Help!!!!!!

Date: Fri, 07/23/2010 - 14:25

Submitted by Nick Wasinger
on Fri, 07/23/2010 - 14:25

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Total Replies: 4

Hello all, first I must say that I am excited to have just joined your community and hope that one day I might be able to offer the assistance to someone that I so desperately need now. Here is my situation. I live in Kansas, my wife and I have (16) loans between us(15 pdl's and 1 title loan) totaling $6,472 with $1,794 in just fees each month. Now 14 of the loans are from local brick and mortar locations and 2 are from the internet. We had only 1 pdl about a year and a half ago, then my company shut down and needless to say unemployment doesn't go very far. Now my unemployment has expired and we are left with just my wife's income(she nets around $1,100 monthly). Today most of our loans come due and as we are left with the option of feeding our children or paying our pdl's, we have decided not to pay any of the loans. I would like to close my acct at the bank, but because it is in the negative already the bank cannot close it, and to complicate the situation even more we are also in the middle of a loan modification on our home and I have no clue how this situation will impact the modification. If anyone can tell me how to proceed from here, or offer any assistance whatsoever, it would be greatly appreciated.

NW

Please list the following information so we can help you. -Names

Please list the following information so we can help you.
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.

lrhall41

Submitted by Shazzers on Fri, 07/23/2010 - 18:29

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Welcome to the forums Nick. :)

lrhall41

Submitted by Jason on Mon, 07/26/2010 - 03:31

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Nick, You have 14 legal, storefront loans and no job. Firs

Nick,

You have 14 legal, storefront loans and no job.

First, I feel for your situation and based on the little info that you provided, cannot see many options. Since you have so many legal loans, I would suggest that you speak to an atty about filing bankruptcy. I know it is probably not what you want, but you are deep and need to make a radical change to your finances.

There are going to be many on here that will tell you to request and EPP, but based on my experience you are just going to prolong the inevitable by doing that.

Good luck.

lrhall41

Submitted by PDLOwner on Mon, 07/26/2010 - 06:45

( Posts: 1049 | Credits: )

Welcome Nick glad to have you! Unfortunately it seems there is

Welcome Nick glad to have you!

Unfortunately it seems there is not much you can do at this point. I agree with PDL Owner on this one. You may need to see about filing Chapter 13 Bankruptcy based on your current situation. If you cannot afford to repay them, then you definitely cannot afford to enter any repayment program with 14+ loans. Please feed your children, and take care of home first. Seek legal counsel on your bankruptcy options since you are unemployed with a monthly income of $1100 and mortgage with kids, it seems like your only relief.

Best of luck!!

lrhall41

Submitted by Cool_Abyss on Mon, 07/26/2010 - 09:59

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