Negotiation is something we do all of our lives. So why should it be scary to negotiate our payday loan debt? After all, as children we negotiated our favorite ice cream or a trip to the movies plenty of times. When dealing with aggressive collectors though it’s easy to understand the hesitation.
Just the phrase ‘negotiation’ can carry that ugly connotation of two hard-nosed business men leveraging assets for personal gain. Two salesmen, if you will, in a game of executive ‘chicken’. Who’s going to bend first? Ironically, the moat successful negotiations are accomplished with the interest of both parties in mind. Let me explain…
It’s simple. You are not cheating, lying or stealing by having the need to consolidate payday loans. You simply got blindsided with an unexpected emergency or somehow have found that you can not pay off your debt in full…forcing you into a life of renewal hell. That’s right renewal hell, the place where you work hard so you can pay a renewal fee to owe the same amount of money next week, (genius if your the lender).
It can end and it’s as simple as negotiating that cone of black raspberry ice cream. There are payday loan consolidation companies that deal with these creditors on a daily basis. Basically what they do is combine all of your debt into one monthly payment that works with your budget. Then the debt relief company contacts your creditors and negotiates either a payment plan or a payday loan settlement. They do this for each one of your loans for a period of about a year, until your last loan is resolved.
You can also learn how to do it yourself. There are online strategies and tips for paying off your payday loans, in step by step programs.
If you do decide to negotiate your payday loan debt yourself (we all have it in us) than be sure to communicate your hardship professionally to your payday loan lender, (void of emotion if possible!). Work out what you can pay in accordance to your budget and just be honest. All you can do is all you can do. Your family comes first, don’t ever forget that and don’t let a money hungry collector tell you otherwise.