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How do i get out from under unmanageable payday loan debt? My husband and I have dug a bigger hole with payday loans, trying for a quick solution. We are now over extended and need to figure a way out without going further in debt with the bills we had originally on top of the pay day loans we've accumulated. We live in Nevada and I would appreciate any advice. cook3402000 replied: "file bankruptcy as soon as you can, you dont need a lawyer the clerk at the us bankruptcy court for your area will usually help you. do not go to credit counseling places"
LarryG replied: "Stop paying any bills right away. There is help...it's called bankruptcy...sounds bad but its a new start in life for people like you...lots of people fall into the trap of credit when banks and such promote spending so much. Don't worry yourselves sick anymore and restart life."
Sandalwood replied: "Is there a credit counselling service in your area? Free of charge, of course. You may need to talk to your lenders and say what's happened and ask what arrangements can be made for repayment. Please don't expect any courtesy because they will try to be bullies first. I don't know the extent of your debt, but you'll have to really, really tighten your belt and before you even spend 10 cents on a candy, ask if you NEED this or do you just WANT it? If your life will end without it then buy, otherwise, leave it there and walk away.
I'm Canadian and I know the USA just changed the laws about Bankruptcy, making it very difficult to walk away from your debts."
jedigrym99 replied: "Pay your bills, set the payday loans on the back burner and put a stop check on the check they're holding till you can gather the money to pay them back. I've been there it will never end thats how they stay in bsuiness!" Does anyone know of a good payday loan debt settlement company? I have about $4000 in payday loans and cant pay on them anymore. I need help out of this mess. If anyone can help, please let me know asap! Brother Otter replied: "Debt advisors don't specialize in "payday loans".
And you're in a world of hurt if you've got $4K in payday loans out. Hate to tell you, but that's going to turn into $8K before you can turn around.
Here's what a debt advisor is going to tell you: You have to get ahead of this runaway horse and get it turned. The only way to do that is to cut expenses and increase income and then put every available nickel toward paying off that loan. That means dropping anything optional for the near term - no beer, no cigarettes, no movies, and eat cheap. Generate some extra income - sell anything you don't really need, take a second job, rent a room to a college student, anything that gets some extra money coming in.
Having borrowed money and resorted to payday loan shysters to do it tells me you lack money handling skills. Find and attend a Dave Ramsey "Financial Peace University" course. In 10 weeks (one evening a week) you will learn everything you need to know to get out of debt and stay out of debt."
Joy Rose replied: "HI ,my names is Joy Rose.i saw your question in yahoo answer .i decide to referred anybody who is dire in need of loan to this God fearing man because i have been SCAMMED twice by this fake lenders.when i have bad credit is this man that gave me{ $60,000] .you can get to him via Email. tell him joy rose referred you to him who he gave a loan to.Goodluck
thanks,from joy Rose"
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Charles C replied: "Check this article from the NY times.
I've found some good sources here...
Good Luck." I need to get out of payday loan debt is there any where I can get a loan with bad credit? I went through a bad divorce that screwed up my credit. I have made all of the payments on the loan but its making me get behind on other bills. I make good money but cant afford to keep paying $330 every two weeks on the interest payments which dont make the loan any smaller. De Deuce replied: "Try another Pay Day Loan house. HEY! It works in the credit card arena. Run up a bill on one card, get another one."
Squeakers replied: "Your credit became bad,when you started missing payments on the Payday Loan. Getting a second loan,means paying for both of them. If you can't afford to pay off the first loan,what do you think will happen when you have to pay two?" payday loan debt consolidation for non-homeowner? any debt consolidation companies that will combine payday loans under one umbrella or any lender Flying High replied: "You shouldn't have more than one pay day loan out to begin with it's against the law. You may be turned in and arrested for doing so. I would check with your state legislation . They usually have some pamphlets there at the store that will provide you some information on it."
Elizabeth replied: "Practically any type of loan can be wrapped into the debt consolidation process. Common types include finance charges, late fees and overdraft charges, credit cards, personal loans, utility bills, medical bills, car loans, store cards, gas cards and back taxes. A debt consolidation loanold loans are replaced with a new one that has more favorable terms. Your loan consultant will negotiate with creditors on your behalf, so you’ll no longer have to deal with harassing phone calls and daily mail."
mefuture replied: "If you only owe a few hundred dollars in payday loans, a debt consolidation loan may not be available to you, but if you owe several thousand, or more, a consolidation loan may be a good choice.
If you own a home, a secured debt consolidation loan may be right for you. This type of loan is essentially a home equity loan which is used to pay off your other creditors. Secured consolidation loans help many consumers by consolidating all of their debts into a single monthly payment with a lower interest rate and payment amount. The Bills.com Savings Center is a great resource to help you find a lender for this type of loan.
Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs at:
If you do not own a home or other property to offer as collateral for a secured debt consolidation loan, there are several other options you should consider. You may be able to transfer your existing debts to a credit card with a lower APR, or one with a 0% introductory rate. A balance transfer could help you by consolidating all of your unsecured debts into a single account with a lower interest rate and lower monthly payment.
You may want to explore. Here you can search for credit cards that meet your needs. A card such as the Discover Platinum, with a 0% APR for 12 months, and 10.99% thereafter, is certainly a good deal as far as credit cards go. You could also look into an unsecured personal loan to consolidate your debts–check out the loans section of the Bills.com Savings Center for unsecured debt consolidation loans that may improve your situation. However, if your credit history is less than perfect, you may have difficulty finding a lender willing to extend you credit, and if you do find a loan, you should expect to pay a premium in interest. In fact, a conventional unsecured debt consolidation loan, such as those I mention above, may be impractical and cost-prohibitive if you have credit problems.
A possible alternative loan resource you may want to explore is, a site which puts private lenders in contact with private borrowers. A private lender may be more willing extend you a loan than a traditional bank. If one of these options will not work for your situation, the Bills.com offers a wealth of information regarding the various debt help options available to consumers–visit for more information." Help....payday loan debt? how can i get out of the payday loan rute? i started with one and now i have for. I dont have a pay check anymore because it all goes to the loans. I dont even have the money to pay them in full. I just keep extending them. I hate paydays. I just dont know what to do anymore. Pantherempress replied: "I can only suggest a second job to help cover your personal expenses while paying off the loan. Unless you can pay in full they are pretty impossible to get out of."
fruitloop247 replied: "try to find someone that can borrow you the money to pay them off. those people are the loan sharks from hell. and you might want to talk to someone about making a better budget for yourself so you don't have to do the pay day loans."
Clark C replied: "Hi,
This advice might be a bit off the beaten path, but this is what i would do.
I would stop paying all 4 of them completely. Save up some of my paychecks for a few months, and then offer to settle all 4 at once, for a bit less than is owed.
This plan sounds crazy, but if you can't get out of the hole, you have to stop making interest payments, and save some cash, then try to settle the entire thing for a bit of a discount.
Take thsi advice with a grain of salt, it might mess up your credit, etc, but this might be what you have to do to get out of the rutt.
-C"
momwithabat replied: "You need to be honest with yourself and separate your wants from your needs. It appears you have catered to your wants and sacrificed money that should be used for your basic needs.
We all want the newest and greatest gadgets around, but if you can't afford them, save the money for them instead of borrowing.
See what you can trim from your budget for a while.....at least until you can get the loans paid off. No new clothes, no new gadgets, nothing but self-prepared food, loan payments, gas, and utilities. The money left over is not splurge money until the loans are gone.
It's going to take self discipline on your part. But you will be the beneficiary too!"
gidgetgrapestar replied: "First, don't borrow any more money! You're already probably cutting out any unnecessary expenses, but cut some more until the debts are paid off. Consider having a yard sale and selling things at ebay.com or ioffer.com. You might even have to get a part-time job. It's tough, but you'll pull through. Good luck!
According to this article, if you have other debts you maybe elligible for debt consolidation and credit counseling.
Other sites:
Payday Loans = Costly Cash
PayDay Loan Consumer Information" Payday Loan Debt Is Killing Me! Tips Please!? Is it better to let them sue me. Will that stop the outrageous interest rates. I only have one loan remaining but it will take 5years to pay off.
After I get paid I barely have money for groceries. I had to get a second job and use food pantries. So paying more than the min. is almost impossible.
I have learned my lesson I will never borrow money from anyone again! teresathegreat replied: "No, lawsuits or bankruptcy are not the easy way out here, and they won't solve your problems. You looked for a quick fix and got suckered into a legitimate - but unfavorable - loan. Your best solution is to try to renegotiate your loan with them, or have it transferred to a more favorable and reasonable loaner.
Call the American Consumer Counseling Center - unlike a lot of those "debt solution" places, this is a non-profit and won't take your money. They can give you some great counseling and advise you on the best options for your particular situation.
American Consumer Counseling Center or 1-800-769-3571"
Goonhilda replied: "I too have a second job. I do two jobs to pay off my mortgage in 5 years.
You feel like you're up to your neck right now, but things will get better. Just focus on the prize at the end.
I recommed you consider getting a renter or boarder into your home to split the bills and the rent. That will give you more available funds to get rid of the loan. Even if you only did it for a few months, it would have a beneficial effect on your debt. I also suggest growing your own vegies (it's cheap and pretty easy if you have room in your yard, and it saves heaps) and taking your lunch to work with you rather than buying it. If you're not doing either of those things already, give it a go.
It's better to pay out the debt than it is to have them sue you. So keep trying.
Best wishes."
Jennifer replied: "Hi,
I used "Credit Solution" to settle my debt and improve my credit score.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:" Help with payday loan debt? my husband left me and closed down our bank account. I have five payday loans out in my name and i cannot possibly pay them off on what I make. I am afraid they will start calling me at work which would result in my being let go or if they attached my wages i would be living in my car. I have custody of my granddaughter and cannot get a second job or end up living in my car! I need some fast fast answers as these loans are coming up due this week. Ed Atun replied: "Go in person to the lenders and beg for an extension. Say that calls at work will result in unhappy results for both of you. Do not agree to pay any more interest.." |
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