BILL, I HAVE SOME PAYDAY LOANS AND SOME MORE FINIANCES LOANS I WANT TO KNOW WILL A DEBT MANGER PROGRAM HELP ME PAY THEM OFF.
"Debt management" is commonly used to refer to two distinct type of debt assistance: debt settlement and consumer credit counseling. Debt settlement firms attempt to negotiate reduced balance settlements with your creditors, while credit counseling firms attempt to reduce your interest rates and the amount of your monthly payments. The type of service you are referring to in your question may influence how the debt you owe is resolved, and what options the firm will be able to offer you.
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Unfortunately, debt settlement firms are generally not able to negotiate with payday lenders on behalf of consumers, primarily because payday lenders charge such high interest rates that in the time required to negotiate, loans can grow in size by many times. However, a consumer credit counseling firm may be able to assist you with budget planning to help you in repaying these payday loans. I encourage you to visit the website of the National Foundation for Credit Counseling for more information about credit counseling firms, and to find a credit counseling agency able to assist you.
Even if you cannot find a credit counselor able to assist you with these debts, there may be a solution to your problem. There are eight states whose payday loan regulating statute requires 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. The Consumer Federation of America at http://www.paydayloaninfo.org offers a wealth of information about these loans and the various state attempts to regulate them. Follow the "state information" link on the website 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't 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's office becomes involved.
If you are not in one of those states, you may want to consider making payments to the lender anyway 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 until you have enough money to either payoff the loan or to offer a settlement. Read up on the regulations in your state to find the best strategy for your situation.
I wish you the best of luck in resolving these debts. I hope the information I have provided will help you Find. Learn. Save.