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What is the Best Way to Handle Payday Loans I Can’t Pay? – Scott

By on May 28, 2011
What is the Best Way to Handle Payday Loans I Can’t Pay? – Scott

I have several payday loans that currently I can’t pay back on time. I have three that are current, within the last 2 months and 2 or 3 that are several years old. I have recently been contacted by 1 of the older payday loan companies for payment.

What is the best way to handle these payday loans and get them paid back? Do I start with the oldest one first and work my way up thru the rest of them?

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.


READ  How Do I Deal With Payday Loans That Are Defaulting? - Lynn

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About 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.

5 Comments

  1. benny

    May 30, 2011 at 1:24 pm

    steve:if your starting to get behind on credit cards and have tried  contacting the cc companys and  they wont help /when they start calling about the payment, do you advise them that you are going to file bankruptcy or just say nothing until you file chapter 7. which is a best way too handle it

  2. benny

    May 30, 2011 at 5:24 pm

    steve:if your starting to get behind on credit cards and have tried  contacting the cc companys and  they wont help /when they start calling about the payment, do you advise them that you are going to file bankruptcy or just say nothing until you file chapter 7. which is a best way too handle it

  3. polyglott

    May 29, 2011 at 7:56 am

    Despite the threatening and abusive tactics they use, my findings are that payday loan companies have no more rights than any other lender in the eyes of the law. Draw up a budget (a ‘statement of means’), then make them an offer based on what you can realistically afford, making sure your own basic needs are met. It’s then up to them if they accept your offer. Try to keep calm, keep everything in writing and do not allow them to manipulate you emotionally to their own greedy and immoral ends. I paid back over $2000 payday loans 4 years ago. Please note that I’m not legally qualified to offer any formal advice; these are friendly suggestions based on my own experience, but are not a substitute for legal advice. I am not a lawyer nor a financial advisor – I’m simply a winner against the greed of the banks :)

  4. polyglott

    May 29, 2011 at 11:56 am

    Despite the threatening and abusive tactics they use, my findings are that payday loan companies have no more rights than any other lender in the eyes of the law. Draw up a budget (a ‘statement of means’), then make them an offer based on what you can realistically afford, making sure your own basic needs are met. It’s then up to them if they accept your offer. Try to keep calm, keep everything in writing and do not allow them to manipulate you emotionally to their own greedy and immoral ends. I paid back over $2000 payday loans 4 years ago. Please note that I’m not legally qualified to offer any formal advice; these are friendly suggestions based on my own experience, but are not a substitute for legal advice. I am not a lawyer nor a financial advisor – I’m simply a winner against the greed of the banks :)

    • caliz56

      April 27, 2012 at 2:57 pm

      great answer and advice

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