I've been reading on this site for months, trying to figure out how to get myself out of the hole I dug myself regarding payday loans. I've read the success stories and about closing bank accounts, but I'm terrified of doing that because I don't want to default on anything--I'm paranoid!
I guess I really don't know where to start the ball rolling in terms of cutting out the loan/re-loan cycle that I've been involved in for 3 years now. Can anyone help me get started? I can't find much info on Wisconsin, and what kind of communication I am allowed to send to the payday loan companies.
Here is what I have out for PDL's(I've actually used these companies for years, and keep paying off the loan and re-borrowing, because I don't have the $$ to pay my regular bills!):
500fastcash: Borrowed $400, Paid $120 so far
PaydayOne: Borrowed $500, Paid $87.50 so far
CashTransferCenters: Borrowed $700, will have $840 taken out of my bank on Friday. (this is the main reason I keep having to re-borrow from the others!) :(
CashCentral: Borrowed $400, Paid $400 in 4 rollovers; $500 is due to be taken out on 5/12. (**I faxed them a letter today advising that I will not be able to pay the entire amount, requested to revoke the ACH withdrawl, and wish to make payment arrangements--no response yet. Was this ok to do?)
I have three store front PDL's that I've been rolling over and over--I have been told by all three that they do not make settlement offers, so I'm not sure what I can do with that. Here is what I owe:
Check Into Cash: Borrowed $500; I pay $110 every two weeks then pay off at the 4th rollover--and reborrow the same day.
Check Advance: Borrowed $700; I pay $160 every two weeks just to roll it over--they let me rollover as much as I want(gee, how nice)
Check n Go: Borrowed $700; I pay $160 every two weeks then pay off at the 4th rollover, then borrow it over again the same day!
I really need assistance on how to end this cycle--I have NEVER defaulted on any of the loans since starting them up years ago, so you can see that I'm pretty good at "paycheck juggling" in order to make sure I have sufficient funds in my account.
I make good money--unfortunately, it all goes to this and I have nothing left to show--my credit cards are maxed right now because of this and I'm frustrated every payday. If anyone can help me straighten out my mess, it would be sincerely appreciated!
Thank you for any help you can give me!
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