Need Help!!

I thought things had changed now...and there is a database that prevents one from having more 1 loan at a time. This being so people can get out of this cycle of loans.

I have so far had luck paying them off one at a time. Try to work on the smallest loan first. Call the company and see if they will let you pay in full early so that you can avoid paying another fee. If you keep the lines of communication open between you and your lenders, they should be more willing to work with you.

Should I close my bank account?

Kathy:

I hate the idea of closing your bank account. It creates extra hassle and if the account is NSF, I don't think the bank will close it until you get their fees paid. I would suggest trying to work with your lenders first and making account closure your last resort.

Also, everytime you close a bank account and open a new one, it gets reported to various databases and potential lenders look at that when making a decision. I am not talking about payday lenders, but rather banks and mortgage brokers and multiple account closures can affect the decision that they make regarding lines of credit (i.e. Mortgage loan).

How do you work with these PDL companies when they automatically take the refinance fee out of your checking account each week? Is it possible to speak with them a few days before the amount is due and ask if they will accept a smaller amount?

I have had luck doing that so far. I have 15 loans that I am trying to pay off and I have not had a problem with early repayment yet. (These are online lenders, by the way)

The smallest amount I owe is $150 and that is including a refinance fee. The problem is that I can't afford to just pay one off plus pay the refinance fee on the rest. I have a car payment that must be paid as well.

Call the company, explain the situation. See if there is anything they can do. At least make your intentions known; it cannot hurt.

I agree with rach, i would call the companies and tell them your situation so that way they know that you are aware and are willing to set up some type of payment method.

Is there a debt consolidation company that handles PDL?

I emailed two of them and they said that I would have to default on the loans before they would set up any other type of payment arrangement.

Kathy,

It is very to realize how much you can save each month. You need to cut off all the unnecessary expenses and live on a restricted budget. Try to save on things that you use or eat daily. This will add to your savings and later offer to the lenders. I know it is sometimes very tough to handle but you wish to come out of this debt also. Give a try. I wish you the best

Have you talked to the bank about the possibility of "freezing" your bank account; in other words, making it "deposit only"? You may want to contact your branch and see if this is a possibility for you. Good luck!

~Mary

Have you joined as a member here and received the free debt/credit counseling? They will surely be able to steer you in the right direction and offer good advice. Good luck.