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I Don’t Get Much From Social Security and Can’t Afford Payday Loans

Question:

Dear Steve,

I’m on Social Security.

I get only $579.00 a month. I have 2 payday loans, $657.00 & $557.00

I can afford to keep paying the interest of $147.00 & $95.00 each month cause I’m able to pay anything toward the Principal.

I need some kind of help. What is your charge to help me? Cause if I miss a payment, they hit my bank and take all money at once. I don’t get enough money to pay both, cause then the bank would charge $37.50 each time they send. And request the bank to pay. Please, if you can’t help, could you refer me to someone who can?

Thank you

Hazel

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Answer:

Dear Hazel,

I’m happy to give you free advice. I do not charge for any services.

I would bet that the payday loans were taken out to help with some expenses because you find it very hard to live on $579 a month.

Typically I would first suggest bankruptcy to terminate the old payday loans, but in your situation, I think the struggle to live is going to be ongoing and more debt might build up so there is no need to rush to file.

I would suggest you contact the very kind people at HELPS, a nonprofit law firm. They can help you with very little—expense to deal with the payday loans and protect your Social Security benefits.


Damon Day - Pro Debt Coach

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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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