Pay Day Loans - AUGGH!

What do you mean balancing them? Are they legal loans?

My first bit of advice in balancing these loans is exactly what Soaplady said.

FIND OUT IF THEY ARE LEGAL IN YOUR STATE

For instance,

I currently have 3 PDLs out but after some research on this site I found a few great resources that allowed me to determine that the loans I thought were perfectly legal and binding were in fact all operating illegally in my state (yes, this means internet too. Anyone who is lending money as a PDL vendor is (in the state of california) required to be licensed by the state).

However, all state laws differ a little...here's a great resource to check out..

State Laws Regarding PDLs:

http://www.paydayloaninfo.org/legal.asp

To get the info simply click on your states name in the list below and it will give you all the info on your states laws.

Once you reach the page for your state's info there will also be links at the bottom of the page that will show you how to verify a companies legal status and also links on how to file complaints to the proper authorities.

If you find out that your loans were illegal then you have absolutely no requirement to pay off those loans in most states. There is a moral obligation to pay off the principal and in some states this may actually be the law regarding illegal loans. However, you are not responsible for any fees, extra charges, interest etc. and you cannot be prosecuted in civil or criminal court.

If you find out you too are in this situation where dealing with illegal PDLs then check out this post from this site about dealing with unlicensed payday lenders.

DEALING WITH UNLICENSED PAYDAY LENDERS -
http://www.debtconsolidationcare.com/paydayloan/illegal-pdl-dealings.html

Follow those instructions and you will be feeling fabulous. I was in this exact same situation and am now only a few days of being clear of these fools and I haven't felt this good since the day I thought my problems were solved with that first PDL (If I only knew how much that $300 would cost me financially and emotionally I would have never done it!)


Now...

It is possible that the companies you are dealing with are reputable and licensed in your state, or some states (called "loophole states") allow PDL vendors that are registered in ANY state to operate legally within it's borders, Pennsylvania being one that comes to mind.

If this is the case you are dealing with reputable companies that should be willing to offer you a installment payment plan if you contact their customer service department and let them know that you will either be filing bankruptcy (where they will get little to no money from you) or you need some option to pay this loan off. The most common I found in my research was a 4 installment payment plan to have your loan paid in full.

Please do the research and find out if your PDL lenders are legal, this is the first major step and you would be SHOCKED at how many of these websites are operating illegally. If it is a store front PDL vendor such as Money Tree, etc. that you actually went into a branch location it is likely they are legal however because these establishments typically follow state laws.

A good place to start along with these sites I've mentioned is to type the name of your lendor (i.e. "nationalpayday" for Nationalpayday.com) into the google search box in the upper right hand corner of this page. This site has tremendous user support and you will find that it is likely someone has asked about your lenders before and you can get some info there.

I hope this helps...