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Payday loans and social security

Date: Wed, 12/18/2013 - 19:30
Submitted by on Wed, 12/18/2013 - 19:30
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Help! I've got six outstanding payday loans, each total $300. I was able to secure them against my only source of income, my social security. Stupidly, I kept getting new loans thinking I'd pay off the prior one. Now with owing this much I can't get out from under because I need the $255 (left after they take $45) to survive to pay rent, etc. Is there anything at all I can do? Can I try seeing if I can just pay the interest until I can repay the rest? I've also got medical bills, other bills and I'm drowning. I would appreciate any response or suggestions. I won't ever do this again but right now I need some peace of mind.


What state are you in? From what loan limits you are quoting, it sounds like you possibly could be in California? If you are, California is very agressive regarding illegal payday loans. Please let us know where you took the loans out and with whom. It's going to be OK.


Submitted by kscornell on Sat, 12/21/2013 - 11:56

kscornell

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since no lender that is legal would lend if the only income is SSI,OR SSDI.these are illegal.you need to get that account closed and get your SSI deposited into a new account.now since these lenders are illegal you only owe the principle,and anything debited at all gets deducted from that.so you might not owe a thing,or very little.but you need to change accounts asap then go over how much was debited by each lender.if you do owe something pay it on your terms,and when you can.do that.


Submitted by paulmergel on Thu, 12/19/2013 - 05:25

paulmergel

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