Yes, payday loan relief does prevent wage garnishing because the repayment company will often negotiate a short-term settlement with the original creditor. In most cases, this is done without the consent of the borrower. Such a debt settlement won't involve any wage garnishing at all. However, there may be circumstances where you need to be informed about repayment arrangements. That's when you should contact the lender and ask for permission.
You can also get a payday loan relief by using credit counseling services. Credit counseling agencies are non profit and they will help you get out of debt solutions. They do not require a service fee, but they will charge a small percentage of your monthly payment to help you stay out of debt. Many agencies offer debt solutions that include repayment plans, management plans, and budgeting tools.
Another option is to seek professional help through a debt consolidation agency. This is where you hire an agency to consolidate your payday loans into one payment. These companies will work with your creditors to lower interest rates and re-establish the repayment plan to make sure you can make timely payments.
While it is true that both options may seem like quick fixes, it is important to remember that they are not long-term solutions. If you continue to ignore your short-term loans, you are putting yourself in a much bigger financial crisis. If you decide that you can't handle short-term loans, you may have to file bankruptcy. It is always better to take immediate action than to do nothing.
When you consolidate your payday loans solidgroundfinancial.org you are putting yourself in the position to pay them off faster. This will make your overall debt easier to manage. The repayment time on most consolidation loans is significantly reduced. Payday loans usually only last for a few weeks, but if you can consolidate them into one payment that has a longer term, you save money in the long run. It is always wise to consider whether consolidation is the best option for your financial situation. Talk to an advisor to help you determine how to take care of your short-term loans.
A final option that can provide you with short-term relief and long-term debt management is credit counseling. While this is not a quick fix, many people find it to be a good short-term solution. Credit counseling professionals can advise you on the steps you need to take to become debt-free. They can also give you information on what options may work best for you and give you the advice on what to avoid in order to remain debt-free. There are many credit counseling agencies available in your area so contacting one can give you immediate relief. Check out this post that has expounded on the topic: https://en.wikipedia.org/wiki/Payday_loan#History.
