Car repo'ed due to PDLs/need help in AL/$300 a month in fees
My husband and I have a total of four payday loans, two at one place and two at another. One is called Advance America and one is called Express Cash. Express Cash is just a little local loaning place.
We pay $300 approx. in fees each month. Our income, only income, is his/our kids $1251 per month in disability. Our loans are for $500 - $87.50 fee, $450 - $78.75 fee, $350 - $61.25 fee, $400 - $70 fee. We have had these on our backs since March of this year. We had them before then for about a year each, but were able to go without borrowing in February when income tax money came in. I can't find a job, last day worked was in March.
We just our car repossessed last night because our car payments went to cash advance places. We recently closed the checking account that the cash advance places have on file but the only bank that would open another checking account for us was the same bank. We had to have something opened so my husband's (and our children's) disability from the gov't would have a place to be direct deposited.
We are on food stamps, have two school-aged children, now have no car, are three months behind on our house payment. We really really really need to get this $300 a month off our backs and I don't have a clue how to do it.
I know we have out more than the state of Alabama allows (no more than $500 per person at all loan places combined). With Advance America, we have "renewed" the loans on the same day we have paid them out (the third of every month) unless the third falls on a holiday. Then, Advance America makes us come in the business day before the third to pay it out and makes us come back the business day after the third to get more money. Other than that, it is always done on the same day. With Express Cash, we don't leave a signed check. We have to sign some sort of statement that allows them to debit our specified account if we do not come in and pay it out, etc. With this place, they have a "pay down" plan where, after eight payments, you begin to pay down the loan. Well, since we only have to pay once per month, this takes eight months to accomplish.
So, any tips? Ideas? Hints? Anything would be helpful!!!