Payday Loans – What should i do about my payday loans?
Question about what should i do about my payday loans :
I have about 5 payday loans, and now I cant afford to pay them. I was thinking about closing my checking act, and then making paymnt arrngment with all the payday loan places. What do you think? Do you think its a good idea. I keep paying them and having no cash for my bills. HELP….
Answer about what should i do about my payday loans :
they can’t work out a payment plan with you until your check bounces.. after that, you can make payment arrangements with them, but if you fail to show up and pay when you say you’re going to, they can ACH your bank account at any time.. if you have a closed account, then they obviously can’t continue to try to take you funds out.. i wouldn’t recommend closing your bank account, just let the checks go through and bounce and then make arrangements, and stick to those arrangements.. and i agree with the guy that said these loans should be made illegal.. many people mean well when they take one out.. they don’t intend to not be responsible and just pay it off quickly, but the reality is that it gets too overwhelming for them to handle because the interest is so ridiculous and the payments fall on bad pay days after a while.. another thing you can do is just knock each loan down a notch every time you take it out.. i know it sounds hard, but it will be worth it and they will be paid off in no time at all.. or maybe you can find a family member to front you the cash to pay them all off?? whatever you do, i wish you good luck.. i know how bad those loans suck..
source here.
