Need help out of Payday Loan Hole
Date: Thu, 06/02/2011 - 21:05
I have closed my bank account today - to recapture my paycheck, and pay the all important house payment. I have discussed with two Payday debt consolidation companies the possibility of using thier services - however their fee for 12 months is not cheap and I am not sure of the effectiveness of thier services.
What would be the steps I would need to take to handle these on my own? Step 1 - 2 - 3, etc. I have looked for this clear cut answer/direction in the forum and haven't seen it.
Can they garnish my wages? One company had a form permitting this. Is there something that can prevent this?
How would I prevent them from contacting any personal contacts provided?
And typically, what type of negotiations can I make with them. It is my intent to pay them back - I just need some breathing room to make that happen. I have moved to reduce my expenses and be able to live within my reduced means, which I will be able to do once the payday loans are paid.
Sincerely will apprieciate any direction and assistance. Will be happy to reciprocate once there is something to contribute. Thanks in advance.
Since the amount is not huge, so you can take out a low interest
Since the amount is not huge, so you can take out a low interest personal loan from your friends or family. Otherwise, you can start working online. You can earn hundreds of dollars each month and use that money to pay off your debts. You can also take out a payday loan consolidation loan to repay your debts.
They can garnish your wages only after securing judgment order against you. If any company has obtained judgment order against you, then you'll need to pay it off.
Quote:I have moved to reduce my expenses and be able to live wit
Quote:
I have moved to reduce my expenses and be able to live within my reduced means, which I will be able to do once the payday loans are paid. |
You're trying it the right way. Creating a budget is the most important thing for you under the present circumstances. Then you could perhaps save more out of your regular expenses.
Filing bankruptcy can prevent wage garnishment. But you'll need to consider other repayment options before even considering bankruptcy (it affects your credit worthiness). While repaying your payday loans, please check if all of them are licensed to operate in your state. Lenders who aren't licensed to operate in your state are only required to be repaid with the principal loan amount (no need to pay for the loan interest or other associated charges).
please provide this info
since no internet loan is legal in IN i need the following.
1)name of each lender
2)amount borrowed from each
3)amount debited by each so far
you see the fact that these loans are most likely illegal you only owe the principle,and anything debited gets deducted from that.example:
you borrow 250.00 from xxx they debit 75.00 three times you only owe 25.00 to xxx.while you are getting that info for us go to the sticky titled DEALING WITH ILLEGAL LENDERS at the top of the paydayloan help forum.it has all the letters,and steps you need to get these places out of your life for good,but please provide the info requested.we can help further with that.
