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 Posted: Thu Jul 20, 2006 7:10 am Subject: Most of my debt is in payday loans |
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I don't really have a lot of credit card debit, just one card- most of my debt is in payday loans, and a car title loan. My bank account is going to be negative very soon because of these, and I cannot afford to pay these loans back anymore. I feel like I have already paid them back just by paying the minimum payment, and writing them another check.
It is a vicious cycle.
Can I consolidate these into one lower monthly payment, AND my next question is- what will they do to you if you just don't ever go back in and pay it?
I know it will go to the bank, then bounce there, and the payday loan place will get the check returned. Can they take legal action against you for that? Can they put you in jail for writing a bad check, is that the same thing? Can they take it out of your paycheck?
Thanks for any help you can advise.
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Amy.
Guest
Debtcc Points: 100
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| Posted: Thu Jul 20, 2006 7:14 am Subject: |
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Amy,
Register with this site and a counselor will contact you and discuss your options. Are your pdls store front or online? No they will not have you arrested, or charge you with check fraud. Now if it is store front, they can take you to court and get a judgement against you. It is a good idea to pay back the lenders what you borrowed.
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NotsoLucky
Joined: 02 Nov 2005
Posts: 3154
Debtcc Points: 45650
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| Posted: Thu Jul 20, 2006 7:44 am Subject: |
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Amy,
You can try to set up payment arrangements with the PDL companies. Some of them will work with you and some will not. I've only dealt with storefront PDL's and was able to make arrangements with a couple of them. I don't know of any debt consolidation company that will work with PDL's but I was able to work with debt management company. They made arrangements with the PDL companies and things have been working out so well. Hopefully the counselor Tammy mentioned will be able to give you some good help and point you in the right direction.
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celticlass_4
Joined: 27 Mar 2006
Posts: 137
Debtcc Points: 2773
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