Internet's first get-out-of-debt community - 129,000 members

CarlaW · Posted: Fri Jan 06, 2006 8:30 pm Subject: Paydayloan help!!!

I have 3 payday loans which are automatically deducted from my account and do not have check numbers associated with them. How do I protect the money I have coming in since I cant do a stop payment on a specific check? Sad

Posted: Fri Jan 06, 2006 8:33 pm Subject: Payday Loan Help

You can contact your bank and have them stop payments on the amounts. They do not have to have a check number.

I contacted my bank, explained my entire financial situation to them, and they were so nice that they didn't even charge me for the stop payments.

Give it a try.

Posted: Fri Jan 06, 2006 8:39 pm Subject:

CarlaW

Many people here have closed their checking account and stopped the debits. Contact your bank and make arrangements to close the account.

Call your creditors and explain your financial situation. Make payment arrangements with them and stick to it. The lenders will try to offer some benefits to you if you are regular in paying the debt. Some financial charges, late fees will be wiped off so that the total amount becomes easier to be paid.

Don't let the lenders call you first. Place the call from your side first. You will be beneficial for doing this thing.

Posted: Fri Jan 06, 2006 8:45 pm Subject:

Thank you SO much for the advice. its great to know that someone else has been in the same situation or knows what to do!

Posted: Sat Jan 07, 2006 10:49 am Subject:

When you signed the contract with payday loan companies, your bank information was given to them so that they can take out money from your account. Don't take such loans because they are added with high interest rates. If you pay the minimum only, the due amount will become much higher than the borrowed amount.

Some of the companies withdraw more than the amount set for each month. In such situations, closing the checking account is only preferred. Make payment arrangements with the lenders and send through money gram. This might be the best option of coming out from payday loan trap.

Robert C. · Posted: Thu Apr 13, 2006 7:14 am Subject: Paydayloan Trap

I caught in the Paydayloan Trap I have 3 outstanding loans totally 1230.00. None of the companies have post dated checks. The just debit my checking account. Should I close my account. I want to pay but can't avoid getting deeper in debt each month.

Posted: Thu Apr 13, 2006 11:09 am Subject:

If you close your checking account, perhaps they will start calling you all the day. Moreover, they might place it to collection. Why don't you talk to them and explain your situation. If they cannot help you anyway, then close the account and make some other payment arrangement. You can consolidate your payday loans too. Debt Consolidation Care community members have consolidated their payday loans already. You can register with this site to know more of your options.

*Name:
*Email:
*Phone:
*Zip:
Debt

	* denotes required field

Internet's first get-out-of-debt community - 129,000 members

Paydayloan help!!!

Members Area

Free Debt Counseling

Ask the community

Community Photos

Featured Discussions

Featured Articles

Question of the Month

Also See

Recent Forum Discussions

Recent Blog Post