Payday loan debt settlement – How to get rid of payday loans legally
This is a debt relief process where you pay less than you agreed to pay on your payday loans. It helps you get out of payday loan debt fast and save money.
Table of Contents
- Payday loan debt settlement – How to get rid of payday loans legally
- Can you settle a payday loan?
- Can a lawyer help with payday loans?
- How does the payday loan settlement process work?
- How can I give you debt relief?
- What other services does my team offer?
- Why do people need help with payday loans?
- Why should you choose our law firm to get the best payday loan help?
- What steps should you take before getting payday loan debt relief?
- How can you choose the best payday loan settlement companies?
- What are the 3 effective ways to get rid of payday loans?
- What is the worst way to eliminate payday loan debt?
- Where should you report about a payday loan scam?
- Are payday loans legal?
- Can you settle payday loans on your own?
Can you settle a payday loan?
Yes. You can settle a payday loan for as little as 50% and get out of debt within 2-4 years. Once you pay the agreed amount, creditors will update your account as ‘paid as settled’ on your credit report.
Can a lawyer help with payday loans?
Yes. Attorneys know payday loan and debt relief laws and they are good negotiators. Lenders are scared of them as attorneys can file a lawsuit against them for breaking rules. Hence they settle payday loans quickly with attorneys.
How does the payday loan settlement process work?
Once you contact us:
- You will work with my assistant. He will gather information on all of your debts.
- I will review your file and contact your payday loan companies. I will inform all of them they cannot harass you anymore.
- Most payday loan companies, once they know I am representing you, will settle the debt at favorable terms.
- I will have you work with my assistant to make payments to the payday loan company.
- You will be debt-free in three to four months.
How can I give you debt relief?
I have helped people like you:
- Lower your payoff amount
- Reduce or eliminate collection calls
- Eliminate late fees, advance fees, extra fees
- Stop automatic debits
- Avoid lawsuits
What other services does my team offer?Back To Index
Why do people need help with payday loans?
Payday loans have high APRs, which can go up to 500%. Only 14% of borrowers can pay off their loans, and others try to roll over or refinance their loans. 58% of borrowers can’t even cover monthly expenses. Hence they need payday loan debt relief.Back To Index
Why should you choose our law firm to get the best payday loan help?
Our attorneys follow state and federal payday loan laws.
Our secure system allows you to monitor your lender accounts closely.
We know how to get payday loan companies off your back.
We are confident in our work and offer a 100% refund if you are not satisfied.
We offer a reasonable fee structure that won't interfere with your journey to financial freedom.
What steps should you take before getting payday loan debt relief?Step 1: Know how much you owe:
Don't go into debt negotiation blind. Make a list of all your lenders, calculate your outstanding balance for each, and make a note of the interest rates. Then you'll be in a strong position to settle your payday loans.Step 2: Check whether your lender is licensed in your state:
Most states require payday loan lenders to be licensed. Check your state's laws to make sure your lender is following them. If they're not licensed, you may be able to avoid paying them back the full amount you owe.Step 3: Cancel ACH authorizations:
If you have authorized your lender to automatically withdraw payments directly from your bank account, cancel it. Without authorization, they can't withdraw payments unless you allow it, putting you in a stronger position when the time comes to negotiate. This also prevents lenders from emptying your account.Back To Index
How can you choose the best payday loan settlement companies?
Check the settlement company's fee structure and see if it's affordable.
Check if their business is accredited with the Better Business Bureau.
Ask if you'll get a refund if they can't help you pay off your payday loans.
Ask how they intend to provide you with payday loan relief.
Find out if they have good industry experience.
Find out how long they've been in business and what their success rate is when settling payday loans.Back To Index
What are the 3 effective ways to get rid of payday loans?1. Join a payday loan debt settlement program
The payday loan debt settlement company negotiates with your lenders to reduce your outstanding balance to an affordable amount while waiving late penalties and fees. It helps you get payday loan relief fast.2. Enroll in a payday loan debt consolidation program
Payday loan consolidation companies offer monthly payment plans tailored to your income. Once your loans have been consolidated, you'll enjoy a lower interest rate and a single, affordable monthly payment.3. Opt for a payday loan debt management plan
With this option, credit counselors will explain how to get out of payday loans legally. They'll negotiate separately with each of your lenders for lower interest rates to create an affordable monthly payment. Then, they'll make a personalized budget plan to keep you on track to eliminate payday loans.
Read the features of each program to find the best way to get real payday loan relief.Back To Index
What is the worst way to eliminate payday loan debt?
Try to avoid bankruptcy, because it will hurt your credit.Back To Index
Where should you report about a payday loan scam?
- The Consumer Financial Protection Bureau (CFPB)
- Your state's attorney general
- The Federal Trade Commission (FTC)
Are payday loans legal?
Payday loans aren't legal in every state, but that doesn't stop unscrupulous lenders from offering them. If you took out a loan from a lender operating illegally in your state, you might be able to settle your debt for much less than you realize. Have you explored the payday loan laws in your state? If not, do it now. It could save you a fortune.Back To Index
Can you settle payday loans on your own?
It's tough to settle and get out of payday loan debt on your own due to the following reasons:
- Not every payday loan lender is legal. An experienced payday loan settlement company will be able to tell right away, potentially saving you thousands.
- Most people don't have the training or experience necessary to negotiate payday loan settlements successfully.
- Negotiations with lenders can be stressful and nerve-wracking.
- Laws on payday loans and collection efforts vary from state to state. If you don't know the laws well, you are unlikely to get the best result.
- Unless you've done this before, payday loan settlement companies have a much better track record than you.