Payday loan consolidation helps you take care of your pdls smartly
People going through payday loan problems can consider Payday Loan Consolidation as a possible solution. Take the following steps.
You should be able to buy some time while you are learning about your rights and stand strong against the lenders.
Stop all the direct deposits with your employer.
Close the bank accounts after verifying the laws in your state.
Get your paycheck, go to a check cashing place, cash it and buy money orders. Pay your other important bills.
This will help you in getting some control over your money. Dont let it eaten up by the loan sharks.
Once you have done this, the lenders will start sending emails knowing the fact that your account is already closed. You can imagine them losing control and nothing can be done now to harm you. Now, you can make them deal on your terms.
Put your point that your account was closed by the bank and you want to work out payment arrangements with them. Ask for the quickcollect info or the address where you will send the payments. Use the same strategy for all the pdl companies you owe money to.
There is a law that if you pay less than the promised amount, your account will be put into default, and they are not legally allowed to charge any interests on the account. Verify this law with your state first. Keep sending payments until you pay off the principal amount only, no interests. Your defense to be used here is that the original loan agreement was based on your payday bank direct deposit. Once the bank account is closed, the loan agreement got terminated. Now all you have to pay is the principal amount.
Don't be tensed of the pdl collectors. They will only intimidate you on the phone. It will take them very long to get a garnishment against you because you have followed the contract by paying the principal amount. Most IPDL are not licensed in the borrowers state, so they wont take the matter to the court. If they do, question them about their license and turn the judge's attention towards them.
Time the situation very nicely and with determination and strong will. And you can do this when you are putting something on the loan principal or have already paid it. If you are finding hard paying on your own, find some company doing payday loan consolidation.