Installments Loans Help
Date: Thu, 08/09/2012 - 09:31
Now I am left with 4 legal installment loans:
CashnetUSA
ChecknGo
CashCall
SOS Loans
All were for $2600 originally, current balances are around that.. Monthly payments total to about $1600, which I absolutely can't make. I have tried some negotiation for a reduced settlement and have gotten nowhere.
My brother is suggesting bankruptcy as my only way out, but I am hoping for another less painful solution.
Any ideas?
The way I'm attempting to get my installment loans under control
The way I'm attempting to get my installment loans under control is to pay off one by taking out 2 small PDLs in its place and pay off the balance but I'm not sure if it'll work for you since your balances are quite high.
One of my installment loans was for about $1000 so I took out 2 PDLs for $400 each. I paid off the installment loan (and paid the difference of about $200). I'm trying to make math work for me here to save myself the most amount of money and get these paid off as fast as I can.
EZMoney loan was $1000, payment of $255 every 2 weeks. By taking out the 2 small PDLs for $400 each, I'm paying about $150 every 2 weeks for the loans. That means I can reduce the principle balance on one of the PDLs every payday by about $50 until its paid off. Then take the amount I was paying for the other PDL and add it to how much I pay the other one and get the 2nd one paid off faster. Then I'll repeat this process with another installment loan. I'll have been paying the biweekly payment for of the other 2 installment loans I have this entire time so the balances will be smaller and then when I take out the next set of PDLs to pay off the installment I'll be able to take out less each time and pay them off faster. Here's hoping my plan works!
