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I have about 5 payday loans right now. And I keep having to get more just to pay the interest and fees every paycheck. I am paying about 1,500.00 a month to just the interest and fees and never getting the actual loan amount down. Plus, this is taking have of my paycheck away from other bills and rent. I am stuck, I am nervous about calling and trying to work out payment arrangements. They all come out of my bank account. Can I close my account withouth it being opened again when they try to collect. I want to pay them, but I can't keep on this downward cycle. I had to get help when my husband was out of work for 2 months and he doesn't know about all of them, just a few. He doesn't understand where all my paycheck money is going to when I have to ask him for more money for bills. Can anyone help???




Okay. I'm going to be honest with you. Don't lie to your husband. I did that once, and we are still recovering from it. Please be honest with him. Explain why you did what you did and tell him that you are trying to work out a payment arrangement. But lying to him isn't going to be good for your relationship!

Second, don't be scared to call and work out a payment arrangement. They want their money. And they are going to be a lot nicer now, than if you miss payments and go to collections. Just remember, they are people too, nothing to be scared of. The worst that happens is that they say no and then you have to figure out another way of paying them.

When I got into trouble with payday loans I closed my bank account and got a new one. But for some reason the bank let them keep charging on my old account. They got their money, but then I was in collections with the bank. I did it all wrong.

My advice is to just call and see what you can work out. And please be honest with your husband!

Sub: #1 posted on Wed, 08/27/2008 - 08:21

anc526 anc526

(Posts: 192 | Credits: 52.1)

Hello and welcome to the community! :) First of all, please list the following information so we can help you.
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.
I'm sorry to tell you this, but there is only one sure way to stop the withdrawals, and that is to close your account. If that isn't an option, then tell the bank to put a hard debit block on your account. Before you close your account, read this information at the link below. http://www.debtconsolidationcare.com/paydayloan/close-acc ount.html

Please do not let any of these pdl's know you are going to close your account, until AFTER you have done it!

Sub: #2 posted on Wed, 08/27/2008 - 09:42

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

Okay

Sub: #3 posted on Wed, 08/27/2008 - 22:59

debra.bougere debra.bougere

(Posts: 3 | Credits: 0.79)

I live in Texas and all of the PD loans are internet and I owe the following since June 1st, some of these I had to pay and then re-borrow again since I used up all my extension:

Star Advance: owe 250 have paid 248 in fee and int
Cash Net USA: owe 675.00 have paid 647 in fee and int
Speedy Cash: owe 628 have paid 255 in fee and int
Payday One: owe 1,110 have paid 685 in fee and int
Think Cash: owe 755.50 if I pay off Sept 1st, but I made arrangement to pay 167 a month for 12 months.

The last one I had to get to pay for all the fees and interest payments for the other 4. Payday One and Cash Net I have had since January and February and just keep paying and reborrowing. My husband and I live pay check to pay check right now and we make just enough to pay our bills without the PD loan payments, so that is why I have to keep borrowing and we can't get caught up or get ahead with these payments. I can close that account, but I do have another one at the same bank and am worried they will just get that account number through my name and start drawing on that one too. I do own my car, how bad are those title loan companies?

Sub: #4 posted on Wed, 08/27/2008 - 23:12

debra.bougere debra.bougere

(Posts: 3 | Credits: 0.79)

I'd say that first, you need to tell your husband.
I think you know why you need to tell him, but also, 2 heads are better than 1.

Try and see if you can get an account in a different bank.

Maybe someone else can have some input about the 167 for 12 months thing. $2000 for a 755 loan seems a little drastic, even with fee's and intrest.

I would do everything you can to keep paying the title loan company unless there is proof they are an illegal company.

Sub: #5 posted on Wed, 08/27/2008 - 23:17

Unregistered


title loans are iffy, if you do get one, make sure its with low interest and its for a 12 month period. Be sure that your monthly payback is getting applied to the principal because some title companies like to do "rollovers" meaning if you don't payback what was loaned within 30 days, they will take on interest each month until you do, so you have to payback the entire principal plus interests in a month rather than having one solid payment for like a year similar to a regular car payment from a dealer...be careful with that, and make sure you understand the terms FULLY, these title loan companies are not very leniant and will repo your car in a heartbeat

Sub: #6 posted on Wed, 08/27/2008 - 23:45

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