Can you pay off payday loans with collection agencies?

Question

I have two that I never paid to pay my rent once and I want to settle with the collection agency.

Answer 1

Answer this first, how long ago were these loans made? are they still in active collections? If these loans are still actively being pursued then it is your choice, to your benefit actually, to pay these off and resolve them on your credit report. I assume these have already been reported on your credit report so the quicker you can deal with them, the better. If these are not actively pursued collection meaning you no longer get calls from them or it;s been years since you've heard from either the payday loan company or the collection agency, then it's best you leave it be and thank your stars that you got away without paying them. Reason being, since these are reported on your creidt report than then quicker you pay them, the better off you'll be. If these collections are stalled or no longer being pursued then the actions on your credit report are dormant. It's like waking a sleeping giant on your credit report. If these loans are dormant and have been for some time then if you pay them off, you'll be free of collections on you for them but in the process of paying them off, you will also reactivate the credit for them as well. so if these are, let's say, 5-6 years old. The bad and negative history from that point up until now will show up on your credit report, and will actually drop your credit score significantly. I'm sure you have the best of intentions wanting to pay off old debts and such but to do this will actually kill your credit score in the process. If these are still being pursued and you still get phone calls about them, then pay them and be rid of them. if you are doing this simply to ease your soul for not paying these so long ago, then leave it.

Answer 2

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RE :Can you pay off payday loans with collection agencies?
I have two that I never paid to pay my rent once and I want to settle with the collection agency.
Follow 7 answers

Answer 3

If the accounts are charged off and with collection agency's, first you should find the statute of limitations for collecting in your state. Then you should send a debt validation letter to them. DO NOT speak to anyone by phone.

If you are still within the statute of limitations and you want to pay, I would suggest that you send them a pay for delete letter.
Include in that letter that they will delete anything they have placed on your credit reports, request that they accept a percentage of the debt as full payment, request that they will not continue to try to collect the debt or a portion of the debt if they agree to the percentage, request that they will not sell the debt or the remaining portion if they agree to the percentage.

If you are out of the statute of limitations, you are not legally required to pay. And have a right to send them a SOL letter.
If you want to pay, follow the advice listed above.

I would suggest going to the site that I've listed. You can find more information about debt validation, pay for delete, links to your states statutes and much more.

It is a "free" do it yourself credit repair site.

Answer 4

It depends who your loans are with, but the one i work for you can go in and tell them that you can't pay and ask to set up a payment schedule.

Answer 5

call them and ask they will like that. and they will offer a settlement.

Answer 6

Try http://goo.gl/LOE08T