Does anyone know of a good payday loan debt settlement company?

I have about $4000 in payday loans and cant pay on them anymore. I need help out of this mess. If anyone can help, please let me know asap!

Does anyone know of a good payday loan debt settlement company?

Check this article from the NY times.

Does anyone know of a good payday loan debt settlement company?

Stop payments on any checks they have.

Drop off a letter and mail them a certifed letter stating payment on those checks has been stopped.

The first thing, if you want to fix this mess, you have some work to do. Get organized. Limit phone calls. Do everything in writing. Keep copies of your letters and certified mail reciepts. Keep a log of all your activites of letters and calls, who you talk to and what time.

Write a letter stating you can no longer make payments. Notify them to only communicate with you in writing.

They will default the agreement and send it to a collection agency. Is your credit already bad? If not you will want to try to settle the account. Could you pay 2000. They may take that. Again get everything in writing, and keep copies.

I don't think you need a settlement company.

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Does anyone know of a good payday loan debt settlement company?

Check my profile. Maybe you can get a loan from this website and get a much lower interest rate to pay too.

Does anyone know of a good payday loan debt settlement company?

These small loans, often called 閳ユ竷ash advance loans閳? 閳ユ竷heck advance loans閳? or 閳ユ竸eferred deposit check loans閳? are a frequent pitfall for consumers. A fee anywhere from $15-$30 per $100 borrowed is charged for an average loan of $300. With rates so high and the term of the loan so short, there閳ユ獨 no wonder that a very high percentage of these loans are rolled over by the borrower again and again so that the accumulated fees equal an effective annualized interest rate of 390% to 780% APR depending on the number of times the principal is rolled over.

If you default on your payday loans, the lender can take the same action as any other unsecured creditor to enforce a defaulted debt. Generally, their collection efforts will start with telephone calls and dunning letters demanding that you pay the balance of the loan. If the payday loan company refers your accounts to a collection agency, you can usually stop the telephone calls by sending a cease communication demand letter, commonly called a cease and desist notice, to the collection agency. A federal law called the Fair Debt Collections Practices Act (FDCPA) states that third party collectors must stop calling you if you notify them in writing to do so. Several states, such as California and Texas, extend many of the regulations in the FDCPA to cover original creditors as well. To find out more about debt collection laws in your state, visit the Privacy Rights Clearinghouse at http://www.privacyrights.org/fs/fs27plus...

If the creditor or collection agency cannot coerce you to pay through standard collection tactics, such as threatening phone calls, the creditor may decide to file a lawsuit against you to obtain a judgment against you for the balance of the debt. If the lender sues and obtains a judgment against you, it can then take steps to enforce the judgment as allowed by your state law. The most common methods of enforcing a judgment are wage garnishment, bank account levies, and property liens. To find out what actions a creditor can take to enforce a judgment in your state, I encourage your visit the BCS Alliance website at http://www.bcsalliance.com/y_debt_statel...

Luckily, the majority of creditors do not frequently sue debtors to collect debts; a lawsuit is a worst case scenario, which you will probably not experience. If your lender does take such extreme measures, you should consider consulting with a qualified bankruptcy attorney to find out what legal remedies are available to you.

You may be in luck in regard to your inability to repay these loans. There are eight states whose payday loan regulating statutes require lenders to set up an installment repayment plan if an account reaches the maximum number of rollovers allowed by law and the debtor declares that he/she is unable to pay the balance due. Check out the payday loan information from the Consumer Federation of America at http://www.paydayloaninfo.org where you will be able to read all about these loans and the various state attempts to regulate them. Follow the 閳ユ笩tate information閳?link to find out the specific regulations for payday lenders in your state, and if you live in one of the eight states requiring installment payments. If your state does require repayment plans, and the lender still won閳ユ獩 accept payments, call your state regulator of payday loans, usually an assistant Attorney General, and complain. You should get the results you want after the Attorney General閳ユ獨 office becomes involved.

If you are not in one of those states, you may want to consider simply making payments to the lender of whatever you can afford to pay down the balance of the loan over time. In most states, the rollover limit will soon be reached, and the interest rate the lender can charge will be capped by state law. If the lender will not accept your payments, simply put what you can afford aside each month until you have enough money to either pay off the loan or to offer a settlement. Read up on the regulations in your state to find the best strategy for your situation.

Hopefully, one of the strategies I have discussed above will help you resolve these payday loans.