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Pam454
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Subject: Cant pay off payday loans-what can I do?
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Thu Jun 18, 2009 8:43 am
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| It has been months I have been trying to fix my credit report. Few years ago foolishly took some payday loans which I was unable to repay. They have been after me. Now I have been laid-off and finding it difficult to pay off the debt. If I pay the pdl I fall behind on by credit card payments. I have so many creditors calling every day. I have only managed to make regular payments for my mortgage. But now I have these creditors threatening to sue me. I don't have enough o pay all the debts. We have a small business my wife looks after. We don't have enough to run the household if we spend on paying off the debts. I think I should file for bankruptcy but I know that my credit records will be spoilt forever. I need your advice. Please help. |
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rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Thu Jun 18, 2009 9:10 am
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Hi Pam,
Instead of filing for bankruptcy, you can take a debt consolidation loan. You will get the following 3 benefits by consolidating the debts:
1) Only one payment- You will have to make a single monthly payment for multiple debts. It is easier to budget your expenses, if you have to make only one payment for many debt accounts. Another advantage is that you don't have to keep track of all your accounts, which is sometimes very confusing.
2) Debt amount is reduced- You will have to pay less than what you owe, as the the interest rates are reduced through negotiation with the creditor. Any penalty charges for missed or late payments can also be eliminated by debt consolidation.
3) Get rid of collection calls- As you will make a single consolidated payment for multiple debts, the individual creditors/collection agencies will stop contacting you. This can save you of a great deal of mental stress.
Hope this will help 
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Looking forward to a debt-free life. |
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internet15
Joined: 16 Apr 2009
internet15's page
Posts: 51
2439 Magic Points
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Mon Jun 22, 2009 12:21 pm
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This is never a question you want to ask, but it does happen. Many people intend to pay back their payday loan right on time, but circumstances arise and they are not able to. So what options does this leave you with? You still have to pay back at some point. You do not want to be stuck with that helpless feeling for very long.
The first thing you need to do is approach your lender with the problem. Let them know that you may have trouble paying off and if there is anything the two of you can do about it. You do not want this loan to go to collections. You may only need a small extension on the loan. See if they will give you a couple days. But more likely you will need a payment plan.
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Free Credit Repair|Fast Payday Loans |
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