fallen victim to the payday loan sharks

Hi Melissa

What is the name of the company whose phone number you have lost? I will help you in locating it.

It is a common practice of any lender to hit your checking account so that they can collect most of the money from you. If there is no fund in your account, they will keep hitting it at regular intervals and thus, NSF charges are added on it each time. In such situations, it is preferred to close the checking account so that you can reduce some of the extra cost.

Now you will have to contact each lender and arrange for a payment plan. Since two of them had been quite reasonable to you, I suggest the same for the rest of the four. All the lenders are interested in getting their money back. If they are not accepting your plan at that point, it means that they want more money from you. Write a letter setting up a payment plan and advance some money along with it. Mention it in your letter that this is what you can afford at present and you will definitely increase the amount after your financial situation improves some time later. If the check is cashed, you will stick to the plan and try hard to clear the debt.

Give your letter most of the importance and willingness to pay the said debt. They might threaten you with some legal actions but this won't help them in recovering the money in anyway. Keep trying on this approach until they have finally accepted your plan. I have no doubts that they will not accept it after some negotiations. They want to test you if you are really interested in making the payments.

If they can sense your willingness to pay the said debt, they might be even helpful to cut off the extra financial charges and late fees on it. This will reduce the total amount and you can pay it in easy monthly installments. Follow this approach with all your lenders until you succeed.

Do let me how this works out.