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I have gotten myself into some major trouble with payday loans, which seems to be a common refrain on these forums.

I make a decent amount of money in my professional work, but even with my good income, I am finding that I can no longer keep up with these restrictive payment terms. It seems like I only have money right now to pay these loans and my bills leaving me with no money for food, gas, entertainment, etc. I feel like I am stuck in this debt trap and there is no way out.

I reside in the state of Minnesota. Here are my loan balances and what I have paid to date. Are these even legal in MN? I saw that rollovers are not allow on MN law, but I have seen companies claiming that since I signed a 'waiver of xxxxx', I would be subject to tribal laws/courts, not the laws of the state of Minnesota.

Everest Cash Advance (internet...seems to be based in the Carribean) $500 loan, paid a rollover of $225 and a rollover of $150 (total paid: $375)

US Fast Cash: (internet). $500 loan, paid 2x rollovers for $150 each and also another 'rollover' for $250. (Total paid: $550)

OneClickCash: (internet). owe $390 (have paid $180 in 'rollover')
I have seen the information about closing my accounts, sending letters and working on payment terms directly with the lender.

I am so scared and sick with anxiety about this all, I feel physically ill everyday.

My issue is this: what do I expect after those payments to the lenders stop? Will they turn me over to collections? Will they put a derogatory mark on my credit report? I have tried very hard over the last 5 years to improve my credit and I don't want all my hard work on that to go down the tubes over a $500 debt.

I have three courses of action and conflicted on what to do:

1. Continue to pay into their trap and slowly pay these off (I'll end up paying close to $2000 for a $500 loan if I follow their 'rollover' plan)

2. Close my bank account and work on payment arrangements with these lenders directly.

3. Close my bank account and never contact the PDL companies again. I imagine that in this scenario I would get collection calls, marks on my credit report?

I've learned my lesson with PDLs...NEVER AGAIN!!!

Thanks for reading my rant. I feel like I got a lot off my chest!

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