Need tips on how to deal with the loan companies

driddled1, you can contact your lenders and explain them about your present financial situation. Tell them that after the direct withdrawals are made from your checking account by the company, you hardly have anything left for food, rent and other necessary expenses. So, it will be better if they can accept a lower payment from you during this time and you will contribute more when the financial situation improves.

Also, mention in your letter that you are not able cope up with the present withdrawals made by the company. So, you are closing your checking account and waiting for their response to the payment plan you have offered.

Do your correspondences in writing through certified/return receipt requested. Keep everything documented in a file for records.