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Payday loan quagmire?*
I took out a couple of payday loans recently tro fix my car. Only after doing so did I find out what a racket this is. I'm now caught in the cycle of not being able to pay off the loans because of the horrendous fees. I can barely feed myself now. What to do? If I close that checking account, what happens then? I'll still pay the loans, of course, but maybe I could negotiate then. Any ideas would help!
Answers:
1) Your best solution would be to borrow the amount owed to the Payday Loans people from your friends, parents or a bank. Then pay off the sharks, I mean, the Payday people.
2) Try to take a loan from a reputed lender but not pay day one. As you have gone for pay day so it is obvious that your credit is not so good so try for some bad credit loans which has low rate than your present loans and then negotiate all the pay days and pay them off with this loan and then only pay a single loan. You can also try some debt consolidation agency. To know more you can visit http://www.badcrediteasyloans.blogspot.com and http://www.debtconsolidationmanagement.blogspot.com
3) Hi, I used "Credit Solution" to settle my debt.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here: http://tighturl.com/60c
4) In most states payday lending is regulated and there are some laws that require the lender to give you a mandatory repayment plan, if you ask for it. You can Google "your state" + department of financial institutions and try and contact them. You'll need to ask for the consumer hot line or number for the governing body of payday loan companies. Typically, if you tell them your issue, they'll know where to send you. If this doesn't get anywhere, ask for a repayment plan from the lender. Tell them, it will be the first and last time you ask for a break. If they still don't want to work with you, you can try and run. I don't recommend this b/c this stuff catches up with you. You can stop payment on the checks and close the bank account. This won't get them to leave you alone. You should also look into debt counseling. Again, contact your state department for reputable companies.
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