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 Posted: Wed May 02, 2007 4:22 am |
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HELP TODAY! Need topay off paydayloans before my checking and good credit are shot! I can afford that loan if I pay These. I'm not having any luck so far. Please help. THANKS
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3comets
Joined: 02 May 2007
Posts: 1
Debtcc Points: 24
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| Posted: Wed May 02, 2007 4:53 am |
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3comets -
taking out another loan to pay off payday loans may not help your situation any. Almost all of us on this site have been in your shoes.
Most of us have had to close our checking accounts and open another one to regain control of our money, and then were able to work out a payment arrangement with the payday lenders.
They will drain you dry if you don't take that step. You will also need to find out if they are licensed in your state (look at paydayloaninfo.org) and what the allowable interest rate is for your state. You may have already overpaid them, and can fight to have your loan marked paid in full based on that fact.
If you can let us know what state you are in, how much you borrowed from each lender, and how much you have already repaid to each one, one of us will be able to comment further on your situation.
Keep us posted on your progress - we're here to help!
_________________
A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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SUEBEEHONEY70
Moderator
Joined: 12 Oct 2006
Posts: 4316
Debtcc Points: 56065
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| Posted: Wed May 02, 2007 5:00 am |
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Hi 3comets, welcome to the forums!
Sorry to hear of your frustration in trying to pay off payday loans. You've come to a debt forum website where we discuss topics on how to get out of debt. Many of the members have been in the same boat as you, and are trying to get out of debt.
Referring you to another lender to pay off anohter payday loan would only land you deeper in debt! How would you pay that debt off?
My suggestion is to call each of the lenders and find a solution. Explain to them your hardship and willingness to repay. Perhaps they can put you on another payment plan. I do want to point out, however, that some payday lenders won't work with you with a repayment plan, but would turn you over to collections. Depending on the collection agency, they might be willing to work with you.
I do have a couple of questions on your loans....
Who did you get your loan through?
How much have you repaid?
How much is left on the loan?
How long have you had your loan?
What state are you in?
I would also contact your bank and see if they can stop all ACH's. This is usually not a very good idea, as you can never do check by phones again, but this could help you in the long run...even if you have to default on the loan and be charged their NSF fee. (You can always have the hold on ACH's lifted after you gain control). Closing the account completely is also not a very good idea, as they might make it difficult for you to get a new account somewhere else.
Try asking friends, your employer, maybe even family members to help. Anything will help, so even if they can't give you the $1000, even putting $200 towards it will help you get out of the vicious cycle of payday loans.
We're all here to help, so if you have any more questions please ask away.
Regards
Mike
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Teleport
Moderator
Joined: 09 Aug 2005
Posts: 1485
Debtcc Points: 38847
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