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I have 9 payday loans currently due on April 1st,

Date: Wed, 03/30/2011 - 14:29

Submitted by bay ridge
on Wed, 03/30/2011 - 14:29

Posts: 14 Credits: [Donate]

Total Replies: 2


I have 9 payday loans currently due on April 1st, so I need advice quick. I closed my bank account already and I live in New York. I have had payday loans in the past with several of the companies I owe now. In the past, I have paid them all off, including the crazy interest that they charge. For example, I used Loanshoponline and took $500 from them in the past and paid them back $1,100 total on that loan. Now, I took another loan with the same company, loanshoponline for $500. It's coming due on April 1st and I'm not paying them. Do I have to pay them the principle of $500? Or do I have a leg to stand on because in the past I took out a loan from them and paid them already $1,100 on a $500 loan? Do I request a refund from them?


I am no expert, but closing your account and moving your money to the new account, preferrably at another bank is a great start. I would plan on your phones start ringing off the hook Monday, Tuesday of next week. They will call everybody you know or listed, your employer, everyone. Next I would sit down and figure out how much you have taken with each company and how much in fees have been taken out of your account. There is a link on here somewhere that lists the laws by certain states, read it and see if they are legal or illegal in your state. If they are illegal, then all you should do is pay the principal and pay it on your time, with money orders via US mail. Do not let them convince you that you will go to jail, or papers are going to be served.

Above all, breathe and get a handle on your money. I had 5 loans 2 years ago and am now free of all payday loans. I am sure you have other bills you need to take care of.

Also there is no reason you have to hurry. Don't let them rattle you, which is what they will try and do.


lrhall41

Submitted by on Wed, 03/30/2011 - 19:26

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