The idea of getting out of payday loan loans legally at first sounds like a crazy statement and on the surface it is!
But if we dig down into the topic it will become more and more clear just how real this statement is and how many people really have the desire to do exactly that instead of what many consider the wrong way out of these debt traps!
Before we dig into this topic lets take a look at just how bad this type of debt has become for Payday Loans In The United States.
That is an eye-opening read for sure and it really shows just how close we are getting to having debtors prisons again and this should scare people to no end!
Without getting too buried in the history of these types of loans let us explain what we mean by how to get out of payday loans, and by doing it legally.
When you start to roll over these loans to cover previous loan payments or because you simply do not have the funds on payday to cover the loan payment, we call this entering the payday loan trap.
The first thing that happens when you roll these loans over is you get hit with paying just the interest charge and that charge is then added right back to the original loan amount, thus you have the same balance you started with, minus the interest you paid.
You are now caught in the payday loan trap. For an in-depth look at this check out our article What Is A Payday Loan Trap?
Once you get trapped in this debt the loan companies will work with you until you can no longer pay and since their sole job is to get every penny they can out of you in any way possible they now send in the payday loan collectors, and these guys are a nasty bunch!
These collectors will use any and every tactic imaginable from calling you at home and work, calling your employer and all of the references you used when taking out the loans to camping out at your house and harassing you, regardless of the laws.
If you are dealing with online companies they will call non stop day and night!
They will also threaten you with jail if you do not pay up and because many people have checks bouncing that are made out to these companies and bouncing checks is illegal they can actually pull this threat off with pretty good outcome for them.
This is what leads to people doing whatever it takes to pay these guys off as soon as possible as they get scared and desperate!
The two most common solutions people opt for are as follows, and in our eyes, both are really not an option at all and we will get into that shortly as we have the simple solution for this type of problem and we will share it with you soon!
Take a look!
This is the nasty one that wrecks your credit for seven years in most states and really should NEVER be used to get out of payday loan debt regardless of the amount owed!
I put it first just to get it out of the way so we can move on to more important and much wiser ways to discharge payday loans.
Many people backed up against a wall with out of control debt still think this way out is not the stand-up way to get out of debt and they also consider how people look at others who go this route and that plays into getting out of this type of problem legally.
While it is legal, it is looked down upon and completely avoidable, you do not EVER need to resort to this for this type of debt!
If you go this route, you are in for a ride, it is no fun and very hard to recover from in any short period of time and payday loan companies do not like this option either simply because they made no money once a filing takes place.
Sell Your Belongings
We have had clients tell us they were told by the payday loan collectors that they needed to pawn or sell everything they could to cover their payday loan debt.
These people went out and did it!
These collectors do not care where you get the money, they just want the money period!
Many people have sold heirlooms, coin, and car collections and much much more, even property and houses to get the collectors off their backs.
This is also not the way to deal with payday loan debt. You will lose your belongings and many times not completely pay the debt off only to watch it grow back out of control in no time and you will be right back where you started only now you have nothing left!
We have seen people at this point get divorced and even commit suicide and this just is not necessary at all!
So, I told you I would share our choice when dealing with these people and here it is!
This is one of the easiest ways people can get out of their debt, but the least shared and talked about.
It is like a big secret and these companies do not want you to know about it at all!
And people help these companies keep this secret!
Because most people who find themselves in any of the above situations have poor credit they do not bother even searching for this type of solution as banks and finance companies will not work with them, but we will!
I know I told you at the beginning we would explore how to get out of payday loan debt legally and here it is!
We recommend using a payday loan consolidation company like us to eliminate your debt!
We can show you how we can save you a ton of money, take over your loan, call off any collectors and stop any legal action just by following out Payday Loan Repayment Plan and the best part is everyone qualifies and we can start immediately to stop any and all calls, collections or legal action!
We actually take over your loans, make your payments and do all the talking with these companies so you will never have to talk to a loan collector again and on top of that we get your debt amount reduced by up to 75%
I know, it sounds too good to be true but this is one time that it actually is true and we can prove it by giving you a free quote on how much we can save you and how soon we can put your debt to bed!
Give us a call toll-free at 1.877.280.5100 or fill out our form for a free quote on how we can eliminate your payday loan debt and we will show you just how easy it is to call off the collectors and get this debt out of your life forever!
Here is an excellent video on the horrors of getting caught in the payday loan trap and one worth watching!