Verified answer

I agree with Monty. The best way to consolidate these is given they fell into collections. Payday loans are often referred to as secured debt and cannot be consolidated (again, unless they fall into collections). Debt management may be able to help though.

Pretty sure that you will find all financial clarification at= financial-care.info-

RE I need a reputable & honest bad debt consolidation loan company SOON.?

After Ben died (my four legged companion) I went a little nuts credit cards (3) and small payday loans (6). I need a company to help me, any suggestions? (I stopped spending)

- The only legit. place to get a real debt consolidation loan is from your local bank or credit union. If you have bad credit, this will not be an option.

- NFCC is a non profit organization that was set up by the credit card industry to offer assistance to people who are struggling to pay their credit card debt..They can offer reduced payments and interest (but NOT settlements for less). http://www.nfcc.org/ - As a general rule, they can reduce your total monthly payment down to 2% of your total debt...so with 10K in credit card debt...your total payment would roughly be $200. They can also reduce the interest to around 10%. This organization does NOT deal in payday loans and they cannot be included in their program.

- Unfortunately, there are no legitimate assistance programs for payday loans. You'd have to deal directly with the companies you got the payday loans from. Don't use any payday loan consolidation firms...they're just vultures looking to swoop down to take whatever little money you have left.

- Stay away from any credit card debt consolidation firm that promises to cut your debt and payments in half. These firms work by having you deliberately default on your credit cards to settle for half. This is a risky process and your creditors might respond by taking you to court to get a judgment.

- If your total debt is over $10K and it's creating an impossible burden for you and a financial emergency, then Chapter 7 is the other legitimate option to consider.

Sorry to hear about your loss Ben... As for your situation, unfortunately no consolidation company can help you (UNLESS) of course those payday loans went to collections. These debts are often referred to as secured debts due to the payday quick cash nature of the business. It's often best to consult with one of these companies, and tell them you want to do settlement as opposed to a consolidation loan.