I am in a payday loan cycle

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.

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.

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.

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.

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

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