What if I can't pay right now?

Just need some advice on what to do when I CAN'T make payment arrangements with a PDL company right now.

I revoked my ACH authorization with a legal PDL company. My husband also has a PDL with them and that ACH authorization has been revoked also. The company did honor the revocation.

For the past 12 months, I have been struggling with PDLs. It all started with a steep medical bill that demanded monthly payments in order to keep receiving services. That's how the PDLs started. Anyway, for the past year, I've been robbing Peter (mortgage, car payment, utilities, etc) to pay Paul (PDL interest). It's come to the point where I am close to losing everything, but I have just enough to keep myself out of foreclosure and repossession.

The problem is that I just really need to get caught up. For example, I have to pay $500 per month now for my utilities and heat/hot water payment just to avoid disconnection. My usual monthly payment would be about $250, but I've just gotten so far behind on everything.

I WANT to pay back what I owe the PDL. It's the only way I can feel good about myself for doing right. I'm just wondering if anyone has had experience with making a payment plan that fits THEIR budget, not the PDL's budget. I know someone mentioned that Payday One will allow a person to extend their payments over 4-5 pay periods. Unfortunately, that would still amount to about $166 every two weeks, which is exactly what we've been paying FOREVER in interest charges. So if I agreed to that, I know that I would at least be paying it off, but it would take the same amount out of my budget and leave me with the same problems: counting on borrowed money to pay bills and buy groceries.

Any advice? Is is possible to just tell them that I will pay a certain amount every two weeks until it is paid off, regardless of whether or not they say it is acceptable? It's gotten to the point where we just can't afford the basic necessities of life, and it is shameful and ridiculous to me that I've gotten into this situation. I want to get out but I can't afford to lose my home, old beat car, and utilities over this.

The way I look at it is you can only do what you can do and the basic nessesites in life have to come first.

You need a roof, car and heat/light to live.

Nohiogal is right, you need to take care of your needs first. What state are you in and have you determined if these loans are all legal?

please tell us your state, the companies, the amount borrowed and amount paid back. you said the loans were legal but is it possible you over paid? when we get this info, we can help you better )

I live in WI, done some research, all loans are legal.

Payday One ($500 loan, paid $150 to principal and $206 in interest). Still owe $433 to pay off loan in full. I have revoked this ACH authorization.

My Cash Now ($400 loan, first interest payment of $88 due on 3/27/09)

Cash Central ($300 loan, first payment due 3/30/09)

Check City ($250 loan, have paid $20 toward principal and about $120 toward interest).

I've actually been dealing with all of these companies for a looong, looong time. However, I've had to keep paying them off and renewing the loans just to have any money left over between paychecks.

I understand, I did the same thing, paid them off and retook them (usually to cover the bills i missed when paying them off). it really is a horrible cycle!
are they all internet? with internet ones, most will not work with you until you default your best bet is to secure your bank account.

Yes, most are internet, one store front. I think I'm going to revoke my ACH authorization on the other internet companies. I'm just afraid they won't honor the revocation. Worth a try though.

Sonja, "What if I can't pay right now?" and "I've had to keep paying them off and renewing the loans just to have any money left over between paychecks" sum up this whole ordeal. My advice is FOLLOW THE ADVICE of all the good people on here (e.g. close checking account(s); prepare and submit revocation(s) to the best customer support e-mail addresses you find for the payday lenders you deal with; show honest effort in repaying the principle NOT the interest). It seems you've repaid the same loans time and time, it's time to put a stop to that... NOW. The quotes of yours I cited above kinda capsulize what led me (and countless others in the same boat I'm sure) to BANKRUPTCY. Give strong consideration to that option, if in fact you are in toooo far over head. Rent/mortgage, food, utilities, car loans, etc. are far more necessay and important and shouldn't be neglected or forfeited..... GOOD LUCK!

they probably will not honor it (I am 99% sure they will not, actually) and that is why this board recommends securing your account. before you default i would try to make payment arrangements with the storefront.. i do have experience with legal loans so please someone correct me if i am wrong.

A hard block on your bank account is best or better yet ask your bank to close your current account and open a new one to protect your interests as you work through this. You can pay these companies with a prepaid cc. Do not give them your new account information if you decide to open a new account.