Caught in the payday loan trap, what's the best way to end this?
Date: Sat, 01/02/2010 - 10:23
(The rollover fees are included in the total amount owed)
Arrowhead Investment - $390 ($300 loan)
Beacon Financial - $289 ($200 loan)
National Group - $195 ($150 loan)
Like so many of you, each payday I am only paying the extension fee (totalling $224) and paycheck after paycheck it's killing me! The balances are not going anywhere.
What would you say is my best option? Should I call each company and see if they offer the Extended Payment Plan, or if they can work with me any other way? Should I pay down the principle on the larger loans? Or should I pay off the smallest one in full? Or, as another option, use a payday loan debt consolidation company to help with these debts?
I'm clueless as to where to begin. I know I want to get rid of all of them, once and for all, and not keep paying fees every paycheck.
What is my best option?
Thanks in advance!
I'm in California, so I don't know about New York, but try conta
I'm in California, so I don't know about New York, but try contacting each one and explain your situation. Hopefully they offer EPPs. You will probably have to pay a little more each month than you're already doing, but at least the money will go towards your principal.
Please read the article in my signature on the bottom! It will h
Please read the article in my signature on the bottom! It will help you!
Quote:Originally Posted by lydy815I live in New York. Currently,
Quote:
Originally Posted by lydy815 I live in New York. Currently, I have the following 3 outstanding internet payday loans: (The rollover fees are included in the total amount owed) Arrowhead Investment - $390 ($300 loan) Beacon Financial - $289 ($200 loan) National Group - $195 ($150 loan) Like so many of you, each payday I am only paying the extension fee (totalling $224) and paycheck after paycheck it's killing me! The balances are not going anywhere. What would you say is my best option? Should I call each company and see if they offer the Extended Payment Plan, or if they can work with me any other way? Should I pay down the principle on the larger loans? Or should I pay off the smallest one in full? Or, as another option, use a payday loan debt consolidation company to help with these debts? I'm clueless as to where to begin. I know I want to get rid of all of them, once and for all, and not keep paying fees every paycheck. What is my best option? Thanks in advance! |
Payday loans are prohibited in the state of N.Y. CLICK HERE to find out how to deal with illegal lenders.
I received a pay day advance from Beacon Financial for 200.00 Th
I received a pay day advance from Beacon Financial for 200.00 They debit my checking account once a week for $89.00!! I am trying to get in touch with them but can't find them on line. Do you have a phone number for them?> Please!
By the way, they are called Beacon Lending, they are an illegal
By the way, they are called Beacon Lending, they are an illegal lender, you really need to close your account because it will never be safe again.
I agree with Shazzers, get that checking account closed before y
I agree with Shazzers, get that checking account closed before you try to work something out with paying off the amt. of the loan with illegal PDL's; otherwise, they're likely to try and get any money they can from your account.