Are loan payments giving you a hard time? We can and will help you consolidate your payday loans. If you are finding it difficult to make repayments for a loan that you borrowed, we are here to help you make the right choices and plans on the repayment plans.

Default in payments can lead to a decrease in credit score, very high penalty fees, and possible harassment from debt collection agencies. In extreme cases, you may be required to appear in court or even face possible jail time.

Consolidating your payday loan

Payday loan defermentGetting out of payday debt is not impossible. Through the correct guidance and planning, you can become debt-free, and after a short period too. A consolidation company comes in and takes overall communication with the lenders in an attempt to negotiate a better payment plan for you.

This is what payday loan consolidation entails;

Consultation

This is a very important step in getting relief for payday loans. You are asked to provide details on the names of the company, the interest rates, the amount borrowed, your monthly income particulars, and the amount you are comfortable paying.

Contacting the Payday Company that you Owe

The consolidation company gets in touch with the lenders and takes overall communication with them. They will then attempt negotiation and a possible reduction on extra charges and waive the penalties 

Creating a repayment plan

You will then plan out a repayment plan that will be dependent on several factors.

  • The amount you can conveniently pay monthly
  • Payable penalties and interest
  • Outstanding amount on the payday loan

When you choose to consolidate your payday loans into one lump sum payment, you are required to honor the payment plan as missing out on a payment can lead to the lender canceling the new plan.

Guidance from our experts.

Our team specializes in giving you a loan consolidation plan that will help you repay your loans fast and become debt-free. Your cooperation is all that is required. When signing in to a consolidation plan, you are required to provide the following;

  • Proof of monthly income 

You will need to provide the most current paychecks to prove that you have the income to pay off your loans. For self-employed clients, they are required to provide financial statements

  • Documentation of the amount you owe

This is required to determine the amount you owe the lenders and help with the negotiation process with the creditors.

  • Planning to relocate? Let us know in advance

When signing up for loan consolidation, you will be required to provide the address of your business or your residence. Should you relocate, you should share the information on your new location with the consolidation company. This is to help forward any statements and account documents to you and in case you default your loan payment. 

Identifying a Payday Loan Consolidation Company that Best Suits you

Choosing the right consolidation company can be quite a hustle. It is difficult to determine the most trustworthy one to help you out of your payday debt, but there are a few pointers to choosing the right one. Here is what you should consider:

Deal with a company with an established track record

Payday loan settlementA payday consolidation company that has been around for a long time and has a verifiable record of sorting issues like these will be more reliable than a company that is new to the market. 

Referrals

A referral from a client that has recently been helped out of a debt problem is a good start. A guaranteed success testimony from someone else is a good sign that a company knows what it is doing.

Free consultation

A company that offers you a free consultation paints the picture of not only wanting to help but also that they are not money-hungry. 

Compare proposals

Shop around. Enquire from different companies what they can offer you before deciding on the best company to go with. No one company is similar to another and you might just land one that offers you whatever you’re looking for.

Contact Encompass Recovery Group for Payday Loan Consolidation

At the Encompass Recovery Group, we work to ensure that you are debt-free in the shortest time possible and provide you with strategies that best suit you. Reach out to us if you want to be free of debt.

References and Resources

Financial constraints

Payday loan consolidation