Question
Q: How to settle payday loans if I lost my job?
Answer
A: Send a letter explaining your situation and your reasonable offer, and ask for the penalties to be dropped. But make sure you get the terms in writing before you pay. Don't make more than one partial payment without a written settlement. This can keep the account "alive" while the harassment goes on. Keep a record of all communications and make sure they are true. Legals365 and Advocate BK Singh write hardship settlement requests and talk about terms that are fair and safe under the law..
By Advocate BK Singh
(Delhi High Court)
