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Posted: Fri Sep 29, 2006 9:21 am Subject: I am in a payday loan cycle

There seems to be alot of people that are getting sucked into the payday loan arena. I am one of them. What advise can you give someone in the terrible cycle.

Posted: Fri Sep 29, 2006 9:57 am Subject:

Hi Clara

There is nothing to worry. Everyone is finding a way out of this payday loan mess. You will also come out surely. Can you tell how much is the total amount of your PDL debt, how much have you paid so far? Who are the lenders and what state you are in? A little summary can help to understand your situation better.

Concerned · Posted: Fri Sep 29, 2006 9:58 am Subject: Payday Loan Cycle

Here's how to proceed. First work out for yourself how much money you can assign to repaying the loan each pay period. Then write a formal document where you list all the payments you are going to make. Sign it. Get together a first payment which you will give to the lender upon acceptance of your proposal. It's called a good faith payment. Get the store manager to sign it and keep to the arrangements.

Alternatively, you can simply borrow a little less each time until you can cut the cord.

Posted: Fri Sep 29, 2006 9:58 am Subject:

Hi Clara, welcome to the forum! How many payday loans do you have out, are they internet or storefront loans, and what state are you in?

Depending on what you have paid back so far, the payday loan laws in your state, etc., you may find that you've already paid back the loan and then some.

Also, you should be contacted shortly by a debt counselor for a free consultation if you entered your information when you registered with this site. The counselor can discuss your situation and the options available to you.

Posted: Fri Sep 29, 2006 10:12 am Subject:

My lenders were storefront and they were nice to arrange a suitable payment plan for me. I had to tell them about my financial problems and that defaults may occur in the coming months. I forwarded my payment plan to them and they were nice to offer me some extensions. Most of the loans are paid, just a few left. You should also talk with your lenders and work out something, it might click.

Posted: Wed Feb 07, 2007 12:25 pm Subject: debt already paid??

Please tell me a bit more regarding local state laws and the fact taht I may have already paid back all or a significant portion of mye loans. Thank you

Posted: Sat Feb 10, 2007 1:00 pm Subject: loans

Welcome to the forums. You can go to http://www.paydayloaninfo.org and look up your state laws on payday lending. Also send complaints to your Attorney Generals consumer division as soon as possible. Best Wishes KYSIDE38

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