I am in huge debt problems with the payday loans

David,

We are sorry that we are not consolidating payday loans for the time being. We are looking for some companies that can fulfill the needs of the consumers by offering lower rates of interest.

Some discussions have taken place on how to reduce the problems with the payday loans. You can click on the link given below to have some idea on it.

http://www.debtconsolidationcare.com/paydayloan-settlement.html

Regards
Vikas

Steven

Do you have other incoming that is available in your household. Perhaps even if you paid one every two weeks you could get these paid off. But the longer you keep going on this, the more the finance fees or renewal fees will add up.

Try to pay off the one that has the highest interest rate. Perhaps try talking them about making payments. If they're continuing to hit your account, you may need to call your financial instituion and have your account number changed. This will give the jump start and let your save your money, instead of having NSF come through when 3 or 4 payday loan companies try to get their money.

Regards-
Mike

Can please tell me how captial one can contuine to charge latee fees on a account that has been closed for 4 years

SAVVY, inform Capital One that the account has been closed 4 years ago. Do you have a statement of it given from the company? This will prove everything and you won't be asked to pay the said amount.

Well I have 5 payday loans out and I still need to pay them off and I think that my bank closed my account with mercantile bank but I owe them alot of money can they press charges agaisnt me the payday loans and my bank can they do that?

chmartin

The payday loan companies will send the accounts to a collection agency to see about getting your money back.

And depending on your financial institution locally, you may also have them trying to recover money. The bank could decide to go ahead with legal action depending on how much in the negatives you are.

You will not go to jail over a debt. However a judge can grant a garnish of wages from the bank. Remember, if you go to court and the bank awards them a garnishment of wages...this will be just for what you owe the bank. Possibly just small NSF fees.

The payday loan companies will not have any part in the banks judgement, so they can set out to do thier own garnishment....possibly the wage assignment if there was one in the loan agreement.

How much longer till you get these paid off? The longer the loans sit out, the larger the fees could possibly get.

Contact your financial institution. If your account is still open, you need to change the account number as soon as possible. This will keep any ACS's from coming through. And attempt work out something with everyone.

Regards-
Mike

Just out of curiousity; what are payday loans? Just by reading these comments I would guess to stay as far away from them as humanly possible.

Chris

Chris

Welcome to the forums. Payday loans are a type of cash advance that will usually need to be paid back the following payday. You usually need to have a checking account, and the payday loan company will take thier money back automactically via debits from your account.

Try to stay away from payday loans as the fees and interest rates are often high enough that make them not worth the while. They are quick advances that should usually only be used for emergencies.

The fees could range anywhere from $25-$35 per $100. So if you borrowed $300, you would be paying back anywhere from $375-$405 the following payday. If you don't have the money then they could tack on an additional $29-$58.

Regards-
Mike