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Payday loan hell!

Date: Mon, 07/03/2006 - 07:45

Submitted by anonymous
on Mon, 07/03/2006 - 07:45

Posts: 202330 Credits: [Donate]

Total Replies: 3


my husband took out payday loans now we can't pay the fees. I want to put a freeze on the checking account and file for bankruptcy. Our account is going to be bounced out of this orbit if we don't. My husband is afraid that if we default on thses payday loans that he will have committed fraud. I think that it would just be another debt that would go through collections and inevitabley end up on our credit report. We have an appointment with the bankruptcy lawyer this week and we are really trying to get some advice from others who have been there. Please advise us.
Nicole :(


If you are planning to file for bankruptcy, it will still be reported in your credit report and tarnish your ratings for 10 years. At this time, if the account is sent towards collections, the negative info will remain in the file for seven years even though you have paid off the account.

My suggestion to you at this point of time is to talk to your lenders and see what can be done. They want to get their money back. If you tell them about your problems and show assurance that you want to pay in some extensions, they can work with you. You just have to stick to your plan so that things don't worsen further. If you wish to take professional help, you can talk to a debt counselor also. He can advice you in the right direction.


lrhall41

Submitted by PassionHunting on Mon, 07/03/2006 - 10:18

( Posts: 512 | Credits: )