When old payday loan debt collectors come calling, what do we do?
Yes, we had a ton of bad payday loan debt but when we moved and changed our phone numbers they lost track of us and quit calling.
Now they have caught up with us again and are calling constantly and threatening legal action if we do not start paying immediately.
And the worst part is what was a pretty big payday loan balance when they quit calling is now outrageous, as the loans have continued to grow all the while.
Sound pretty grim?
It happens every single day and it is every bid this bad and worse, with some lenders calling borrowers places of work, costing them jobs and embarrassment, and even calling all of their relatives and friends.
They are on the offensive and they are great at it!
They will try to talk you into pawning or selling your property, selling your house, and even taking out more payday loans to pay the outstanding ones.
You would say at this point buried in the payday loan trap is an understatement!
It is so easy to end up like this or worse when using these companies.
They are set up for failure as your failure makes then tons of money in the long run, and they have no problems taking it from you, even if it is really needed for your rent, house payment or for food.
What to do
The best thing to do is contact a payday loan consolidation company and get these collectors tamed down a bit.
Consolidation companies can take over your loans, renegotiate your balances with many times saving you up to 75%.
They can also set up an affordable bi weekly or even monthly payment plan to eliminate the remaining balance.
All the while they are doing this all legal action, phone calls, interest and harassment will stop, and that’s a very good thing!
If I only Knew!
We have heard that statement too many times from clients who have found us but only after they have sold all of their valuables and took out more loans, borrowed money from friends and still could not get their payday loan debt under control.
Some have sold their homes, boats, and anything else of value and still had debt piling up.
These collectors are ruthless and must be dealt with swiftly and efficiently like you would treat bed bugs.
The only way to deal with them is eliminate them, and quickly!
Summary
If you resemble the above in any way shape or form, get yourself a payday loan consolidation company to help you get out of the above mess as soon as you can.
You will be making the best decision possible!
Remember, in the future it is best not to use these types of loans, but if you do find yourself in a position of taking out a payday loan, only take the loan out for as much as you can afford to pay back in full on the first due date.
Any other use of these loans will catch you in the payday loan trap, and it is one very unpleasant trap to be in!
