This is the last in a brief series of some of the most often asked, and hardest questions we get in regards to debt collection.

These answers should be considered general common sense, and not specific legal advise.  Every one’s situation is different, and we are specifically not offering legal advise in the following article.

Debt Collection Attorney Gainesville FL - Questions and Answers


What about PayDay Loans?  They aren’t like a “real” debt like a credit card.. right?

WRONG.  Payday loans make a lot of money with very high interest rates because they extend credit to you when no-one else will, at least generally speaking.   Typically, PayDay Loans are no where near as regulated as the credit card industry, and have a reputation for being aggressive in recovering their past due debt.   BREAK THE PAYDAY LOAN CYCLE.    If you can borrow from a traditional source, and pay off your payday loans, do it.     If your PayDay Loan provider is a member to the Community Financial Services Association of America, you can request an extended payment plan, but the truth is.. If you can avoid PayDay  Loans, do it.  If you can pay them off, even if it means borrowing from a more traditional source, do it.

If I settle on my credit card debt, will that fix my credit report?

Sorry, that’s not how it generally works.  By the time you are so far past due on your debt, that you have an offer to settle, odds are, that debt is already past due, and already reported to the Credit Reporting Agencies.  The damage is already done.   Once your past due debt is cleared off, it can remain on your credit report for up to 7 years from the date of delinquency.  Settling will at least show the debt as no longer past due.   There are lenders who will not even consider your credit request if there are past due balances, regardless of your credit score.

St. Petersburg Debt Collection Attorney

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