How much to pay each month.
Date: Fri, 01/27/2006 - 15:53
I've perused several internet message boards like Creditboards, Info center, etc... and while they are great sources of information, this one takes the cake because it is the most useful cite that I've seen when you're caught in "Payday loan hell." I think I joined this site 2 weeks ago and I cannot believe how helpful it has been. If you all think this is a corporate azz-kissing, then you're right. LOL! I'm sucking up to you all because that is how great the information has been. Had I found this 2 months ago, God knows how far ahead of the game I'd be. Had this happened, I can guarantee you that I'd be free of this situation. I honestly did not know the options one has when dealing with payday loan lenders until I "found" this board a little less than 3 weeks ago. Again, I say thank you all for your input. Priceless is not the word. IT IS NOT THE WORD.
Now, to make a long story short, I have 11 payday loans out to the tune of about $4,200 dollars. I can believe that I have that much, but it's reassuring to know that I've seen similar totals since joining this board. Now that's reassuring and very comforting. To know that the system forced someone else to involuntarily climb aboard the payday loan merry-go-round makes me feel human. Trust me, before hand I felt like the biggest loser around. Now I don't feel so bad. Back to my story. I have 11 for $4,200. As weird as it may seem, I feel more in control today than last week when my account was open. I closed it, have told my lenders such, and will start repaying them starting on 2/3/06. Again, because of this board, I feel that I have control for the first time in about 7 months. Now here's my question. How much do I offer each lender per month? I can spare $500 toward the total and that would get me outta' this mess in about 8 months if my math is on par. I'm going to use a snowball technique by paying the smallest amount off first and applying the payment to the next smallest. Whaddaya' think? Is that to much money to commit each month? Should I keep a beiiger cushion? I can clear abou 700.00 each month before the P/D loan payments. Should I give myself more room, take more time to pay 'em off to make sure "that" emergency doesn't happen again? Let me know.
Again, thank you all folks. I had no idea. I should have $4,000 in the bank based on what I make. unfortunately, I'm flip-flopped. But thank you for the advice. I wish I'd a found you 2 months ago, but better late than never, right?
Hi notell39 I am feeling so happy seeing you taking control o
Hi notell39
I am feeling so happy seeing you taking control of all your financial problems. You have quite a good amount to spare each month for your debt account and if you stick to it, you won't have to pay a single dime on the 9th month. Be sure that you will stick to the plan no matter whatever happens!
Now, while dealing with your lenders, you need to make sure that your money will actually go to your debt accounts and after they are fully paid, these accounts will get updated in your credit report on a positive note.
Prefer to have everything in writing from your lenders. They might tend to back off from their words after a certain period. The paperwork that you will get from them will be an important source of proving facts and figures.
Do all your correspondences through certified mail with return receipt requested. This way you get sure that your mails are actually received by them and they sign the green slip.
If they insist to send more and will put it in papers, do that if it allows your pocket. Basically, you will only be benefited out of that because you will take less time to pay off everything. Of course, that might need living on some tight budget but that will be also of good help. You will learn how to budget yourself during hard times. And, if you have learnt this trick, history won't be repeated again.
Let us know after you have talked to your lenders. You sound determined in paying off the debt within the fixed time. Your confidence will bag the best benefits during this period. Hope everything works well as planned. Do give us the good news after you have started off the plan and it will be great keeping in touch with you.
There is no end of knowledge. This forum tries to provide the minute details on killing the debts. So, you will like yourself to be glued here with us. It will be also good to see you involved with us and help others. We will learn new things with a smiling face everyday.
