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Need help to get out from under several payday loans

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lstwolf

Joined: 01 Apr 2008
lstwolf's page
Posts: 1

29 Magic Points

Subject: Need help to get out from under several payday loans

Tue Apr 01, 2008 4:38 pm

Can anyone help I'm in over my head with payday loans and really need help to get out before I lose my house and car

cbass1017

Joined: 01 Feb 2008
cbass1017's page
Posts: 88
Location: PA

325 Magic Points

Thu Apr 03, 2008 1:45 am

The payday loans will just have to wait. Your house and car are far more important right now. The first thing you will probably have to do is to close your checking account. You'll have to be prepared for the fact that you might have a hard time getting another bank to open you another account for a long time, but its usually the only way they will not be able to access your money. Once you get to the point where these companies are causing overdraft or NSF fees on your checking account its kind of like doubling the already outrages interest rate you are paying for the loan. You might even have to consider some sort of debt settlement if you can't find a way to pay these loans back. You might try checking out the Debt forums link at the top of the page.
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Scott McKay
DiYCreditGuide.com

scott

Joined: 28 Jun 2006
scott's page
Posts: 163

4471 Magic Points

Thu Apr 03, 2008 4:21 am

Payday loans definitely come last. Focus on saving your home. Use the debt forum for further help.

CanadaMoneyGirl

Joined: 01 May 2008
CanadaMoneyGirl's page
Posts: 1

47 Magic Points

Subject: Payday loan help

Thu May 01, 2008 3:20 pm

Payday loans are not necessarily a bad financial solution, but the key is to remember that they are short term only. Most will work with you to negotiate a payment plan, if you're up front and honest with them. Check Link Deleted: Violation of Forum rules- Richard for a company that provides full disclosure as to how the loans should be handled and useful links for money management advice.

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 2336

970 Magic Points

Thu Jun 19, 2008 1:29 am

I think the problem with them are their high fees and if your money is tight and they take the fees you can not afford to pay it off until you have 4 or 5 big fees paid which is way over the amount you borrowed in the first place.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!


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