You will find many payday loan debt assistance website results by doing a search on Google.
They will all claim they are the best there is in the business but beware of the many tricks they use to get your money.
I think the only thing worse than the payday loan sharks who trap you in their debt circle and then cycle you through what amounts to financial hell and back are the companies who then claim to be your savior but all they really want is the opportunity to continue to exploit you.
They will promise to help you out of this mess while at the same time taking advantage of you. It is like they are all fighting over YOUR money!
The world is full of con artists and people who will take advantage of just about any situation a person finds themselves in and you must keep your guard up at all times when dealing with these companies.
Are you looking for a payday loan consolidation company you can trust?
There are many of them out there and many of the practices they follow leave quite a bit to be desired.
How does one pick a respectable one and what should you the customer be looking for while shopping for your company?
Let’s take a look at how these companies work and what you should expect in return for doing business with them.
How they work
They should be getting all the phone calls from the loan companies to you, your employer, your family, your references you used when you took out the loans and anyone else these collectors are calling stopped.
Next, they should be negotiating to stop any and all legal action that may be happening against you concerning these loans. Many times by renegotiating your loans consolidation companies can get this to stop. All the loan companies want is your money with the least resistance getting it.
The next step is to stop the interest that is on going with these loans and negotiate a payback amount. Many times the good consolidation companies will be able to get you a settlement on your loan that has the interest stopped, the balance reduced and the payback amount manageable.
They should also be combining all of your payday loans into the best payback option for you. Most times they can combine all of your loans into one bi-monthly or monthly payment.
The company you want to use to consolidate your payday loan debt is one that will deliver all of the above and take your loans over as if they were their own. They will put you first and their mission statement should be to help people get out of debt the fastest and easiest way available and to inform them how not to ever get into this situation again.
Put bluntly you should be the top concern and should get treated with respect.
A good consolidation company will contact you promptly and start the sign-up process as soon as possible knowing that every hour wasted is more interest accrued and the risk of legal action ever closer so timing is everything.
They will take over your loans and treat them like they are their own.
They should also have references and testimonials from their REAL customers.
What to watch out for
The standard is to make your first payment to the consolidation company and they will hold that payment for a minimum of two weeks. This to make sure funds are available when the consolidation company pays your negotiated payment for you.
There are many companies who will not even take any action before the waiting period is up and they will hold your money for up to eight weeks!
This is two months of nonaction on your overdue payday loans and you can guess how that will turn out.
Why would you want to pay a company to ignore you for up to eight weeks?
This is a good way for these companies to use your money while you go deeper in debt and risk legal action!
A good company will start all negotiations immediately and only hold your money the two-week standard before they make your first payment, period!
They will also use that two week waiting period for getting everything negotiated between your account and your lenders.
These guys should be making their money off the fee they charge you to get your payday loan finances in order and paid off. Any other charges are to be scrutinized closely.
Educating the customers
The good guys have all kinds of information on their websites to educate you the client on how to avoid these traps, how to borrow safely, and if you do use payday loans again the right way to use them.
Yes, there is a right way to use them, and everyone who thinks of taking one of these loans out should know what that is.
We have covered what the good companies should do for you and how they should treat you as a customer, and we also touched on learning more about using payday loans and other sources of money lenders.
By using this article as a guide of what to look for in searching for your consolidation company, you should be able to hook up with one that meets these standards.
We here at Help With Payday Loan Debt are all about what our title says, helping you the customer with your payday loan debt as if it were our own.
You can check out how we can help you by visiting our Payday Loan Repayment Pan page.
I hope this helps you in your search for a good payday loan consolidation company, and if you have any questions or comments at all please feel free to leave them in our comments section below.
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