logo

Debtconsolidationcare.com - the USA consumer forum

Need Help!!

Date: Thu, 05/18/2006 - 07:06

Submitted by anonymous
on Thu, 05/18/2006 - 07:06

Posts: 202330 Credits: [Donate]

Total Replies: 14


I have been in this situation before but somehow I manage to get into it again. Over the course of the last three or four months I took out five different payday loans. I have had some success in paying them off but somehow got caught in the cycle of reloaning again. I have been trying to pay something towards the balance plus the refinance charges but it has come to the point where I can't because I need to make other payments toward my car and other expenses. I don't know what to do anymore. Before I simply closed my account and dealt with the payday loan companies by sending money orders when I can. Is this the best way of dealing with this? Should I contact them and see if they would be willing to make arrangements before closing my account? I just need help because I don't have any money any more.

Kathy


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.


lrhall41

Submitted by on Thu, 05/18/2006 - 07:48

( Posts: | Credits: )


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.


lrhall41

Submitted by Rach on Thu, 05/18/2006 - 08:17

( Posts: 206 | Credits: )


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).


lrhall41

Submitted by Rach on Thu, 05/18/2006 - 08:53

( Posts: 206 | Credits: )


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


lrhall41

Submitted by john on Thu, 05/18/2006 - 12:35

( Posts: 1231 | Credits: )