What to do if you are unable to make paymentys on pay day loans.?

Question

I have recently aquired a great deal of payday loans. I am unable to make the minimum payments due to a recent seperation from my husband. I literally aquired the loans becuase he has been unable to maintain a steady job with adequate income. I fear jail time and I am not certain if there is anything I can do to prevent the worst. Things are already tough at home regardless the financial instability.

Answer 1

there is an old saying in the army "they may kill me but they can't eat me" in you case i know you won't go to jail but i woul strongly suggest you get out from these debts as soon as possible!!!

Answer 2

You won't go to jail, but as the other answerer said, you will owe more and more as time goes on due to interest piling up. Though I don't recommend it, sometimes filing bankruptcy is the only way out.
I would first look at your total assets and see if there is anything you can sell to payoff these loans. If you don't have children, you might have to just work two jobs for a while. I would also suggest that you get your separated husband to do the same. These might be lower paying jobs, but in such times, it's important to change the things you can, even if it is not convenient. I wish you well.

Answer 3

Contrary to what another poster said, this is not "marital debt". If you did these transactions in your name only, YOU are responsible for repaying them - not your husband.

You won't go to jail. I think you should call the pay day loan place and talk to them. I'm sure they've had other customers in your same boat - perhaps there's a way they can help you straighten this out.

Good luck!

Answer 4

Don't worry about going to jail, that isn't going to happen, but you will end up owing huge amounts of interest and fees.

Good luck.

Answer 5

it's marital debt so you are both responsible to pay it. Give the information to your lawyer and close out your checking
account.