They are taking every penny I have and then some;overdrawing my account and leaving me with nothing, leaving me to live in the red. I know I shouldn't have gotten them in the first place, but what can I do now? I need something to live on, money to pay my rent, but they are taking it all. They take all my money, all my direct deposit, every week and this is just to pay their crazy high interest rates, this doesn't go to actually paying off the loan. I tried talking to them too (it's multiple companies I borrowed from) but they mainly just pretend to help you by switching due dates around which doesn't really help. Need help, need money to live on!
2006-12-22 07:31:57 · 18 answers · asked by jensilver77 2 in Business & Finance ➔ Personal Finance
Close your bank account and file for bankruptcy.
It's a life saver.
2006-12-22 07:35:07 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Well you could talk to a debt consolidation place that may help you combine and lower all your payments.
Im glad that you realise that payday loan places are bad things to get into. They are ok for every now and then but not all the time.
Another thing that you could do is get another job and keep making payments to them. It may take a while but it will get paid off.
It would be a really good thing if you could get a second job that pays you under the table or that gives you "paper" cheques you can cash at their place of business ..it registers that you have been paid but pretty much just in cash. This way you can keep a little extra on hand.
Another way to go about it would be to talk to a bank and see about getting a personal loan large enough to cover your payday loans and pay them off with that. Im sure the bank would charge you alot less in interest rates and would give you a bit more to live on at the end of the day.
2006-12-22 07:39:34 · answer #2 · answered by timberleigh 4 · 0⤊ 1⤋
Ouch, I was in the same situation before, but fortunately I made enough with work to barely make it by and pay them off. What I did, is I had two companies to pay off. So the only thing I could do to eliminate them quickly, was to find some place to budget like crazy. You're going to have to watch every little thing that you do from now on until those suckers are paid off. Your food bill, map out what you can get by on and still live healthy, but absolutely NO eating out. While you map this out, and figure it out, then on your next time around with paying off your loans you'll need to just pay the interest off of one, while you put a dent in the other one by paying a large sum of what you owe, this will decrease the interest on THAT loan. Now, all you have to do is simply keep on switching that around. That one that you had just taken a big chunk out of, next time around you pay the interest only off of that one, and take a chunk out of the other loan. Keep on doing this swap and it will combat it down to where the interest isn't that high at all, and you can finish those loans off.
I feel for you, I know how hard and frustrating those places are. Just remember, that after this never EVER go back into it no matter what. We had use to survive without them in the past, and we can do that now, we don't need them. All they do is feed off of Americas need to have instant gratification.
peace and love,
rob
2006-12-22 07:40:43 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I think they may have you by the shorts, my dear. Now that you are in hock to them you may be stuck. You might try talking to someone at your bank or at a consumer credit bureau. But the trouble with those places is that they are somehow just skirting the law. Can you change your pay check so that it goes right to you? Also, I do not see HOW they can be overdrawing your account--if the money isn't there to take they can't take it. Talk to a bank manager, please, and good luck. These places are leeches.
2006-12-22 07:39:51 · answer #4 · answered by Anonymous · 0⤊ 0⤋
First call your bank, tell them not to authorize anyone other than you to deduct from your account. Then try to get a loan from a bank to pay them off. You'll still be out of the money but a banks APR is better than Joe's title and loans.
2006-12-22 07:36:28 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You are in over your head, I am sorry for you. That is very stressful. First off, you must stop using these companies NOW!
Go to your phonebook and look for your nearest "Consumer Credit Counselors" they are non-profit and will not charge you to have a consultation. They normally work with people who have a problem with credit cards, but they will help you and steer you the right direction. Without knowing more, I suggest you do this ASAP! You may need public assistance, better budgeting, but they will help.
2006-12-22 07:36:26 · answer #6 · answered by Anonymous · 2⤊ 0⤋
first thing is to close your checking account and immediately open a new one. that will close access to your funds. if they can no longer take money directly from you they may be more willing to come to terms on how you can pay this debt off. set up a payment schedule with them and let them know what you are able to pay.
finally, stop trying to live above your means. if you dont have the money to buy it, you just might not need it after all.
2006-12-22 07:48:23 · answer #7 · answered by Anonymous · 2⤊ 0⤋
1) Take the money out of your a/c as soon as it is payed in.
2) Then stop paying back the loans.
3) Then contact each lender explain your impossible situation and tell them either to reduce the amount you owe by 50% or you will declare bankruptcy. They will agree if they see you mean it.
4) Declare bankruptcy if you have to.
2006-12-22 11:15:44 · answer #8 · answered by Anonymous · 0⤊ 1⤋
It amazes me how so many people who borrow money from these guys call them scams once they have to start paying them back. Were they a scam when you walked into their business and they gave you a loan when no bank or financial institution would have? I'm sure your life is pretty tough right now but you'll find a way to get through it. Chalk this up as a learning experience and never enter into a contract again unless you fully understand the terms and conditions and are fully prepared to honor your agreement.
2006-12-22 09:03:31 · answer #9 · answered by SmittyJ 3 · 3⤊ 3⤋
I got caught up in those too-what I did was go to the person to person lending site(it's totally for real) called prosper .com - it is for personal loans-and u can ask from anywhere from 3000-25,000-it is a good way to pay off all of these and only have one payment a month -you can do it alone or join one of the groups-it is better if you join a group you get more people to bid on it(prosper.com will give u all the info u need. I hope it hepls
2006-12-22 08:32:35 · answer #10 · answered by Anonymous · 0⤊ 3⤋
Borrow money from someone else to get those loans paid off.
You might need to get a 2nd job to have more money coming in.
2006-12-22 14:11:28 · answer #11 · answered by parsonsel 6 · 0⤊ 1⤋