Can I get out of payday loans this way?
I have three payday loans. (1) 575.00 (2) 345.00 (3) 162.50 In the contract it states you can make a prepayment of no less than on (1) I paid on (2) i paid , I made the prepayments right after I took the loan out because in theory they cannot cash my check and will be forced to accept any kind of payment I make. That way my bank account doesn’t go neggative when they try to cash the check and also so they will not take civil action against me. I want out of these payday loans and I am willing to make payments (1) said they could set me up on a payment plan of 143.00 every 2 weeks but I can’t afford that!!! PLEASE HELP!!!
PS putting a stop payment on the checks will cause them to put some kind of judgement against me and look bad if i can just make them take a reasonable payment i can truly afford.
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What you need to do is pay them off as soon as possible. Payday loan companies are expert in getting judgments against you and collecting them. Every dollar you do not pay them adds to the interest and penalties. These guys are sharks with teeth when it comes to collecting.
The answer is that no, you can not get out of honoring the terms of the original agreement unless the state you live in has a "buyers remorse" clause that applies to pay day loans. I doubt that it does but good luck.
The only way to "Get out of these Payday loans" is to pay back the money as agreed, pay them off early or pay them off in full.
Good Luck.
You could always try to put a stop payment on those checks, if your bank will allow it. And any debtor you have cannot turn down any payment you offer, and as long as you make some sort of payments, they cannot come after you in the court system. Just don’t miss any payments… Just tell them, say, "Look, I can afford $25 / week (or whatever), and that’s what I’ll pay." What can they do, really? "No, keep your money… We’re suing you"? Good luck…
The interest on these loans will mount until you pay them. If you don’t pay, you will get sued, they will get a judgment and garnish your wages. These loans are not going to go away so you better figure out how to pay them before they start sucking the blood out of your paycheck.