Even though your creditors may have stopped calling and writing, you may still need to get help paying bills. Once creditors are unable to make contact with you for six months, they will sell the debt to a lawyer, or some other freelance bill collector. Depending on the situation, this person may literally contact you with an offer you can’t refuse. Typically, they will offer to accept a percentage of the debt as payment in full. Unfortunately, if you cannot make this payment by a certain date, they will try to take you to court.
If you just started working again, or you are on a tight budget, you may not be able to accept these offers. That said, you can relieve yourself of this debt burden when you take on a payday loan. At the very least, when you need to get help paying bills, you won’t have to worry about a credit check, let alone having your wages garnished by some lawyer that is salivating for the chance to take you to court.
Anyone that needs to get help paying bills may feel a bit skeptical about taking payday loans. While this type of loan can carry a high interest rate, you can still get rid of serious debt problems, and meet your regular expenses at the same time. In most cases, you are better served by getting rid of your old debts when you can, rather than have to deal with having your bank account and paycheck seized. Do you really want to worry night and day about when the sheriff will come to the door with a demand to appear in court? Wouldn’t you be better off buying fewer cigarettes and video games so that your next paycheck covers the payday loan that can be used to get rid of old debtors?
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Photo Credit: Casey Serin
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