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Like so many others, I have gotten myself in a bind with payday/installment loans. Plus now my husband was injured last week and will be off work for weeks.
I would love some advice on how to get out from under these.
I live in Idaho and I have loans out from the following lenders:
The Cash Store (installment loan) borrowed $? pd $1423.98
Money Tree (installment loan) borrowed $? pd $1307.49
EZMoney (payday loan) borrowed $780.00 pd $343.20 (finance charges only)
I can't remember the exact loan amounts of the first two, I need to check my paperwork, which I don't have on me right now.
Thanks for any help!




So the loan from Money Tree was for $1500.00. The one from The Cash Store was $700 or $800.

Would love some advice! Thanks

Sub: #1 posted on Wed, 08/01/2012 - 10:55

janted92 janted92

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The problem here is that all of your loans are with legal lenders. So, you are going to have to pay them.

My best advice is to contact the corporate offices for each of these lenders, explain your financial hardship and see if you can work out an extended payment plan for the payday loan and an alternate payment plan for the installment loan.

Sub: #2 posted on Wed, 08/01/2012 - 11:26

OhioGal1 OhioGal1
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Would a debt consolidation company be able to help with these? thanks

Sub: #3 posted on Wed, 08/01/2012 - 11:47

janted92 janted92

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Possibly but, why would you want to pay even more money to someone else? Call them up and see if you can get your payments lowered.

If they can't do anything for you, you will have to default and then work out a payment arrangement with their (or an outside) collection agency.

Sub: #4 posted on Wed, 08/01/2012 - 12:02

OhioGal1 OhioGal1
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I think as of right now, I will have to go with option two and default on them and them make payment arrangements. The payday loan is due on Friday and I don't have the money to pay it this time. :(

Thanks for the advice

Sub: #5 posted on Wed, 08/01/2012 - 12:06

janted92 janted92

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In that case, you should send each of your lenders an ACH revocation and also let them know you're revoking any wage assignment you may have signed. Tell them you're doing this specifically to force the account to collections.

You will then need to give your bank a copy of the ACH revocations and ask them to close the account and open a new one where the old account number is in no way linked to the new one. This is for your protection as PDLs are infamous for putting debits through your account even after revocation. If they can't close the account right away, ask them to put the account into a deposit only status so that nothing can be withdrawn from the account unless it's an in-person transaction.

Sub: #6 posted on Wed, 08/01/2012 - 13:02

OhioGal1 OhioGal1
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