Which option is best for you?
There are two main ways to get yourself out of this type of debt successfully; one is through Debt Consolidation, and the other is through Debt Settlement. Let’s look at the difference between the two, so that you can have a better understanding of which option is best for you.
Debt Consolidation: Consolidation is the process of consolidating all high-interest, short-term loan balances using one lower interest loan, which you can repay over time without the extra fees being added. Throughout the repayment of your new combined lower interest loan, you will have a lower monthly payment because the interest rate has been reduced through the consolidation. You will continue to pay the new lower monthly payment, until the entire loan is paid off.
Debt Settlement: Settlement is a process in which a debtor gets in touch with a financial services company to help eliminate all outstanding payday loans with each payday lender to negotiate and reduce the original loan balance. This process does require that the loans are already in default prior to being able to negotiate the terms with the lenders.
So if you are already in default, and the loans are with collections, this may be the best option for you; to be able to negotiate new terms and to settle with the collection agency for a lower balance at a more affordable monthly payment.
The money you pay each month will be held in an escrow account, until the settlement amount has been reached, which will then be paid out to the agreed upon settlement with the lender. The client has the right to discontinue the program and request the money out of escrow at any time, however, this will terminate all agreements with the servicing company as well as with the lenders and everything will go back to the way it was before.
Working with a reputable company is essential to getting these debts resolved. A company with experience will help guide you to selecting the best option for your new repayment terms, in the fastest and most affordable way possible for your situation.
Working with lenders can be difficult and tedious, and it is best to leave it to a professional, they are knowledgeable on how to successfully negotiate terms with your lenders, they will keep you continuously updated throughout the process, and work diligently on your behalf to resolve all of your debts accordingly.
Unfortunately, when it comes to all types of debt, too many people get so overwhelmed and frustrated with questioning what path to take, that it actually hinders their decision, resulting in procrastination to do anything about it. The problem is, that these debts will not resolve themselves and the longer you wait, the more the fees will continue to add-up and the more the lenders will harass you to pay them back.
Our company has been in business for 20 years, our experienced agents will be happy to help you to resolve all of your unsecured debts, including: installment loans, credit card debt, private student loans, etc. we are not limited to payday loans, so please make sure to contact a professional today and get started right away on your path back to financial freedom.
Apply Now for Payday Loan Debt Relief.