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I live in Missouri and have 3 storefront payday loans ( Quick Cash, Check Into Cash, and Ace Cash Express ) that I just cannot afford to payback. Every two weeks I pay the minimum and they are just recycling and never ending and I am having trouble paying necessary bills. What can I do and what are the consequences if I do not pay them back and close my bank account.
All the above mentioned lenders are licensed in your state. You owe them both the principal and interest. Try to negotiate with your licensed lenders and set up a payment arrangement with them. Legal lenders can sue you because of non-payment of debt. Once the court issues an order against you, they can garnish your wages or place a lien on your property. So try to pay off your outstanding debts asap.
Yes, in addition to above, you should cut back on unnecessary expenses so as to increase your monthly disposable income and make extra debt payments to get rid of your payday loans faster.
Wrong and incomplete answers from both of the above posters. The correct answer is to call their corporate offices and ask for an EPP...an extended payment plan. If you need further help, go to http://www.debtconsolidationcare.com/ DCC is the sister site of this forum and we will give you the correct answers.