Help! Drowning in payday loans.?
I need serious help! I have about 00 in payday loans out and can’t keep up the interest payments. It started out as one payday loan, then another to pay that one, and so on. No one wants to give me a regular loan because I have bad credit, which is caused by a bad divorce and then getting with someone who I tried to help out financially by loaning him all my money and then he lost his job and now I’m the one with the bad credit and no money. What happens if I don’t pay these loans and can I file them on a bankruptcy? I have no money for an attorney to file bankruptcy. I just need a 00 to 000 loan and I can get back on my feet and stay away from the payday loans forever. Someone with a heart, please help me. I’m losing all hope of any end to this hopeless situation.
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you should get thee to a non-profit credit counselor, asap. they can look at your specific situation, help you understand the patterns that got you into your mess, and work with you on creating a plan to get out.
it will be far more help to you than anything we could say here online.
I am in the same situation… well I can make the payments but it doesnt leave me with much to live off of. Its a vicious cycle that I wish i would have never started. At the time we really needed the money but its at such a high cost. We have no money to save so we can fix our credit because it all goes to these payments. Good luck. Try Prosper.com. Its a site where people loan to other people. We tried but since our credit is bad and our state has such a low interest rate limit no one is willing to take that kind of risk on us with such a low reward in return (and I can’t blame them, I wouldn’t either).
Just call them and ask to work something out, sometimes they’ll give you a break on the interest.
When I had to declare bankruptcy, I couldn’t afford a lawyer either. I had to look around for low cost legal help. A paralegal helped me prepare the paperwork. You could also go to the library and look at some books on money management.
However you manage to deal with this, be sure to stay away from payday loans in the future.
First off, you need to get financial counseling somewhere. Some places offer it free. Then, you need to begin paying off your loans. Bit by bit. It is going to take time. Never loan someone else money, it isn’t a good idea. You have to pay these loans…just filing for bankruptcy isn’t the best idea.
Payday loan = Loan Shark! Just file bankruptcy and get it over and done with. There are local free legal help places that can help you..
First stop wringing your hands and take control of your situation. We are talking only $2500.00 right ? and don’t even think of declaring bankruptcy for $2500.00, that’s a bad move.
The only one that is going to help you or can help you is YOU !!!.. I would also forget about that seedy payday lender doing anything for you, BUT TRY ASKING . After that start your new life.
YOUR SITUATION IS NOT HOPELESS AND YOU ARE NOT IN A MESS
What you don’t need is another loan. A loan is what got you into trouble in the first place, any lender that would consider lending you anything would charge you interest through the nose and then some.
What you need right now is a good part-time job and a little self sacrifice, like cutting your spending on things like Friday nights out, the beer and cigarettes etc.
A part time job at $8.50 an hour 15 hrs per week is about $125.00 works out to less than twenty weeks of your time to pay off the loan. Take away some of those vices, put in more hours and you can be debt free even sooner.
And then if you are as smart as you think you are, don’t go near those types of lenders and keep the part time job watch your money more carefully and presto you can be ahead of the game in 6 months or sooner and looking at a better financial future.
You really don’t need counseling, YOU ARE PROBABLY WELL AWARE OF THE HABITS THAT GOT YOU INTO THIS TROUBLE IN THE FIRST PLACE.
Just use your brains that the good Lord gave you and stop asking people to lend you more money
Good Luck, you can do it !
Norm….
You need expert help to get out of this mess and then you need to get some credit counseling so you don’t get back in.
Paydayloaninfo.org is the most comprehensive site for consumers and payday loans. They give some real good advice to help you get out from under this debt. They cover pretty much every issue regarding payday loan companies.
http://introxl.com/
Visit Prosper.com. This is People to People lending. They have plenty of good, free information for you. The company has been featured on national TV new casts (not infomercials) and published in several magazines such as Newsweek. Stay away from payday loan sharks. Complain to your elected representatives. They all need to be out of business.
you do not need a load you need a fire sale — pawn or sale every thing you can from car to computer to the ironing board and get out of the situation or you will be homeless within two months!!!
Unfortunately, this is pretty common. It’s easy to get trapped in a cycle of payday loan debt once you take a first loan out. It’s not easy to dig out, but you can. Go to http://www.cycleofdebt.org and sign up for their free guide to help you get out of payday loan debt. Once you get out, do whatever you can to avoid payday loans in the future & stay out of the payday loan debt trap!
Norm had the best answer if you take the time to read it after he took the time to type it.
My sister is in the same same a going to email this to her too.
You not alone those payday places are a joke .
I just wish that people know what they are before they go to them
I work at a bank in ohio and we see more people loss everything because of the paydays
If you were givin another loan how are you going to pay it?
You have to put yourself first – sounds like you’ve had some bad luck and too big of a heart (loaning money).
Unfortunately, you won’t be able to get a unsecured loan once your credit score is too low and your debt is too big.
The only way out is not another loan but another job.
Take the extra $$ from the second job and set up a budget to pay off your debt. Go to the library – there’s some great books out there that can help. Write your budget down, contact the people you owe and make arrangements. You won’t believe the power you’ll feel when you turn your life around.