Help with payday loans - debt spiraling out of control

Discussion in 'Personal Finance Q & A' started by Ammo_Ram, Jul 12, 2016.

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  1. Ammo_Ram

    Ammo_Ram Newbie

    I need some help with payday loans. I took out a 30 day payday loan and now I can't pay the money back. The loan company is adding fees and charges and the debt is spiraling out of control. I only borrow 500 dollars and now I have to pay back 800 dollars. Please help. I have asked other personal finance websites but no one is offering any advice. The last thing I want is for this debt to go up so much I cant ever repay it. If anyone can help me with payday loans advice I would be indebted.
    Simrin and Miles like this.
  2. Miles

    Miles Newbie

    I'm sorry to hear about your troubles. The first thing you need to do if you need help with payday loans is to contact the creditor. Call the payday loan company and let them know that you're having financial difficulties and that you cannot pay the debt as planned. Ask them to stop all charges and interest otherwise the debt will swell out of control.

    You should fill out a financial questionnaire which shows your income and expenses. You can send this to your creditor to show that you do not have any disposable income. Tell your creditor that you intend to pay the debt off but need time and a payment plan.

    As long as you don't have many assets the payday loan company should accept that you need help. They should stop the interest and charges. You should even ask them to reverse the interest and charges so its easier for you to pay off your debt. You will be given a payment plan and you should make sure its affordable before you accept. If the payment plan to pay off the debt is affordable stick to it until you pay it off and avoid all future debts from payday loan companies. Check out the video below on where to go if you need help with debt.

    Simrin likes this.
  3. Simrin

    Simrin Newbie

    Have you tried asking your friends and family for help? Getting help with payday loans by going to see a debt counselor is a long drawn out process. To end this misery once and for all I would ask someone for help to pay off the debt and then repay them with a strict repayment plan over 12 months. Your debt is 800 dollars. If you agree to pay 100 dollars over 8 months to your family or friends they are likely to help out.

    If you cant borrow money from your family and friends as @Miles says you must contact the payday loans company and ask her help with the debt. Sometimes creditors write off debt if you are struggling with no assets so its worth a try. Good Luck.

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