Help I have 4 payday loans out and I can't pay them off!
Ok, One day a long time ago I got an email about how I could have up to 1500 in my account the next day by just filling out a form. While, I filled it out, and they put 500 in my account. Well, the next paycheck they only took out 90 dollars. They started to just take out 90 dollars every pay, and I thought they were just taking 90 out every two weeks until I paid off my 500 and then I would be done. Well this went on for about a year. I started to get concerened. Then I called and found out that whole time I was just renewing the loan. I needed 590 to pay it completely off!
I then got a new payday loan so I could pay that one off. Well then that one started to take its toll. During this time I needed to get another because the one I had was taking all of my extra spending cash. Put it this way. Two months later, I got even two more to help keep up with those original two. What do I do? Can I file bankruptsy! Next time I get paid I am going to have pretty much my whole paycheck being just consumed by these payday loans being renewed. I can't pay them off. This sucks I can't work possibly anymore.
Sat Dec 03, 2016 8:40 am
ken-do-nim Full Member
Cash: $ 15.40
Joined: 08 Sep 2016
Location: Mansfield, MA
My advice to most people who get into debt way over their head is:
1) Rip up your credit cards. Pay everything with cash or by debit card.
2) Strictly track - with a ledger - where you spend every cent. Also a good time to track your food & calories and eat better too.
3) If possible, avoid housing costs by moving in with friends or family until you are above water again. Or take on a boarder.
4) Avoid loans in the future. They are not for everybody.
5) Do NOT gamble. Do not even play the lottery.
Fri Dec 09, 2016 1:58 pm
oldguy Senior Member
Cash: $ 718.00
Joined: 21 May 2006
quote: I then got a new payday loan so I could pay that one off. Well then that one started to take its toll. During this time I needed to get another because the one I had was taking all of my extra spending cash. Put it this way. Two months later, I got even two more to help keep up with those original two. What do I do? Can I file bankruptsy!
You'd file bk over $500?? LOL.
I looked at your other 7 posts - you bought a house, you are trying to buy the rental house next door, your real estate venture investment that crashed in Sept, - your job as a Financial Professional in Ontario. Do you really want us to believe that you got trapped by PayDay loans and that you don't understand what to do?
Fri Dec 09, 2016 4:45 pm
Paul@GFS New Member
Cash: $ 1.80
Joined: 18 Oct 2016
quote: Two months later, I got even two more to help keep up with those original two.
This is how the Payday lender make money. It's very important for a loan applicant to analyze his true potential for repaying a loan prior to submitting his loan application. You can't repay a loan with another and expect the situation to improve before the due debt of the latter. Bankruptcy is the lender of last resort; get your situation analyzed by a financial counselor just to ascertain if you still have a chance to plan your repayments before you file for bankruptcy.