2007-08-01 08:55:29 · 8 answers · asked by amwi33 1 in Business & Finance ➔ Credit
Find a part time job
2007-08-01 09:03:49 · answer #1 · answered by krzychk30 3 · 0⤊ 0⤋
I'll probably get thumbs down for this advice, but oh well.
1) Close the bank account with the payday loans on it. You obviously can't pay them, which means that they keep trying to take their money and charging you $35 each time. You're probably losing hundreds each month in fees-- money that could go towards paying them off, but instead is being wasted.
2) Open a new seperate account and DO NOT give htem a check or any information of it. DO NOT use this accoutn to write ANY CHECKS WHAT SO EVER. Don't even use your debit card as any thing but an ATM card. Dont set up payments with any bill payers over the phone. From now on, you operate on a cash only basis. When you have a bill to pay, you get a money order and mail it to them. never again will you ahve to worry about checking yoru bank account balance and see a negative symbol or MUCh less money than the day before. Never again will random bills zap out of your account and leave you with no gas money.
3) Now, start paying the smallest payday loan first. Send them $100 or whatever you can, but start paying something asap. Call the others and tell them you'll send them just a token amount-- $10 or 20, so show you haven't forgotten, but focus the majority of the money on one single loan. When its paid, roll that money onto the next one.
Hopefully you can manage to pay them before legal action, but that's not guarenteed. But if you keep on your current path-- it pretty much IS guarenteed. You need drastic changes. Create a spreadsheet of all bills and know when each one is due, and do your best to pay on time.
Good luck!!
2007-08-01 09:54:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
What I have figured out with research is that if you cannot afford to pay them back, then don't. Why keep paying them an outrages amount of interest each week. You can stop payment on that check. You can then save the interest money you are paying them, and you will be able to pay them back within a few months. These lenders think they can scare you with into paying it back because you wrote a check, but that is just not true. The law forbids payday loan lenders from initiating or threatening a criminal prosecution against you or from collecting the treble damages that might otherwise be payable pursuant to the Civil Code for a dishonored check. They do reserve the right to collect delinquent loans using all legal remedies available including legal debt collection and civil court action. This is the most legal action they can take against you, it will take them months to take you to civil court, and another month or two to garnish your wages, if ever.
2007-08-01 13:10:42 · answer #3 · answered by twv23512652 2 · 0⤊ 0⤋
Can you work out a payment plan with them. In my state, these loans are regulated by the Department of Consumer Affairs. If you enter into your 3rd payday loan, our state requires that you be allowed to pay it out in a payment plan if you ask for it. You have to pay it in 4 payments, and they have to coincide with your pay periods. Also, after you have repaid the entire loan, you cannot get another payday loan for 15 days. The maximum interest fee we can charge is $15.00 for every $100.00 borrowed, which comes to 15%. Then each additional $100 borrowered above $300, the increase per $100 is $2.50. Good luck!
2007-08-01 09:07:02 · answer #4 · answered by makeloans2 7 · 0⤊ 0⤋
For Credit and finance solutions I always recommend this site where you can find all the solutions. http://INSURANCEANDFINANCETIPS.INFO/index.html?src=xbanzGS23
RE :I need help paying off my payday loans. I am about ready to lose everything.?
Follow 8 answers
2016-10-07 00:53:03 · answer #5 · answered by Anonymous · 0⤊ 0⤋
If you can't pay them back they have to go to court. That takes time and may give you the time you need to gather the money. It won't be pleasant, they'll call you and contact your employer and try to garnish your wages. If you can't get all the money, pay back what you can. You will get through this.
2007-08-01 09:04:45 · answer #6 · answered by bmausbach 2 · 0⤊ 0⤋
why would you ever get that kind of loan - they charge like a 1000% interest - worse than a loan shark
2007-08-01 08:57:36 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Maybe you can sell everything first so at least can save your credit.
2007-08-01 08:58:19 · answer #8 · answered by shipwreck 7 · 0⤊ 0⤋
get a job, or another job.
2007-08-01 09:21:26 · answer #9 · answered by Anonymous · 0⤊ 0⤋