Debt Consolidation Forums Debt Consolidation and Debt Settlement forums

I'm in Payday Loan Hell with the rest of you...need help.

member profile picture

I recently fell into the spiral of payday loans, as well. It started with one to help me with moving expenses. And then another, and the point that I have 5 now. I never intended it to get that far but when I was really broke and had nothing to my name and no one to borrow money from, that was the only option.

But now, between the five companies, they are deducting $910 per month and NONE of it is going to the principle on the loans. I make about $1000 per paycheck, and they are taking half of each paycheck.

If I don't do something, I'm not going to be able to pay my car payment, insurance, and rent--the three critical items.

I thought about closing my checking account and then sending them letters, stating that I will pay them off via money order by mail. I DO want to pay the loans but for example, last month, not only did I pay $910 in worthless interest, but about $150 in NSF fees resulting in them taking the money the day before scheduled because my payday fell on a Saturday and they took their money on the Friday before hand.

If I close my checking account, with no more money being drawn, out of each paycheck, I can pay ONE loan off at a time, thus in 5 pay periods, have EACH loan completely paid for.

I'm scared of the repercussions of closing my checking account, though. I'm afraid that (A) I'll never be able to get a checking account again, (B) in the time lapse of the 5 pay periods, or about 8 weeks, they will have sued me by then, or (C) will have gotten me in trouble at work. I work for an airline. They all have the main switchboard number and calls of such nature are NOT welcomed at my job.

In 5 pay periods, I can have all the loans paid off. I am just soooo scared of what will happen to me if I just go with it and close my checking account.

Any advice would be greatly appreciated.


Email address removed as per forum rules - Mike

I live in washington state and I have 5 internet payday loans in collection and they made payment arrangements with me but those will take up half of my checks and I am scared as I cannot afford to pay half of my checks for 3 months they said those were the only payment arrangements they could make and that if i defaulted on them they would go some company and they will take me to court and garnesh my wages and the fees would double. If my wages get garneshed I will lose my job that is how my company works. can anyone help me with advise. my 1st payment of 438.66 is due on oct 16 2008.
please help to understand this more. i guess I was really dumb in my decisions and I owe the money I just need to know where I stand with them and If I have more choices than they gave me. Thanks

Sub: #1 posted on Sat, 10/11/2008 - 02:00


I found some info on NLS/National Cash Advance/Cash Ph# is: 1-877-995-1400

Sub: #2 posted on Fri, 03/14/2008 - 00:34

whiterock73 whiterock73

(Posts: 376 | Credits: 47.62)

Im in trouble...I have 6 online loans and I barely have any money left on payday and cant pay the bills I got the loans for in the first place. I live in Arkansas. HELP please!

Sub: #3 posted on Fri, 03/14/2008 - 00:31


I too got caught up in the payday loans, what I had to do is file for bankruptcy. You may want to check with your district attorney office to see what they have to say.

good luck.

Sub: #4 posted on Tue, 08/07/2007 - 00:57


I believe they are one in the same.

Sub: #5 posted on Mon, 07/24/2006 - 20:44


You can check with your bank to get the contact info for NLS..

Sub: #6 posted on Sat, 07/22/2006 - 19:45

finsfan13 finsfan13
(Posts: 6919 | Credits: 652.11)

does anyone know how to contact NLS?????

Sub: #7 posted on Sat, 07/22/2006 - 16:35


what is the company's website?

Sub: #8 posted on Fri, 07/07/2006 - 20:07

polly polly

(Posts: 1709 | Credits: 253.21)

I have NLS as one of mine, too, and still havent been able to locate ANY contact info. My bank didn't have any info in the electtronic record with their withdrawal, either, which I thought was odd. If anyone comes up with anything, please let me know.

Sub: #9 posted on Fri, 07/07/2006 - 08:28


You must check your state laws first. In most of the states, you are allowed to do a stop payment but that will add to your NSF. Explain the situation to your bank and they might help in opening a new account if it is possible. I will like to talk with the lenders and work out payment plan directly. If they can accept my arrangement, there won't a need to close the bank account.

Sub: #10 posted on Fri, 07/07/2006 - 03:38

andyyoung andyyoung

(Posts: 451 | Credits: 65.32)

More information
  • Files must be less than 1.25 GB.
  • Allowed file types: txt pdf jpg jpeg png.
Post as a guest
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Post as a member

Share post

Page loaded in 0.753 seconds.