Internet's first get-out-of-debt community - 136,000 members

Posted: Fri May 12, 2006 1:31 pm Subject: Cannot keep up with my debt

Okay, I need some advice; I am freaking out. I have over 15 payday loans currently outstanding with a variety of different lenders (online and storefront). I have been a regular payday loan user since 2003. At times, I have been a very responsible user, but lately, it is getting out of control, to say the least. I am desperate to get out of the cycle once and for all.

I do not want to enter a debt consolidation program because several of my friends have used them and none have been satisfied with the results. I do not feel like closing my account is a good option either, because I WILL lose my job if I begin receiving harrassing calls from collectors at work. I want to call each and every creditor I have to work out an arrangement with them, however, from reading other posts for the past few days, I am afraid of what I might encounter if I go down this road. Does anyone have any advice for me about how to approach this? I feel like I don't have a friend in the world right now...

Posted: Fri May 12, 2006 1:41 pm Subject:

Rach, we all are with you. Don't feel yourself alone and be in stress. We all are fighting here for improving our financial identity and doing this, we all have now become good friends here. We understand others here.

If you do not close your checking account, the lenders will hit it and make debits from there. Explain the situation to your employer so that he reacts to the calls to your favor. Besides, if you restrict the collectors from calling at your place of work, it must be followed. You can give them option to contact at your home or do communication with you only in writing.

I will suggest you to call up each creditor and work out a payment plan with them. As you are showing your part of the responsibility, most of them will be willing to work with you. Make your move and convince the lenders with your plans.

Posted: Fri May 12, 2006 7:24 pm Subject:

Rach..

I was able to stop calls at work by faxing the request to them,and CCing the same fax to my states Attorney General.

Posted: Sun May 14, 2006 10:10 pm Subject:

Rach---Even though you don't want to go through a debt consolidation company maybe you should give it some more consideration. To me the difficulty, time and effort of having to deal with all of the PDL companies myself, wondering this and that, worrying about it all would be way too stressful. I opted to use a debt consolidation company just so I could eliminate some that stress.

You probably know this but out-of-control debt is a horrific stressor. Stress can make you sick or depressed. And you do not want to be in that type of situation.

Good luck with whatever decision you make. We are here for you.

Posted: Sun May 14, 2006 10:13 pm Subject:

I forgot to say in my other post---that you do have friends---you came to this site and bared your soul. In the online world I think this automatically makes people friends.

Posted: Mon May 15, 2006 5:14 am Subject:

I also am in the same boat as you are. i have about 15 payday loans out myself, and i will also lose my job is i get phone calls at work. i am currently working with a debt consolidation company and it seems to be going well. you should give it a chance and just see what they can offer to do for you. It will help reduce your stress and they will be the ones whom go to battle for you. Don't worry, things will get better, and you are not alone. we are all here for you!!!!

Posted: Mon May 15, 2006 6:04 am Subject:

I was in th same boat as you all - I had 13 payday loans - I was able to pay off 4; 2 of them were zeroed out/paid in full and the rest are with consolidation and so are 3 credit cards and 2 personal loans - it is so relieving not to get those collection calls. It still bothers me when I see my answering machine flashing when I get home but it is usually a friend or the consolidation company calling me about something or something else. GO for the Consolidation - you will find a big relief off your shoulders and if you don't like it you can always drop out of it.

Posted: Mon May 15, 2006 8:09 am Subject:

Ok i just talked with a consolidation company and the guy told me that they only work with PDL that are in collections with an outside company. I have the number to T & C. Has anyone worked with them? will they help me get out of this mess? I need help ASAP!!!

Posted: Wed May 17, 2006 1:23 pm Subject:

I just wanted to stop in and post an update on the situation I described in my original post:

I have contacted of my creditors ( I have 2 loans with both of them currently) so far and the results have really lifted my spirits. The first company let me pay in full by MoneyGram yesterday, the principal balance only. My upcoming due date is this Friday and they offered me that arrangement to avoid having to pay an additional fee (I have only paid one fee on each loan so far anyway). They were extremely nice and helpful to work with.

When I called the 2nd creditor, they were willing to forgive one of my loans because I had had it for awhile (4 months, I think) and they set me up to pay back the principal balance only tomorrow through my checking account. They were also very easy to deal with.

4 down, 11 to go...

Let me know what you all think. I make more than enough money to keep the fees going on these things for a little while (it is frustrating more than anything). If things keep going this well with my negotiations, I should be able to pay off between 2-4 of my loans every 2 weeks. I want to default, but feel very irresponsible and dishonest in doing so, and I know that it will open the door to trouble that I just don't want or have time for.

Now I'm babbling...Thanks for listening.

Posted: Wed May 17, 2006 2:44 pm Subject:

Wow! Things are going pretty well at your end. Smile

Slowly it will come down to 9..5..2..1..and come to an end. You will become debt free. Smile

I am so happy to imagine this for a while.

Rach, try reducing some of your expenses also for a while. If you can add up to your savings and contribute more towards the accounts, you will achieve your goals faster. You might have to live on some restricted budgeting but it will be only helpful. Remember, your credit will improve faster after the accounts are paid off.

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