There are not many payday loan debt relief programs on the net today besides the payday loan consolidation companies and it pays to do some research on these before you dive in and hire one to help you.
Payday loan debt is a horrible thing to deal with and living in a payday loan trap is really a nightmare but it does not have to be.
These programs can make this battle simple and take the collection heat off in a matter of hours but the companies must be checked out BEFORE you agree to any terms with them!
Let’s take a look at what to look for and what to look out for!
The Consolidation Programs
These are the most common programs offered to people dealing with out of control payday loan debt and most companies that offer it are reputable, but there are snakes in the fields too.
We will concentrate on these companies and how to check them out to make sure they are not just out to get your money!
There are questions you can ask that will make a huge difference in how your experience will be.
Le’s go ahead and take a look at some general questions to ask and what the answers mean.
Questions And Answers
Consolidation companies should treat your debt like it is their own and they should be looking out for your best interests, not theirs.
Some of these companies use your money to better their profits regradless of how it affects you the customer and this is a very bad practice in our opinion.
Ask the following questions:
- Do you deal directly with the payday loan companies so I do not have to anymore?
- Do you make the payments for me on the agreed upon repayment plan?
- Do you hold any payments for a set amount of time before you apply them to my account?
Let’s take a look at the answers to these questions and what that they mean.
- The consolidation company should take over your loans and treat them like they are their own personal debt. They should deal directly with the payday loan companies as your legal representative and you should never have to talk to the payday loan companies again. If they do not do this stay away from them!
- The consolidation companies should make your payments for you directly to the payday loan companies as is stated in your contract with them to do this. If this is not the case, this may be a bad deal for you.
- The consolidation company should never hold your payments for more than 2 weeks for any reason and holding it any longer in our opinion is not good business.
The best way out of the payday loan trap is through a payday loan debt relief program and the best and most common program out there is the Payday Loan Consolidation Program.
Ask the right questions and you will be able to find a reputable company to help you get out of this debt for good!
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