I need help escaping my payday loans

The payday stores bank on the fact that once they got you, you'll never get it paid off. They are not reasonable people because they know they have you by the balls.

I'm not sure what the laws are in Idaho... In Illinois they passed the Payday Loan Reform Act, which says a payday lender can only charge $15.50 for every $100 borrowed; thus eliminating the "daily interest." The Act also says payday stores have to give borrowers a repayment plan if they default.

Wisconsin has a statute 128 that is kind of like a Chapter 13 bankruptcy, in that it stops the interest and allows debtors to re-organize their debts and make payments to a trustee.

You might try playing it off to the payday stores like you would have no choice but to file a bankruptcy if they can't work out some re-payment plan. Then again, they may tell you to go ahead and file.

Try researching your laws and see what type of laws are setup for payday lenders; or does your state have any kind of "voluntary ammortization of debts" laws like Wisconsin. There has to be some debt counselors in your state who know the laws, and they may be able to give you some specific advice for your locale.

Short of that, either keep paying or go bankrupt. Ignoring it won't help because then it will just set yourself up for lawsuits.

Here is the link to your state's pdl laws: http://www.paydayloaninfo.org/state_detail.cfm?id=ID
Unfortunately it looks like ID has no cap on the interest rate, but they only allow 3 roll overs. Criminal action is prohibited for defaulting on them. Now, are these internet or storefront pdls? If they are internet and you have been paying on these you may have some leverage on getting out of this mess, because these guys are typically NOT licensed to loan in majority of the states. However, if they are storefronts they are licensed and can take you to court and get a civil judgement. It is highly unlikely that an unlicensed internet pdl will take you to court for the fact that they are unlicensed to loan in most states that they loan money. The best way to gain back control is to close your account and open a new one to gain back control forcing the pdls to work with you on a repayment plan. I am going to pm you Langhorne Laws contact info., they work with consumers who are stuck in internet pdl trap. I really encourage you to get in contact with them, it sounds like you could use their services. There is a way to deal with this other than bankruptcy.

Lowelind, I pm'd you some info.

Lowelind, be sure to check with your bank (b/f you open another acct), to see if they allow companies to debit using your social security number. My bank allowed this and I changed banks. If they don't allow them to debit this way, then I would place a stop pay on this company (on the new acct), just in case they tried to debit using your social. Good luck...