Has Anyone Used A Debt Consolodation Company To Help With Getting Out Of Payday Loan Hell?
I made the stupid mistake of getting a payday loan and now I cannot afford the interest and try to even attempt to pay on the principal. . I am in bigger trouble than I was before I got it!
Tags: Anyone, Company, Consolodation, Debt, Getting, help, Loan, Payday, Used, With
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on Friday, October 30th, 2009 at 8:57 am and is filed under Payday Loans.
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There is debt consolidation service – use something like CCCS which they help you to negoiate new interest rate with creditors and setup a monthly payment to distribut through you creditors.
or there is Debt “free” company – who let you stop paying and they will have lawyer to negoiate the pay off price with the creditors. You will pay about 8-15% commission for them, but you can get like 40-60cents on a dollar you owe. They will have escrow account for you to deposite money in, then when the amount is accumulated to certain amount. Then they contact the creditor and offer them like paid off amount.
But both programs will ruin your credit report. Beaware of this factor, it will take about 2-3 years to repair credit.
If you can’t pay off the payday loan, you will not be able to afford a debt consolidation company. They will suck you dry as bad as the payday loan companies.
Notify your bank to stop accepting the automatic withdrawals and let the payday loan companies hound you and possibly take you to court. Try not to just close your bank account since you will likely get bounced check fees for each attempt to withdraw by the payday loan company is made. Usually the internet payday loan companies are breaking the laws in your state and if they get a judgment (you must appear at the court or else they will likely get what is requested), the amount requested can be reduced significantly by state law.
The following are the laws of the different states for payday loans. The important thing is the “rollovers permitted” (usually 0 through 3 depending on the state but some states are unrestricted). That means that they can only continue to charge the high interest rate (usually 400%-800% APR) for that many withdrawals. After that, they usually must reduce the interest rate to the usury law (generally about 10% APR).
Click on your state at the bottom of the link. http://www. paydayloaninfo. org/states. cfm
Do this now, start today and have more money by the end of the week. Click this link http://groups. google. com/group/ways-i-make-money/web/how-lots-of-people-have-been-making-money?hl=en6.
You can be skeptical, that’s natural for humans because we have emotions. Just realize that a 15 yr old kid did this and made hella money.
It will be worse if you add another leach to the process. Look, go to family, or sell something to get rid of these bloodsuckers. Do it now.
Honestly its a last resort and it can be a lot of interest payments. But sometimes its the only choice. Hope you get what you need.