Do you negotiate Payday Loans & Credit Cards? – Jill
Am currently in Chapter 13 and have 14 months left. Had to take on raising (4) grandchildren ages 2, 4, 6, and 8. Put a financial strain on us. I have accumulated more bills.
Do you handle Payday Loans & Credit Cards?
—Jill
Short answer
CRN helps people work out their options on these loans, but it generally does not negotiate with payday lenders. Some payday lenders operating today are illegal, and that changes what you owe.
Key points on this page
- CRN does assist people struggling with credit card debt, and payday lender negotiation is not part of that
- A consultation can still give you direction, including whether converting your chapter 13 to a chapter 7 is possible
- If one of your payday lenders is operating illegally, you can focus on repaying the principal and leave the interest out of it
- The state you live in is a factor, because some state regulators are fairly active against certain types of payday lenders
- List each payday lender and the amount owed on each, since the lender’s identity is what decides this
- Note whether each loan was taken out at a store front or online, because that distinction matters
CRN can certainly help you to determine your options for managing your loans. We do assist consumers struggling with credit card debt, but generally we do not negotiate with payday lenders.
I would suggest you schedule a consult. Depending on your ability to navigate the financial stress you are experiencing, we can certainly provide you with some direction during the free consult, even if it is looking into the possibility of converting your chapter 13 to a chapter 7.
You can also post a list of your payday lenders and the amounts owed on each in the comments below. In today’s payday loan industry, some of your lenders may be illegal, which would make it easier for you to focus on repaying the principle loan amount and leave interest out of the equation. The state you live in can also be a factor. Some state regulators are fairly active taking different types of payday lenders to task.
Along with the names of the payday loans you took out, also indicate whether these were store front, or online payday loans.
Anyone with dealing with online or payday loans is welcome to post in the comments below for feedback.
About Michael BoveeMichael started CRN in 2004 with a mission to provide people in need with detailed debt and credit help and education. Michael has participated as an expert panelist in federal consumer protection rule making, collaborated on state law changes governing debt consolidation, has worked as an expert witness in court matters related to the debt relief industry. He is available to speak with you about your financial struggle and helps people resolve their debt problems daily.
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