In such cases, the intelligent thing is to opt for a settlement and not sitting and thinking what to do as with every single day, the problem is going to intensify. A short summary of the procedure of payday loan settlement has been listed below.
Firstly, tell the lender that you are presently not in a place to clear the payments. Unfortunately, with this notification, your account will be sent to some collection agency for verification.
Next, ask the collection agency to contact you only through writing. If they refuse, let them know that you are full aware of the consumer rights and as par the national Federal laws, the agency is bound to follow a legal procedure in making transactions.
Inform the agency that you are willing to settle your payday debts. The agencies might try to threat you with necessary legal actions but does not panic as agencies generally never turn to the courts simply because it is not worth neither money nor time.
Hire a payday loan settlement company to negotiate with the collection agency. Hiring experts will not only make the task simpler for you but at the same time