To Consolidate or Not To Consolidate: That Is The Question
Are you struggling with making payments on your payday loans? Do you have skyrocketing interest and fees on multiple payday loans? Is collections activity driving you mad with phone calls at all hours of the day? Stop the harassment by consolidating your payday loans today! We have single-payment debt management programs which provide fast and effective relief if you are stuck in the payday loan trap and are not sure where to turn. Our debt management experts have helped thousands of people extricate themselves from the payday loan cycle and regain financial stability.
Debt Management Plans: Consolidate the Payments
If I sign up, will I have a new loan? No! Real PDL Help does not provide loans. The best solution to a payday loan debt problem is not to take on more debt with new loans. We believe true debt relief comes from reducing the impact of debt by reducing the need to borrow through sound financial planning and aggressive representation with your existing creditors.
If you have sufficient income and credit, you can look for a new loan to pay off your existing payday loans. That's referred to as a debt consolidation loan and you can obtain such loans from a wide array of banks, credit unions and online lenders. There are also alternative payday loans available that provide short-term cash assistance at a much lower interest rate than a typical payday loan. See below for more information.
Whichever solution is right for you, it's best not to ignore the problem. Defaulting on your payday loans can lead to increased harassment from collection agencies, higher and higher fees, civil suits, default judgments and wage garnishment.
Payday Loan Consolidation 101: How We Consolidate Your Payday Loans
You may think it’s hard to get out of payday loan debt. However, the truth is that with a little planning and guidance, you can repay your creditors much sooner than you'd expect.
Our load consolidation programs are structured in 4 stages:
- Free Consultation: Our experts provide a free consult about your current loans and budget needs.
- Negotiation: We negotiate new repayment terms with the payday loan companies you have borrowed from. We get them out of your bank account and to cease collections activity.
- Enrollment: We'll enroll you in a single-payment monthly repayment plan that fits your budget and saves your hard-earned money.
- Support: We'll provide ongoing support, guidance and tools to track your progress towards financial stability.
Let’s dive deeper into each of the 4 stages.
1. Free Consult
Call us or fill out our free consult form on this site. We’ll ask you to provide documentation on all payday loans that are outstanding: company names and addresses, amount owed, interest rate and fees, and any paperwork you signed, as well as the last correspondence you've received from the lender. We’ll also ask you to provide particulars of your monthly income and the sum you can afford to repay on a monthly basis.
2. Negotiation
REAL PDL HELP’s expertise comes into play here. We’ll contact the payday loan lenders you have borrowed from and inform them that henceforth all communication will be through us. Our debt management specialists will negotiate on your behalf and get your lenders to accept an affordable repayment plan with reduced fees and interest. Instead of making multiple payments to different lenders, our plans ensure that only one payment is required on a monthly basis for all your outstanding loans. And that single payment will cover more ground due to the reduced fees and extended repayment term.
3. Enrollment
We enroll you in the best repayment plan for your budget. The sum that you will be required to pay every month will depend on several factors:
- What is the amount that is outstanding on your payday loans?
- The interest and penalties that are payable. (We’ll do our best to reduce these as much as possible.)
- The sum you can afford to pay every month.
Remember that when you consolidate payday loans into one payment, it’s essential to honor your new debt repayment plan. Missing a payment may result in the payday lender canceling the reduced payment plan that REAL PDL HELP has negotiated on your behalf.
4. Support and guidance from REAL PDL HELP to track your progress
You'll have access to monthly statements documenting your repayment history and tracking your progress towards financial health. Your account manager will be available to help answer any questions you have about your repayment plan and also help adjust your plan should your financial status change substantially during the time you are enrolled in your debt management plan.
We understand that things happen in life and financial situations can vary from week to week, and month to month. Your financial plan needs to evolve and grow as you evolve and grow. If you think you can pay back more on a monthly basis, then you can contact our specialists and we'll adjust the repayment terms accordingly. If for any reason you can't meet the obligations of the repayment plan you're enrolled in, we'll work with you to adjust terms with your lenders to keep you on track. The most important thing to know is that we're on your side and have your back. It's no longer you against your lenders alone. It will be you and our team standing firm together to help ensure your debt is repaid in full, but without the undue headache and stress. That's what payday loan consolidation is all about.
Finding a debt relief program that meets your needs
With so many payday loan consolidation companies out there, it can be difficult to choose the right one. What should you look for when you’re trying to get help with your payday debt? How can you identify a good payday loan consolidation company?
Here are some tips to keep in mind:
1. Referrals
Do you know anyone who has recently signed up with a payday loan consolidation company? A personal referral can be an excellent starting point.
2. Free consultation
Does the company offer a free consultation? Or do they insist on money upfront? It’s best to stay away from payday loan relief programs that require payment even before you sign up.
3. Compare proposals
It’s a good idea to shop around. Don’t enroll with the first payday loan relief company you talk to. Speak to several before you finalize your decision. Ask for a proposal from each of them and select the company that seems to be the best fit.
4. Deal with a company with an established track record
You must also ask how long the payday loan consolidation company that you’re planning to sign up with has been around. Has it been in business for several years, or was it established recently? Does it have a verifiable track record of helping individuals get out of payday loan debt?
