Payday loan debt settlement - Reduce your pdls and get rid of stress

Payday loans are rediculous when it's just a week. The pay back for just borrowing for 7 days is outragous. You are right about that Vikas.

Sometimes I wonder how easy it is to let someone borrow your car for week, or dontate plasma. These terms are just as risky...but sometimes we have no other option.

Are lending companies even allowed to have these type of interest rates. Someoneo menionted that these payday loans say they are out of the country to avoid the US laws, but then the actual brokers are located in the US? Are they actual payday laws. Or what about lending laws? Do we follow US laws when it comes to payday loans....or their laws?


-Mike

When we were dealing with some payday loan where the company was charging $117 for every $100 I came across some laws which talked about fair practices. I will check back the laws for payday loan.

Do you know any company which does payday loan consolidation, I am very eager to talk to their representative that we can offer some help to people in need.

Vikas

I have been stupid and thought payday loans was the only solutiuon. I now have several. Any suggestions on how I can spread out repayment?

Alan

Welcome to the forums. How many payday loans have you taken out. Depending on how often you get paid, you might want to consider paying off one in full each time. This will avoid the interest rate from going up. You might also want to ask each loan company if they'll be charing you interest during this time.

-Mike

Hi Alan

To reduce your problems with the payday loans, it is better to follow a restricted budget each month. This way, you will be able to save some extra money and thus, you will be able to contribute towards your debt account.

At the same time, you can negotiate with your creditors to set up a payment plan for you. You can work with the lenders that put the highest rates of interest and simultaneously work on the loan that is of the lowest amount.

You will only achieve positive results if you handle your finance with proper planning. Calculate all the expenses in a piece of paper and all the sources of income. This way you will be able to act as per the requirements in each month and see your monthly financial position.

Make sure that the larger amount you pay towards your debt account, the earlier you will be able to achieve a debt free life.

If you have any doubts, you can freely let us know. We will be glad to assist you in anyway.

Regards
Roxette

i do not have much experience in pay day consolidation,but as far as some help about debt consolidation help is concerned, you can visit:


Link deleted as per forum rules-Mike

nobody is in worse shape than me ! I have ALOT of payday loans, they were soooo easy to get and soooo hard to pay back. My checking acct is always in the negitive because of them. I have stopped payment on them, I am going to try and put them on debt consolidation, before I get a lawsuit against me! I don't know what to do, i started to close my acct, they say they will work with you, but the payments they want are unreal. I can't pay those kind of payments every week or two. Anybody got any suggestions????

Lesa try to deal with them on your own and you may be able to work out payments. Register with this site and someone will contact you about consolidation, I'm not sure if they can deal with pdl's but there are some companies out there that do. We have (almost) all been there and are slowly coming out of the pdl cycle. Stick with us and we can all help you.

If you need a second opinion--Believe what she says Lesa--register and join us here in the forums. I did it just over a month ago and am now in debt consolidation (including those horrible payday loans) and learn new things each day from this wonderful site. Good luck

thanks guys I will do that I already have a consolidation company I am using and I am going to try to put them on it. THe only thing is they won't give you an address. what do u do about that?? thanks again for all your help

one more question, Can you get sued or arrested for not paying on your payday loans well, I mean while your trying to get something worked out, or do they just go to collections and they harrass you until you pay ??

i've sent my payday loans to debt consolidation but i also added all my other bills which was a few medical i already had one agreed to 100 a week til its paid but can't afford no 100 and it was by western union. so thats why went ahead and already sent in a request for a debt consolidation

I currently have 9 payday loans going. What do I do? I can't pay them anymore.

DeAnn---I would suggest first registering as a member on this site and receive the free debt counseling (someone will call you). The counselor can lead you in the right direction according to your own financial situation. You can post questions here also and everyone has lots of experience to share with you.

What will they do if the payday loan don't get payed

I have spoken to a payday loan debt consolidation at Payday Loan Assistance Company. I have approx. 5000 owing at this point (principle and roll over fees). She says I can pay 278 per month for 18 months to them and they settle directly with the payday loan companies. So, over 18 months, I would be paying them about 5000, which leads me to believe the consolidation companies make a lot of money too. Anyway, I would obviously be paying much less in the long run, but my question is can the payday loan companies still come after me once I enter into the consolidation program, or is their settlement with the consolidation company legally binding on them?

Thanks for any help anyone can offer.
LuAnn