For over 5 years we have been helping people get out of their payday loan debts – as we call it payday loan hell.
And for every day of these 5 years I talk to people caught in this trap and they are a little suspicious of our service.
And hey I get that, there are a ton of scam companies out their and you have to be careful.
I’ve talked to a lot of people that have gotten in even more financial problems because of these scam companies.
So I thought it would be best if I shared with you the most common questions I get asked, and what to watch for so you don’t get scammed.
1) Payday Loan Consolidation – How Does It Work?
In a nut shell payday loan consolidation simply takes all your payday loans and wraps them up into one loan. Now do not get confused you are NOT getting a new loan we are simply consolidating all your loans into one loan with one payment.
And this new payment will be 50-75% less then what you are paying now for all your current payday loans payments combined.
2) Do You Hold My Money?
NO – we do not hold your money – as soon as you pay us we pay your lenders. Other companies will hold your money for up to 3 months without paying your lenders – this way they pay themselves first not your lenders.
Not only is this bad business, it can get you into more problems with your lenders as you have defaulted on your loans.
3) How Do I Know Your Legitimate?
Great question. Not only do we not hold your money – we actually take over your loans. In other words we put our names on your loan documents. Scam companies will NEVER do that.
The reason we do that is we are now the loan holder – and the lenders now have to deal with us. Of course if you default on making your payments to us – the contract between you and us automatically because null and void and we become the sole loan holder once again and we are free and clear of any further payments to your lenders.
In other words you’re back to square one and you have to deal with your lenders.
4) Do I Have To Close My Bank Account?
No you do not. All you need to do is go into your branch and speak to the Branch Manager and ask to have the automatic payments from your lenders stopped on your account.
This will not affect your account in any other way. So if you have automatic deposits or other auto payments they will not be affected.
90% of our clients stop the auto withdrawal – and the other 10% simply close their account, but as I said this is not necessary.
The reason you need to do this step is so the lenders cannot keep taking payments from your account while accepting payments from us.
5) What Is Your Fee?
Everyone’s payday loan debt situation is different, so everyone’s fee is different. When you request a free quote we will provide you with our fee for your specific situation.
6) How Do You Collect Your Fee?
Once your enroll into our payday loan consolidation program the first payment you make to us is our fee. Then 2 weeks later we will make your first payment to your lenders, and every payment after that goes to your lenders until your payday loan debt is cleared.
7) What Is The Payment Schedule For Paying Off My Debt?
Depending on the level of debt you are in your payment schedule will be 6, 12 or 18 months. Once enrolled in our consolidation program you tell us when you want things to start.
For example, as the first payment is our fee you tell us when you want us to take this payment out of your account, and then tell us the date within 2 weeks from the first payment when you want to start making your regular payments to us so we can pay your lenders.
8) Other Companies Are Giving Me Advice That Sounds Odd?
If a company tells you or advises you of something that sounds sketchy – for example to stop paying your debt so you have that money to put into a trust account for them – run far and run fast from a company like that they are not a reputable company.
9) Many Companies Are Asking For A Lot Of Personal Info Before They Quote Me?
If a company is asking for your social security number, account details maybe some other personal info? If so say good bye to them.
A company does not need to know all that information prior to providing you with a quote for their service. They just need to know the total amount of the money you owe and who you owe it too.
10) Do I Need To Pay An Upfront Fee For A Consolidation Service?
No, if a company asks for a very high upfront fee for their service, simply find another company. No legitimate company can ask for an upfront fee, they have to provide you the service first.
I hope this has answered many of the questions that you may have had, and of course if you do have any other questions please do not hesitate contacting us by email anytime or call us toll free at 1-877-280-5100.
Cheers
Leo