stuck in payday loan cycle please help

I contacted the loan companies I was dealing with and ask if I could make payment arragements to pay them off with no more interest being added in. A couple let me make payments to them. Some said they did not do payments. I put stop payments on the ones who wouldn't let me make payments. The bank charged a stop payment fee, but at least I could start working toward paying some off. I also used a company called BHR who was able to work settlements with three of the companies.

You can think of changing your account numbers. You'll be able to stay away from those NSF fees you receive each time when they hit your account. Before the creditors contact you, you should inform them of your actions and also looking forward to arrange a payment plan with them. Tell them that you won’t be able to pay the full amount in one single time. So, give your plan and you can also advance some money towards the account.

Try to get this debt settled with your creditors only. Keep contributing each month so that the account stays current. Don’t let it go to collections as it will be a negative remark that will hit your credit report and lower the scores. Keep negotiating with your creditors so that they can arrange a plan at your convenience. You don’t need to send a cease and desist letter if you can contribute each month after negotiating with the creditors.

If you don’t want to send money now and if the creditors call you up, then you will think of sending one. Make sure that all your correspondence is done through certified mail with return receipt requested. The CMRRR serial number is a very important proof of your letter sent to them on the date specified. Besides, it will prove your efforts made to pay the said debt. Keep all the papers in proper place so that they can be easily reached later. Keeping copies of every correspondence is also preferable.

It depends on which companies you took the loans from. I had 7 and couldn't keep up with them either so I closed my account. In my case, I ended up letting them go to collection agencies but once this occurred, they were all able to let me make payment arrangements. The only one that caused a problem was the one from FSM, which supposedly went to Ellis Crosby, which is a whole other story.

Thanks for your quick replies. It really does help. One more thing will they continue to charge me interest or finance charges continually becuase i will never be able to pay it off if they do. I will end up owing them much more than the money i borrowed from them. What do i do about that? WIll they just make arrangements on the amount i currently owe them or will they continually add up making it so impossible to ever get it paid off?

You will need to convince them in such a way so that they understand your financial problem and don't tack interest and finance charges on it. You might also take the help of a debt consultant in this case. He will do the professional negotiation for you. Once it has been put in words, get a written statement of it, so that you have sufficient proof of it for later use.

I had 3 companies say they would take payments toward a payoff with no more interest accuring. That is why I contacted the companies before I did anything. I only did stop payments on the ones that wouldn't work with me and some of them continued add interest.