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!
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