Drowning in debt :(
Date: Wed, 03/21/2012 - 02:53
I have 9 loans out and live in Las Vegas, NV. I had to take my first loan out January 2010 and haven't been able to bounce back. The whole take out a loan, can't pay even the interest and have to take out another loan to cover scenario. I'm drowning in debt and I'm only 20 years old. I stress constantly and don't know what to do. Please help
My payday loans are as follows:
-Quik Cash dba QC Financial Services, Inc.: $262.36 financed, $311.95 total ($49.59 finance charge)
-Moneytree, Inc.: $411 financed, $478.82 total ($67.82 finance charge)
-Check City: $435 financed, $509.57 total ($74.57 finance charge)
-Advance America, Cash Advance Centers of Nevada, Inc.: $400 financed, $474 total ($74 finance charge)
-Express Cash, LLC: $200 financed, $221.33 total ($21.33 finance charge)
Installment Loans:
-Dollar Loan Center: $600 financed, $1578.33 total= $49.32 for 30 payments every 14 days
-Rapid Cash dba Principal Investments Inc: $800 financed, $1316.53 total= $219.42 for 6 payments every 14 days
-Family Finance: $500 financed, $935.22 total= $51.95 every 14 days for 6 months
& a Title Loan out on my car:
Rapid Cash: $2500 borrowed, $4361.29= 7 payments of $623.05 once a month
As I'm sure you know, all of these are due around the same time.... pay day. But I can't afford anything else with the interest amounts adding up. Please help!! I don't know how to post something or I would have. Thank you :/
At first you should contact with Nevada Financial Institutions D
At first you should contact with Nevada Financial Institutions Division to know whether or not pdl companies are licensed in your state. If they are not licensed, then you are bound to pay them only the principal amount. But you will have to pay the principal along with interest if they are licensed in NV. In this case, you may enroll in a payday loan debt consolidation program to replace your multiple bills into a single monthly payment.
As I see it, your only option is to talk to the state department
As I see it, your only option is to talk to the state department and find out which of these lenders are not licensed to operate in your state. You wouldn't have to pay these illegal PDLs finance fees or interest, just the principal amount. Other than that, the only solution for you is to enroll yourself in credit counseling or a debt management program.
