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Getting out of pay day loans

Date: Sat, 09/02/2006 - 09:47

Submitted by anonymous
on Sat, 09/02/2006 - 09:47

Posts: 202330 Credits: [Donate]

Total Replies: 4


I am having the worse luck right now. I can not pay off these pay day loans and I need another one


Taking additional PDL's to pay off previous ones will not help, it only continues the downward spiral. At some point you have to stop. It wont be pleasant when you finally get off the PDL merry Go Round, but it is a important and necessary step. Please tell us your situation, what state you live in and your lenders, many others in this community have been where you are, and will gladly share their experience and knowledge with you to help you break the PDL cycle, but please, what ever you do DO NOT take another PDL.


lrhall41

Submitted by LCW on Sat, 09/02/2006 - 10:05

( Posts: 1151 | Credits: )


I have to agree with LCW, taking another PDL will not make it better-only much, much worse. How many PDL's do you have and what kinds of fees are you paying?
You have to come to a point where you say enough is enough.
In the short term, what bills are you behind on? Would anyone take arrangements? You also need to get to the point where if you can't pay everything off at once, you default on all of them, and then make arrangements. If needed, you should also be prepared to change your bank account.
Take care and please check in frequently and let us know how you're doing!


lrhall41

Submitted by kscornell on Sat, 09/02/2006 - 11:37

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You must also think this way. I don't intend to hurt you with anything, just to make you aware about something you haven't thought about. (I apologize in advance if it hurts you)... If you are not able to pay off the loans now and the lenders are after you, how will you be able to pay after taking a new loan? You will be increasing the number of lenders after you. They will continue with their aggressive collections and perhaps hire an outside debt collector for this. Life can only become miserable in the future unless you are able to pay them. If there are intentions to pay them, you must do it now so that lenders know about your willingness and extend some payment options suitable for you. Just a thought. I have been through similar situation and this was advised by someone close to me. At first, I thought it was some kind of lecture to me but later I knew how true the words were. I wish you realize the consequences before making a wrong move.


lrhall41

Submitted by anthony on Sat, 09/02/2006 - 12:05

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