“Dear Steve,
My husband and I had hours cut backs at our jobs for a while and took out payday loans (5 to be exact : ( ) We are now in debt to our eyeballs with these stupid loans.
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What can I do to pay these off but have money lol. They take every payperiod out of my account, plus sometimes on the wrong dates causing us to be negative constantly. I need to find a way to get these paid off but not have them take all these fees out all the time. I dont have the credit to get a loan to pay them all off at once and dont know if there is a “good company” to consolidate.. please help, any advice is great!
Linsey”
Dear Linsey,
You have a couple of options. You can talk to the payday loan companies and let them know you need a reduced payment. Some payday companies offer a liquidation program but there are tight guidelines.
But because these are causing you to be negative each month you are probably looking at a payment intervention. The only court sanctioned way to do this is with bankruptcy. You should probably talk to a local bankruptcy attorney and discuss your situation.
Please post your responses and follow-up messages to me on this in the comments section below.
