I have indebtedness in various payday amounts to around $ 70,000. The highest amount of payday loans is $ 5,000. My earnings range from 3,000 – 4,000 USD. Solid income. Contract for an indefinite period. I can’t cope with paying them back this month.
How can I negotiate with payday installments? Is open confession to other companies that I fell into the debt loop a good idea? I would like to pay off these payday loans, but I don’t know how to negotiate with creditors.
How to negotiate repayment of payday loans?
First of all, I would bet on honesty, you have to contact every loan company where you have debt and admit that you can not cope with the timely payment of loan installments, maybe the loan company will come out with the initiative itself and will split the remaining debt into more installments.
Hiding that you have financial problems is not a good idea, because sooner or later an employee of a loan company will call, asking why the installments are not regulated on a regular basis.
First of all, try to do everything not to let the loan agreement be terminated , and then the loan company will ask you to repay all the remaining debt.
If you fail to comply with this obligation, your case will go to a debt collection company and there will be an additional collection cost that you will have to bear. In addition to recovery costs, you will also receive reminders and penalty interest.
Such a turn of events will cause your debt to grow even more, then it is impossible to pay back such debt, often in such scenarios, debtors fall into even greater financial problems, lose motivation to get out of debt, break down and cease to care about anything.
This is not the way you should follow. Try to spread the payday loans into more installments , in the patterns of letters and applications section the template is ready to download, it is a sample application for spreading the payday installments.
Application for payment in installments
Dividing the payday loan into installments – application 10.00 USD – I am buying access to the design Click to pay or choose another pattern Added to cart
Of course, take into account the fact that not every loan company will go hand in hand and allow you to spread the payday loan into more installments, their business profile, which is imposed in advance by the owner of the loan company, may not allow them, the employee of the loan company must then follow these rules.
Of course, also focus on increasing your income, I have written on the blog many times on how to do it, just browse. To get an extra budget, you can also consider selling a property or a family loan – these are also very good ways to repair your home budget.
I keep my fingers crossed for you, the most important thing is that you have a steady and quite good income, break the borrowing of money once and for all and focus on slow but systematic getting out of debt.