payments to your payday lenders or the collection agencies. Instead of that, you'll be asked to keep aside a fixed amount each month and save up for the settlement amount. Once enough cash is accumulated, the negotiators approach your creditors on your behalf and try to lower your debt amounts. Once you pay them the agreed amount, the account status on your reports get updated as "Paid as Settled" or "Paid as Agreed". This way you can get out of the payday loan trap by paying much less than what you owed.


Why is it a great debt relief option?

If you're struggling with your payday loans, check out how a settlement program can help you.

  1. Gets rid of your multiple bills at one go
  2. Stops the high APRs charged on your loans
  3. Reduces your loan amounts
  4. Helps to eliminate the late fees, penalties and over-limit charges
  5. Prevents you from filing bankruptcy
  6. Restores your peace of mind by reducing the collection calls
Fri Jul, 2014 Review: AE1 saved $2053.67
Client satisfaction level:
      
* Client names have been changed to protect privacy


4 points to consider before seeking payday loan help

You should always be cautious when you deal with payday lenders, whether you settle the dues by yourself or enroll into a payday loan settlement program. The following points might be able to help you:

  1. Note down details of the loans: You will need to find out how much you owe to whom before you try to settle your payday debts. Search out all the documents and make a note of the lenders, borrowed amount, amount paid, rate of interest with each separate lender, outstanding dues, corresponding dates, late or missed payments, penalties and everything else related to your loans.
  2. Check the state laws: Not all the US states allow payday lending. Even if they do, there might be some restrictions on the lenders for consumer pdl protection. Check out the state payday loan laws to find out whether or not your loan is legal. Find out about the Statute of Limitations as well, to check the validity of the loan.
  3. Verify the authenticity of the lender(s): Often payday lenders carry on the lending practices without proper licensing. This makes the lender and the loans illegal, in which case, you can only pay the principal and ignore the interest, penalties and all. For this reason, before seeking help with pdl debts, find out whether or not your lender is licensed to operate in the US and your state.
  4. Revoke your ACH authorizations: To stop the automatic deductions from your account or wages, revoke your authorization from the payday lenders and inform your bank or the payroll department about the changes. You can also close off the bank account and transfer funds into a new unrelated account to avoid illegal transactions by the pdl lenders.
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