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How will pdl consolidation affect score?

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Nick788
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Subject: How will pdl consolidation affect score?
 
 Posted on Thu Jul 02, 2009 5:48 am  
I have about 4 to 6 payday loans that I took out in 2006. They were more than I could afford to pay and went into collections. All of them are internet loans. I am PA where payday loans are not legal. My question is can I go for a payday loan consolidation? How will consolidation affect my score?
rachael



Joined: 11 May 2009
rachael's page
Posts: 244



6581 Magic Points
 
 Posted on Thu Jul 02, 2009 10:10 am  
Hi Nick,

I agree with you that payday loans are illegal in Pennsylvania. You will have to contact your creditors, to find out whether they would accept payments through a consolidation program. You can convince your creditors by explaining the financial hardships you are undergoing.

Quote:
How will consolidation affect my score?


I assume that your score is already low, as you have 4 to 6 payday loans which you haven't paid off. So when you start making payments through a consolidation program, your score will gradually increase. To know more about the benefits of debt consolidation you can visit the following link: http://www.creditmagic.org/card/debtconsolidation.html#29632
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Looking forward to a debt-free life.

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