How do i get out of pay day loan debt? - i feel depressed with debt

Discussion in 'Personal Finance Q & A' started by prameet, Jul 19, 2016.

Welcome to the Find Some Money Forum
I Need 1000 Dollars Right Now

I Need 500 Dollars Right Now

I Need 100 Dollars Right Now

- The Find Some Money Forum is a community of members dedicated to helping each other Find More Money.

- On this forum you will find information on making money, saving money as well as investing money

  1. prameet

    prameet Administrator

    Admin Post
    How do I get out of payday loan debt? I feel so depressed I don't know what to do. Rather foolishly I took out multiple payday loans to make ends meet, I thought I could manage the debt but now I cant afford to repay the payday loan. Not sure what to do, I'm receiving calls and letters from pay day loan companies wanting answers. Is there a way I can write off my loan? Can I get sued by a pay day loan company and can I get arrested for not paying a payday loan. Please I'm confused and need direction. I have promised myself not to take another loan as long as I live and just need help paying these loans off. I have to repay over 5000 dollars and can only afford to make about 50 dollars in payment.
    Alistair and hamza like this.
  2. hamza

    hamza Newbie

    You need help with too many payday loans that you've taken out. You can no longer bury your head in the sand and hope this goes away because it wont. The Pay day loan debt will get bigger and bigger as more and more interest and charges are added on.

    What you need to do is contact all the payday loan companies to let them know that you're having financial difficulties and that you're in over your head and cannot make the payments. Ask them nicely to stop all interest and charges so the debt does not spiral out of control.

    You then need to fill out a income and expenses questionnaire to show the payday loan company how much you can afford to repay. So long as the payment offer is reasonable the payday loan company will accept your reduced payment proposal. I urge you to do this quickly before the payday loan company sells your details to a debt collector because that's when the trouble really starts.

    I don't think you can be sued for not paying a payday loan but you can be taken to court for breaking the contract. If this happens then the loan will spiral out of control because all the fees will be added to the loan. If the debt does spiral out of control you could be arrested for not paying if the court has ordered you to pay.

    Don't delay, call the companies now and get on a payment plan so you can clear this debt. Hope everything gets better.
    Alistair likes this.
  3. Alistair

    Alistair Newbie

    Great advice!
  4. Alistair

    Alistair Newbie

    You could try to write off the debt on medical grounds. If you're feeling anxious and depressed then the Doctor might be able to help by offering a report to creditors on your mental health. I've seen other forum members use this strategy to get out of debt. It doesn't work all the time but it does work occasionally.
Similar Threads: loan debt
Forum Title Date
Personal Finance Q & A Can i stop paying payday loans? i want to clear all debt Jul 18, 2016
Personal Finance Q & A Help with payday loans - debt spiraling out of control Jul 12, 2016
Personal Finance Q & A Help need monthly payment loans for bad credit - any companies? Aug 9, 2016
Personal Finance Q & A Best low interest personal loans for bad credit - under 10% over 5 years Aug 4, 2016
Personal Finance Q & A Can i get a home loan with no money down? have good credit Aug 4, 2016

Share This Page

Popular Posts

I Need 500 Dollars Right Now

I Need 400 Dollars Right Now

I Need 300 Dollars Right Now

I Need 200 Dollars Right Now

I Need 100 Dollars Right Now