PayDay One

Hello again. I live in PA so PDL's are legal as long as they are liscened in another state. PayDay One is in the state of DE. I started with a balance (which was originally transferred from PayDay OK) of $528.75 back in Dec. 2007. I received 3 small increases since that point to a principal balance of $750. When I defaulted, back in the middle of August, according to their site my balance was $1140. I have paid $1468 on this loan since 12/2007.

I, of course, sent them a letter asking if we can do something about this balance and bringing it down a little since I've paid so much. Here is the response I got today:


Thank you for your recent fax. We have reviewed your request for a payment plan
and offer the following:

Your total balance due as of Tuesday 09/02/2008 is $1,365.00.

The payment plan is:

Payment (1) $ 227.50 due 09/12/2008
Payment (2) $ 227.50 due 09/26/2008
Payment (3) $ 227.50 due 10/10/2008
Payment (4) $ 227.50 due 10/24/2008
Payment (5) $ 227.50 due 11/07/2008
Payment (6) $ 227.50 due 11/21/2008

Please let me know if you accept this offer.

Would you accept this offer? I'm thinking I respond back and ask if this is the best they can do. That's almost $500 a month, a lot of money that I can't really afford to pay.

Any thoughts??

Thanks again,

Diane