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Home » Debt Relief » Payday loan settlement

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

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OVLG Payday Loan Debt Help Cycle
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* Client names have been changed to protect privacy

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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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:

  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 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

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.
Find Payday loan laws by state
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In an effort to better our services, we conduct an ongoing survey. Check out the survey results and see what the existing and past clients have to say about us:

  • Overall satisfaction
    The graph below shows the percentage of people satisfied after they spoke to us.
    Client Satisfaction Rate
    Very satisfied: 71%
    Satisfied: 13%
    Undecided: 6%
    Dissatisfied: 3%
    Very Dissatisfied: 7%
  • Ways to Contact
    The graph below shows the percentage of people using different mediums to contact us.
    Contact Medium Usage Rate
    Telephone: 52%
    Support Request: 17%
    E-mail: 27%
    Fax: 0%
    Other: 4%
  • Customer service
    The graph below depicts the satisfaction level for the less time taken by our team to solve various queries.
    Customer Service Quality Rate
    Very satisfied: 71%
    Satisfied: 14%
    Undecided: 5%
    Dissatisfied: 3%
    Very Dissatisfied: 7%

*Client names have been changed to protect privacy
**Represented feedbacks have been randomly selected from clients who took part in survey organized by OVLG
By Client AE*
profile pic Financial Coach:Shane Rogers
Rated by client: 
Client Relationship Manager:Sebastian Garcia
Rated by client: 
Preferred Contact Medium:Support requestOverall Satisfaction Level:Very Satisfied
AE's Feedback: I have been feeling safe and secured with OVLG having access to my account information. Not for a minute that I have ever had to doubt that there would be a problem. This firm and its staff have INTEGRITY! That's what I look for in a business. And because they are out of state, I communicate with them better than I do with a business that's right here 5 minutes away! OVLG, you guys rock!!!

By Client LR*
profile pic Financial Coach:Vernon Smith
Rated by client: 
Client Relationship Manager:Kevin Anderson
Rated by client: 
Preferred Contact Medium:EmailOverall Satisfaction Level:Very Satisfied
LR's Feedback: Kevin Anderson is an excellent client relationship manager. He responds quickly and is very easy to work with.

By Client JC*
profile pic Financial Coach:Spencer Reid
Rated by client: 
Client Relationship Manager:Terry Martin
Rated by client: 
Preferred Contact Medium:EmailOverall Satisfaction Level:Very Satisfied
JC's Feedback: Spencer was very helpful and understanding. I can't wait to get started on this program.
Suggestion: Can't think of anything-

By Client AR*
profile pic Financial Coach:Robin Nelson
Rated by client: 
Client Relationship Manager:Ronald Gallant
Rated by client: 
Preferred Contact Medium:TelephoneOverall Satisfaction Level:Very Satisfied
AR's Feedback: Ronald was very professional and handled my concern very quickly regarding my creditor Discover bank. He settled the account and saved me about $1500.00!
Suggestion: none


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