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Home > Ask The Get Out of Debt Experts > My Salary Has Been Cut Twice. I Fell For a High Priced Installment Loan Where They Took 33% as a Processing Charge. – KNR

My Salary Has Been Cut Twice. I Fell For a High Priced Installment Loan Where They Took 33% as a Processing Charge. – KNR

My salary was cut twice in a six-month period plus my employer deducts $150 per month for health insurance. This caused financial issues and I sought a payday loan with the expectation to pay he full loan amount in two weeks. To my surprise, the tax refund I was expecting did not arrive so I needed a second loan to pay the loan.

I found an installment loan and was approved for 1500 but missed the fine print that indicated the processing fee was 500 so I ended up w/only 1000 and again unable to pay off the full amounts so you see why the 3rd and 4th loans enter my life. Now I am paying $1450 per month in fees (645 biweekly and 166 once per month for installment loan) and the balance remains the same. I want to pay the loans in full but cannot afford to continue this way as my credit is getting hit hard due to late car payments,etc.

Will I be able to enter into an alternate payment arrangement with each loan or do I need a settlement company and is it fraud in the State of Michigan to make your bank account deposit only to stop the debits while I am trying to negotiate a payment plan?

KNR

I’m currently backed-up on answering questions so I’m posting some of the questions here for you to help answer.

This is your chance to be a hero and help out this person by providing your feedback and answer to the question in the comments section below.

My Salary Has Been Cut Twice. I Fell For a High Priced Installment Loan Where They Took 33% as a Processing Charge.   KNR
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My Salary Has Been Cut Twice. I Fell For a High Priced Installment Loan Where They Took 33% as a Processing Charge. - KNR by

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Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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