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STRESS!! Too many PDLs!!

Date: Fri, 11/21/2008 - 21:58

Submitted by anonymous
on Fri, 11/21/2008 - 21:58

Posts: 202330 Credits: [Donate]

Total Replies: 3


My son was born prematurely with a birth injury in January and passed away in May at home... I lived off of savings during this time but ran out of money soon after. I didn't go back to work until June 28. I took out a PDL, and before I knew it all of my money was going into this $700 loan. So of course I took out another for 300, another for 600, and finally another for 1125. WHAT WAS I THINKING?!!? I make ok money in property management, but taking out 2 loans to pay off bills and creditors to make up for the time I was off of work has gotten me into such a bind that I cannot see straight. I literally lose sleep, cant eat, worry constantly. It's turned into way more loans. I pay the minimal amount and not any toward the principle because if I paid more I would not have enough for necessities. See where pride got me? I didnt want to ask anyone for help so I tried to handle it on my own and I have bitten off more than I can chew. I have all storefront loans. Check n Go, Ace Cash Express, First Cash Advance, and another one here in Texas. Any ideas on what I can do, I have lurked for a few days so I don't think they can put me in jail, but who knows. I am not in default on any of them, but I will be soon I am sure. Do I just talk to them? Any advice would be soooo appreciated:)


You need to go in and ask them for an extended payment plan before you default. If they are members of the cfsa they will have to offer you one. Most storefront lenders are legal, so there aren't a lot of other options. I know it's incredibly hard to think with a clear head when you're dealing with all of this--the stress can be overwhelming. Like you, my pride got me into a very similiar situation (there's a reason it's considered one of the seven deadly sins). What worked for me was finding a way to make one extra payment (I did it by selling things I didn't need on craigslist). Once that extra payment had been made, I used the money I had saved in the reduced finance charge to pay down on other loans. It only takes a couple of payments before you will see a real difference. I realize it's not a quick fix--but I do know it's sometimes hard to see any options when you're in the middle of it.


lrhall41

Submitted by sjj104 on Tue, 11/25/2008 - 11:27

( Posts: 85 | Credits: )


I agree with SJ...I think the best thing you can do is go talk to the branch managers at these stores. Hiding under a rock never worked for everyone...even though we've all tried ;) Think of a plan before you even walk in...what type of payments would be realistic for you? That way you can present a solution and hopefully they'll work with you to build on that.

Good Luck!


lrhall41

Submitted by debrag_25 on Tue, 11/25/2008 - 11:34

( Posts: 220 | Credits: )


IT REALLY SUCKS, BIG TIME AND TRY TO SCORE SOME MONEY FROM FAMILY, FRIENDS, SPOUSE OR WHOEVER IS CLOSE TO YOU, AND MAKE A CONTRACT THAT YOU WILL PAY THEM BACK $_____ PER ______ AND ETC ETC.. I DO THAT WITH MY FAMILY AND THEY ARE VERY BUDGETFUL WHILE IM NOT.. BUT THEY CUT ME SOME SLACK BY REDUCE MONTHLY PAYMENT ,OR HELP EM WITH YARD WORK, OR SOMETHING AS IN RETURN


lrhall41

Submitted by on Wed, 11/26/2008 - 03:39

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