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I have quite a few outstanding payday loans (pdls) and they are just snowballing. 5 of the companies do not have licenses to be doing business in California, where I live. Is this a legal loophole? Also, does anyone have the names of some consolidation companies that I could contact to try and get these things under control? Any help is GREATLY appreciated!!!!!
You can’t consolidate your illegal loans. This is because consolidation is applicable only for legal loans. You owe nothing more than the principal balance to your illegal lenders. As far as the legal loans are concerned, you’re liable to pay them both the principal and interest. In this case you may try to negotiate with your licensed lenders and set up a payment arrangement with them. Don’t hire a debt relief company to consolidate your debts. Try to do it on your own.
stop it!!!!!!!
consolidation doesn't work period.the legal lenders will not work with a 3rd party because they will work with you and only you.the illegals won't work with a 3rd party because if they cared about the law and such they wouldn't lend period.i agree with only your last point.close your account and handle these yourself.