Having a massive payday loan debt can be painful for anyone. Sometimes, the outrageous interest rates increase the debt amount to a point where you’re forced to look for alternative options. Payday loan companies aren’t going to stop withdrawing money from your checking accounts and legal complications won’t end. Hiring a payday loan attorney is the best move you can make to solve your debt problems and get back on the right financial track.
Here are the 5 incredible benefits of hiring a payday loan attorney.
- Get relief from high-interest rates: The biggest advantage of hiring a payday loan attorney is that you can get rid of debt fast. The payday loan attorney will analyze your financial situation minutely. He will note down your monthly income, expenses, and debts to understand how much you can afford to pay back. Then the attorney will call your lenders and negotiate for an affordable repayment plan.
If lenders are tough negotiators, then payday loan attorneys are a smooth-talker. They know how to pitch and what not to say for grasping the best deal. They will negotiate with your lenders for a reduced interest rate and a better payoff plan due to your pitiable financial state.
Lenders may not agree to lower your interest rate initially. But the payday loan attorney won’t give up. He will continue the negotiation process until an agreement is reached. Once the deal is finalized, the payday loan attorney will notify you about the new repayment plan where you have to pay significantly less than now.
- Get some relief from collection calls: Once you hire a payday loan attorney, you’ll get fewer collection calls due to 2 reasons.
Reason 1: Debt collectors are aware of the fact that you’re represented by a payday loan attorney. So they will call your attorney regarding the negotiations. Even if they call you for any reason, they will be polite and humble. They won’t threaten you.
Debt collectors are less likely to threaten you since they know that you have a payday loan attorney who knows all the laws in details. As per the FDCPA laws, debt collectors can’t threaten you by any chance. So they know that if they break the laws, then the attorney can take legal steps against them. The fear psychosis will help to keep the debt collectors on the right track.
Reason 2: Once you hire a payday loan attorney, he will start working with your lenders to arrange an affordable repayment plan for you. The angry lenders will understand that you have full intention to pay off the debt. They will get some sort of reassurance. Hence, they are less likely to make collection calls henceforth.
- Can avoid getting sued: Payday loan companies can file a lawsuit against you, which can be expensive and embarrassing. The payday loan attorney can help you to avoid the lawsuit by handling the companies tactfully. He can help you to enroll in a payday loan debt consolidation program and lower the exceedingly high-interest rate on the loan. The most attractive feature of this program is that you’re paying off the debt in full but at a very low-interest rate. So, it doesn’t create any pressure on your household budget.
Instead of draining your bank accounts, you can save money every month owing to the low-interest rate on the payday loans.
- Get the right legal assistance: State and federal laws are changing continuously. The payday loan attorney knows everything about the laws and statute of limitations, which an average consumer may not know about. So even if debt collectors want to manipulate the laws, they won’t be able to do so. Moreover, the payday loan attorney can use the laws to safeguard your rights.
- Can tackle tribal lenders smartly: Tribal lenders are a menace in the country. They operate under the names of installment loans and fast cash. Most of the tribal lenders don’t have proper contact details on their official websites. As such it becomes tough for the borrowers to distinguish between the legal payday loan companies and tribal lenders.
Payday loan attorneys have a good idea of the legal and illegal payday loan companies. They know how to track the illegal lenders and deal with them tactfully.
The biggest problem is those tribal lenders don’t bother to follow the state and federal laws. Payday loan attorneys know this fact very well. As such, they have to negotiate very hard with the tribal lenders.
In most cases, borrowers are only required to pay the principal amount. But 95% of the borrowers are unaware of this fact. Payday loan attorneys know this fact and other strategies quite well. So they can help them to save a lot of time and money simultaneously.
- Get proper suggestion: Various kinds of problems crop up when you’re in payday loan debt. A payday loan attorney can give you valuable suggestions to deal with those problems. For instance, he can tell if you should settle a payday loan or consolidate it. He can also tell if you should contest a lawsuit or settle out of court.
It’s tough to deal with payday loans when the high-interest rates start piling up the debt amount every month. A qualified payday loan attorney can help you to tackle this problem smartly. All you need to do is create respect and rapport with the attorney since that would help you to work as a strong team. Remember, lenders are in the business for a long time. They will try their best to make you pay the maximum amount. Unless you work as a team with the attorney, it would be tough to get out of payday loan debt and save money at the same time.
Once you solve your payday loan debt problem, consult a financial advisor as soon as possible. He can help you organize your finances and get back on the right track. Here are a few critical things to know from your financial advisor.