I am in payday loan hell and I would like to get some advice

Hi dccbooth

Your approach towards creditors is perfect in handling the payday loans. In fact, many of us start up this way only. There are times when we are struck with hard times and are unable to pay back the huge amount in interests.

Talk to your lenders before they place the call to you. If they do so, you can expect them to be harsh on you. But if you place the call first and express your concern, they will be reasonably fair. I think you should advance them some money as well with your proposal letter. This way, they will understand your willingness to pay the debt. Keep negotiating with them till you get the desired results. Some benefits can be extended to you so that your repayment becomes easier. Most of the charges will be wiped off from the total debt if you are able to able to express your concern seriously.

Once the plan has been set, do not miss the payments. Remember, these benefits will come to you only once. If you hurt the payment plan, all the benefits will be withdrawn permanently and collection attempts might become even stronger.

Thank you for your response ben. So you are saying I should call them initially? Then follow up with the letter? I really want to avoid any harrassment at work. Too embarrassing!

Send your letter through certified mail with return receipt requested. Keep everything documented so that you can show the proof of the correspondence done. Keep a follow up on the phone as well.

Will do. Thanks again so much. I was so relieved when I found your website. It gave me a lot of courage.

Keep in touch with this community. It has been so helpful in dealing with the debt problems and getting sound advice. Everyone shares their experience here and thus it becomes helpful to all.

dccbooth,
Good Luck and hope you come back to the forums to share your story. I don't have any payday loans and didn't know what they were until I came to this forum. So I was lucky. Just wondering...if you have payday loans can you consolidate them?

The pay day loan companies are the worst creditors to deal with when you cant pay them back. You have to stop the debt cycle that you get into after borrowing their money, and not being able to pay it off in full.
You are caught in the cycle of renewing the loan by paying $60 every two weeks with more than one payday loan you dont have the money for rent groceries etc.

So you have to stop the cycle regardless of what the consequences might be. One payday loan company kept calling me at work I work them the Stop collection call letter, but then they started up again so I wrote the letter again this time sending it certified mail, and telling them that I will be reporting them, because they didnt honor my stop the collection calls request. My goal was to push them back until I can pay them off one by one they also might settle for a 50% discount.

I have found some payday loan companies once it goes into collection it seems they are snakes in the grass trying to get their money they seem sneaky so dont feel comfortable trying to negotiate a repayment plan with anyone who would just debit money out of my checking account without my permission.

With payday loans some are predatory lenders I found payday ok to be the best I was able to negotiate a repayment plan with them.

According to the members' feedback it seems that payday lenders sometime help debtors to settle the debt before going into default. But once you miss payments and the account is sent to collection, it is tough dealing with the collectors and creditors.

I have 6 payday loans I am going to try this approach to as well. Thanks for this page!!