We hear many questions with new people signing up for our payday loan consolidation service.
One of the most frequent questions is ” How can I stop my payday loan payments?
The quick answer is you can’t just call up the bank and shut these off.
The payday loan companies will resort to all kinds of tactics to keep the line between your bank account and them open and flowing, even if it means destroying your account.
There is a simple and easy way to deal with this and we will get into that in a bit.
Before we do that lets take a look at what a checking account overdraft is:
Now lets go see what we can do about avoiding them.
Are you stuck in a trap like this?
Stopping The Payments
John goes out and gets a payday loan for $500.00 and has a one time payment of $650.00 due in two weeks on his next payday to satisfy his loan.
John has car trouble and must spend more money to fix his car than he has to cover that bill and the payday loan payment.
John goes out and either extends his current payday loan or takes out a second loan to cover what he will be short on payday.
This is what they call the payday loan trap and it gets worse by the day.
Pretty soon John has run out of money to cover all the payments and the loan companies are still taking the payments out of his checking account and it is building up overdraft charges with every request.
John calls the bank and they tell him they can put a stop payment on the loan company’s payment requests for $20.00 but he would have to bring the money in as his account is overdrawn.
They can not guarantee it will work because the loan companies will change the name of the ACH payment and just try to collect the payments that way.
They also tell John they can not close his account with a negative balance.
He calls the loan companies and they tell him they can not stop trying to collect the payments from the bank.
John is trapped on all sides.
Or is he?
John’s way out!
John has an easy way out and he probably is like 80% of his fellow lenders and does not have a clue about it.
These companies scare you so bad and bury you so deep most people think they will never get out of this debt.
Let’s take a look at a former payday loan lenders interview, then we will show you how easy John can take control and eliminate this problem.
Pretty crazy business to say the least!
All John needs to do to stop all of this madness is contact a good payday loan consolidation company and he can shut all of this misery down right away.
A good company will stop the interest, stop the payments, stop the phone calls and stop any legal activity.
They will negotiate a payback plan with low bi-weekly or monthly payments made directly by them and negotiate the payback amount with often times cutting the original payback amount in half or better.
They do all of this for a one-time fee and the process is started immediately upon your signing up.
Now with this help, John has a low affordable payment to the loan companies through the consolidation company and he can make arrangements to get his checking account back up and in good standing.
If John would have known how easy it was to hire one of these companies to fix this mess he would have saved even more money but at least he found out and took care of this debt trap.
Now that people are getting the word that they really do have options when they get in trouble with paydya loans, they are jumping at the opportunity to eliminate their payday loan debt.
We are more than happy to help them!
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