Need help consolidating my payday loans
Before entering into a debt consolidation program, make sure to thoroughly research the company you are considering.
Understand exactly what kind of program or loan you are entering into.
Additionally, the debts it was used to pay off will show as “paid in full” in your credit report, which is considered positive.
Debt settlement plans are also often marketed as debt consolidation.
If you are not already past due, allowing yourself to become late on your payments in order to qualify will have a significant negative effect on your credit.The accounts will be shown in your credit report as “settled,” indicating they were not paid in full and as agreed under your original contract.For that reason, settled debts will hurt your credit scores. Do you feel like you’ve lost control of your pay cheques?Maybe you’re not sure what to do or what your options are. People we help across Ontario often tell us that they wish they had come to see us sooner! We can help you to: No one plans to get into debt or get stuck in a payday loan cycle.
Some lenders may also use reporting information from specialty organizations that may collect payday loan histories.