Need advice on payday loan debts?

Dear Tschudson,

Payday loans have become a menace in today????????s world. Almost all of my friends have taken payday loan at least once and have found it difficult to pay it off in a single chance and consequently have faced hardship in the same. So, your present financial position is no exception and I am sure that you will definitely get out of this mess.

1. As a first step stop worrying and let this forum help you to become debt free.

I always prefer Do It Yourself policy to become debt free.

Thus, as a first step you should look into the different payday loan status in the different states. I am giving relevant information for Missouri, Kansas and Texas below: -

Payday loan information for the state of Missouri: -
You will find the Payday loan laws for Missouri here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Payday loan information for the state of Kansas: -
You will find the Payday loan laws for Kansas here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html



Payday loan information for the state of Texas: -
You will find the Payday loan laws for Texas here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

2. After you have known all the intricacies of payday loan legalities, now you have to try not to make any sort of unnecessary spending and concentrate only on necessities.

3. If possible, you should also try to do a part time job to boost your income by an extra mile.

If you are still not able to manage your debt then you should go for debt management. It will help you to make a single payment (and not 10 payments to different companies every month) at a reduced APR and waived off late payment penalties.

You can also avail this community????????s Free expert counseling.

Regards,

Phoenix

The trustees will normally dismiss your case if you fall behind the repayment plan sketched out for you under the ch-13. In that case they will liquidate your assets (if you have any) to repay the lenders. IMO with 10 pdls, not listed for bk, it'll gonna be difficult for you to keep a pace with. And If you start falling behind with the repayment plan, its likely gonna get dismissed. Do you stand a possibility to enlist all these accounts to your bk list? But don't lose hope, someone will shortly be around with more help.

Personally I would contact the trustee and ask for a modification of the bk order to include these new debts. If after adding these,payment is not feasible it would be time to contact a bk attorney to convert to a bk 7 case.

Phoenix, thanks for the information you listed. I do work a part-time job, but still not enough income comes in. I was working a third one, but it was too exhausting. Also, I will look into debt management. Bewildered, the payment for my chapter 13 comes out of my check automatically every pay period, which also pays for my car. I have spoken with my attorney about the new ones when it started getting unbearable, but she said can't add them because they are new. She told me to handle them as best as I can. Also, she said that she was surprised trustee didn't know since they monitor whether or not I have applied for other loans. I guess since they are not on my credit report they aren't visible to the the trustee. Even if I convert my chp 13 to a 7, it will cost an additional $500-$700 to do so. Then I would have to play catch-up with my car payment, since the interest rate is much lower than before.

Thanks to you both for responding, and I will keep working at it, but I am so nervous that my stomach is starting to bother me. :(

Dear Tschudson,

Thanks for your appreciation.

Not only me, but all the members of this community are here to share their part of the story and help each other. And I am sure that our cumulative knowledge will help you to sort out your problems.

Let me say again to you???????.stop worrying???????because this is not the time to worry, but to plan and act accordingly so that you can get out of this mess as early as possible.

From your post it looks like that the ongoing ordeal has shaken your confidence. In such a case let all of us help you out this ordeal. Why don????????t you join the community and be a part of us and get free help from our financial expert.

In this community most of the members have come and joined because they had some debt related problems. With the passage of time each one of us gained knowledge through the forums on how to become debt free and now can manage their own finances more efficiently. We are like a family where we share our joys as well as sorrows and help each other to lead a debt free life.

Please let us know about the latest development so that we can help you more efficiently and help you out of your ongoing hardship.

Regards,

Phoenix

Hi Phoenix,

Thanks for your note. I am a member, but not good manuvering around this site yet. The most I've been doing is looking for ways I can get the cash by checking into any assets I have, very minimal. For some reasons I still haven't heard from any of them yet, which really scares me. I haven't called them yet because I've been racking my brain on ways to come up with ALL the cash needed to pay them off. I've been so busy this week working my fulltime and part-time, and preparing for school next week, and looking for somewhere else to stay, that can save me money, that my head is spinning. I really am trying to control my emotions so I can do what is needed. I get paid tomorrow and have to decide on what gets paid. Next week I should get more relief from my part-time check, but not enough to settle my bigger debts. I am sorry to whine or sound over dramatic, but I can't help it right now. I promise I am not trying to waste anyone's time, but I am just so use to helping myself without any outside influence, including from family and friends. I am what you call an independent rebel and this is harder then I need it to be. : ) I've even looked into cashing in on or selling one of my life insurance policies. Right now I am just trying to figure out the best way (legally) to get out of this situation fast.

Dear Tschudson,

As I have said earlier, stop worrying???????it will not lead to anything but tension and frustration.

It is nice to hear that you are trying real hard and giving your level best to pay-off the accumulated payday loans. Thus you have already moved a step forward. So, don????????t look back and keep going. Great Work and Keep it up. ??????

From your posts it seems that you are suffering from frustration. Stop doing that because it will not help you in anyway. I know that it is easy to say than done. Always remember that you are not alone now???????we are here to help you out of this dreadful mess.

I know that you are already a member of our community. But I think that in such a bad debt condition of yours, and that????????s too payday loan, you need expert????????s advice. You can get free advice from our community????????s financial coach by registering yourself to https://www.debtconsolidationcare.com/signup/ .

After signing up for the free consultation, a suitable debt consultation firm will ring you up to evaluate your financial stringency for free. Then with your approval the company will negotiate with your creditors for debt reduction and help you to make 1 monthly payment rather than 10 multi-payments to different companies.

And you are not sounding dramatic to us???????you are just talking through your heart. Don????????t worry???????try to be happy???????we are here with you in both sorrow and joy???????

Always remember???????Life Is Beautiful???????it depends on you???????how you look at it. Change yourself and stop worrying???????and then you will see ???????. Life is so Beautiful???????

Keep in touch.

Regards,

Phoenix

Phoenix, you have very kind words. Thank you for that and I will view the debt link you supplied. Now I am trying to deal with my HR dept sending my direct deposit payroll to my old negative account instead of my new positive bank account. What a mess, one thing after another. My grandma had a stroke yesterday, and I received a disconnect notice from the Gas co. Man, what a month, but I will try to keep peddaling through all these issues because I have to believe that it will get better. Thanks again.

I will keep in touch,

T

Phoenix,

I tried to go into that link you provided, but was told that since I was logged in that I had already done, or something to that effect. I haven't received any contact from a professional debt counselor. I'm not sure if I didn't do something correct. I will try the 800 listed on this site.

T

I did call the 800# and they said that they can only help me with online paydays, which I only have one, and not with the storefront payday loans. Any advice moving forward?

One of the other members suggested I contact my BKR trustee to ask if they will provide a modification of the BK order to include the new debts. Also, if not, I am waiting to speak with my Attorney about changing the chapter 13 to a 7. I know she has said in the past that it could cost $500 - $700 to switch. However, that's the directions that I am moving towards.

FYI....

Do you have a crisis center in the city where you live? If you do, you might want to go there to get some assistance. I am sorry to hear about your family member having a stroke. My father had a stroke over twenty years ago, and it still breaks my heart. Please join the forum so you can get some help with these lenders. God Bless!

Hi wssu, I am looking into the crisis centers in town, which I am not getting much assistance. I think I am far deeper than I can imagine. Also, why do everyone keep saying "please join the forum so you can get some help with these lenders?" I thought I am already joined? I am getting confused, do I need to do something else? I really don't mean to sound rude, but I am just trying to cope with everything going on. I really don't see much help for me unless I can get a loan or help from family members. Thanks for all the advice though.

Dear Tschudson,

I have also seen that whenever I am down, all sorts of problem start to crop up. But don????????t worry???????continue you effort and I am sure that you will come out of the debt mess.

Sorry to hear that your Grandmother had stroke???????How is she now? My heartiest wishes for her recovery.

I still believe that you should register yourself for the Free Counseling session. For that you can access the Free Counseling form from the following link while you are still logged in : -
http://www.debtconsolidationcare.com/debt-solution.html
Or you can log out from your account and then register yourself in the link I provided in my previous post.

Regards,

Phoenix

Hi phoenix, my Grandmother is doing better now, thanks for your heartiest wishes. Also, I tried registering again on the link you provided and they are still saying I have already registered with that email and to try using a different one. I don't have a different one, plus I've already spoken to them and they said can not help me with storefront paydays. They didn't even ask if I needed assistance with any other debt. I spoke to my landlord today and she suggested I move out without paying them if I can before the 13th. I plan on trying, but with no funds until then, I am at a lost, but I will keep trying ways to get done what I need to get out of this mess.

Thanks for responding and I will try to stop worrying...

Regards,

T

Dear Tschudson,

It????????s nice to hear that your grandmother is doing well and you????????re also trying to stop worrying. That????????s positive.

If I were you then I would have opted for debt consolidation. The position you are in is very serious and needs immediate work-out. If nothing works out then bankruptcy is the only answer to it. But always remember that bankruptcy is a drastic option.

First of all I will ask you to calculate your debt-income ratio which will help you to get a clear picture of your current financial position. You can calculate your debt-to-income ratio through the Debt-Income-Ratio-Calculator of our community through the following link:

http://www.debtconsolidationcare.com/calculator/debtincomeratio.html .

If you see that most of your income goes for repaying your debt and it has become unbearable then only you should go for bankruptcy.

You can avoid bankruptcy by going for debt consolidation program in your case as all your debts are in payday loans (and thus debt settlement is not viable). Consolidation will help you to find a permanent solution to your debt woes. Well crafted debt consolidation can help you to minimize your debt by as much as 40 to 60% and you can make your payments in monthly installments at easier terms. The most significant point of this program is that you will have clean credit report after you payoff your debt whereas bankruptcy remains in your credit report for 7 to 10 years (which will restrict you from accessing further loans in the near future).

Regards,

Phoenix

Hi Phoenix,

As I stated in my previous's reply, I am already in a chapter 13. However, I have some extra money coming in soon and am working towards down-sizing my living expenses. So far, the pdl people are willing to work with me w/o charging any interest, so I am heading the right direction. Also, I have come across different assistance that can help me with things such as food, utilities and rental payments. It's just all so overwhelming and I can't wait to get myself past all this. I am on a 6-9 month plan to get my life back on track. So if you don't hear from me in awhile, that means that I am extremely busy making my life better. Thanks for all the support and kind words. It's rough when it seems that you are out in this world all by yourself. People like yourself and others that incorporate "kind words" help make this journey more smooth.

God Bless you and Best wishes to you all,

T