Ok, so I was very stupid to start taking these loans in the first place. The first one was ok, it was through a reputable company, and for a $500 loan, I ended up paying $600. Not bad. But then I started taking out loans through these on-line places. Between my wife and I, we have 7 out and are paying almost $1000 a month. For some of them I'm paying $90 every two weeks, and that has'nt touched the principal yet. Does anyone have any suggestions as to how I can out from these ASAP. I've thought about debt consolidation. I tried to get a personal loan from my bank to pay the payday loans off, but I was denied. Anyone who has been in similair circumstances and has some advice, it would be very much appreciated. Thank you.
2006-12-19 05:38:29 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I think these companies are complete rip-offs, but I still borrowed the money, therefore...I am going to pay it back. I think closing my bank account is a cowards way out, I got myself into this, I found them, they did'nt find me. I defaulted on one because they had my paydays wrong and tried to withdraw two days early. Well they called me and have set up some more acceptable payment plans. If I can't find a decent consolidation plan, I think that may be the best bet.
2006-12-19 06:10:21 · update #1
You need to use the snowball method. Get rid of the one with the highest interest while paying the others with a little more than just the minimum payment. Then once that debt is gone, combine that with the minium to pay the second one, just like a snow ball!!
2006-12-19 05:42:33 · answer #1 · answered by Webballs 6 · 0⤊ 0⤋
Almost sure that you must find all financial solution at= loandirectory.info-
RE PayDay Loans have buried me!?
Ok, so I was very stupid to start taking these loans in the first place. The first one was ok, it was through a reputable company, and for a $500 loan, I ended up paying $600. Not bad. But then I started taking out loans through these on-line places. Between my wife and I, we have 7 out and are paying almost $1000 a month. For some of them I'm paying $90 every two weeks, and that has'nt touched the principal yet. Does anyone have any suggestions as to how I can out from these ASAP. I've thought about debt consolidation. I tried to get a personal loan from my bank to pay the payday loans off, but I was denied. Anyone who has been in similair circumstances and has some advice, it would be very much appreciated. Thank you.
2014-08-16 07:05:02 · answer #2 · answered by Anonymous · 1⤊ 0⤋
I don't recall the name of the website, but there is an "Ebay of debt".
You get to explain your situation, then people will bid on taking parts or all of your debt. You make payments to these people through the site, and just like a credit card, if you don't pay you will be sent to a collection agency.
PayDay loans are the stupidest thing of all time. What were you thinking. Paying $600 to borrow $500 is not okay. That's horrible.
2006-12-19 05:43:53 · answer #3 · answered by MR MONEY 3 · 1⤊ 0⤋
First of all close your bank account,and get credit counseling,consolidate all your bills and pay one monthly payment.YOU MUST CLOSE YOUR ACCOUNT IMMEDIATELY!!!These payday idiots will try to tell you that the interest keeps adding up,but when you join and credit counseling agency,you will end up paying 25% of a dollar.Most of these payday companies online are operating illegally,so your conselor will call the idiots and they will lower the fee way down.
Doesn't cost you a dime,I've made a little over $900 in two months.Sign up takes 30 sec.
and you only have to be 13.This is the only legit work at home site I've found.You can't live
off the money,but its a great second income.
http://www.*************/index.php?ref=134239
2006-12-19 05:45:37 · answer #4 · answered by tom b 1 · 0⤊ 0⤋
Do you know what is the equivalent interest rate you are paying ?
What about using credit card check to pay off the loans, then find some organization that will help you to negotiate with the credit card company.
I am thinking credit card company may be easier to deal with than some no name online store.
2006-12-19 05:47:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
The pay day loans are setup to hook you in so you will pay them for as long as possible.
You will need to add money to your payments each month. Every bit will help to lower the principal. So if you are paying $1,000.00 per month try to pay $1100.00 or more. Each month more of the $1100.00 will go to paying principal than the month before.
You may need to get a part time job to be able to pay this loan down and pay your other monthly bills.
Good luck
2006-12-19 05:55:41 · answer #6 · answered by skm 2 · 0⤊ 0⤋
I HATE THESE PLACES!!!! I think they should be Illegal...
I spent many days counseling my military troops about these people!!!
Listen, you've got to immediately get on some type of budget! How much do you owe them total?
Figure out what you need to live off of, and dump everything else into these outrageous loans....Do you have anything you can sell, hock or pawn to pay these people off for good?
If you have to get a second job, get one, just to pay them off...then quit.
After you pay them off, then we can talk about setting up a budget you can live with.
Good Luck...do not get yourself further in debt to try to pay these people off, try one or a combination of the things I suggested.
2006-12-19 05:44:34 · answer #7 · answered by favrd1 4 · 0⤊ 0⤋
It's bad
2016-07-28 06:30:39 · answer #8 · answered by ? 3 · 0⤊ 0⤋
I was wondering much the same question
2016-08-23 13:11:37 · answer #9 · answered by Anonymous · 0⤊ 0⤋