Can i do a payday loan debt consolidation?

Answer 1

You can. There are companies on the internet that claim to do just that. Make sure you check them out first. Check with the Better Business Bureau and see what they have to say about them. Some of these payday loan consolidation companies have been accused of not paying the payday lenders you owe. Some payday lenders will still try to collect from you even if you do go with a consolidation company, so that really doesn't solve your problems either. One thing you should do is close your bank account and stop them from debiting your account. Check out your state laws. Some states have made payday lending illegal, so your loans may not even be enforceable. Your attorney generals office or financial regulator could give you more information on this. Worst case scenario would be that your state allows payday loans, and the lender could file a civil suit for default.

OK to elaborate on the answer above you can resolve these accounts if you are in default by speaking to the resolution departments of the payday lenders you owe, but not all of them will resolve them or are willing to help out. If your lenders aren't willing to work with you then you should look to a company that has a few years of success and a perfect track record in dealing with these firms. To hire a professional payday loan consolidation firm you need to only look at companies who do not hold money and pay the lenders starting with your first payment. As for closing your account with your bank most banks nowadays are willing to put a block on the lenders who have access to your account thus negating the need to close the account. Check with your branch manager for their guidelines. David