I have, like many others on this forum, gotten myself into a world of trouble by taking out several payday loans. It started with one payday loan when I was in a tight spot for cash, and developed into a pattern of pulling out more payday loans to cover the recurring payments from previous loans and other bills. Most on this forum are familiar with this vicious cycle I am sure. I understand that I am at fault for getting myself in this situation, but I am now unable to pay all of my payday loans and my normal bills each month. I am considering the option of consolidating these debts, but was curious as to whether or not this was a good idea. Does anyone have any suggestions of reputable companies that would be willing to work with me? At this point I am running low on options and am getting desperate. All of the loans that I have received are internet loans and are detailed with my balance on each below (I reside in the state of Virginia):
Money Key - $400
Next Day Cash - $500
CK Marketing - $500
RD STN Financial (RedStone) - Unknown
PDL Now - $409
Plain Green Loans - $619
EZ Payday Cash - $520
Seasside Cash - $1,040
You can probably tell based on my balance with some of these companies that I have successfully paid off a loan or two before only to borrow again, this time with the "benefit" of being able to borrow more money than before. Some of my bi-weekly payments are going towards the above balances, but most are not. To date I hate to even imagine the thousands and thousands of dollars I have spent each month making these recurring payments.
One side note: after doing some research on the forums here, I have noticed others having issues with RD STN Financial (Redstone) and that they may not be a licensed or legit company. I am unable to track down any information on this company to get my balance/initial loan. If my memory serves me correctly I borrowed $300 well over a year ago. In 2012 alone I paid them well over $2,000 in charges. If anyone has information on how I can get in contact with this company and/or their experience with dealing with them (maybe even getting a refund) I would greatly appreciate it.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.