Ask The Get Out of Debt Experts Reader Questions

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.


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About the author

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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