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Home > Ask The Get Out of Debt Experts > Had My Hours Cut Back and Took Out Payday Loans I’m Having Problems Paying. – Linsey

Had My Hours Cut Back and Took Out Payday Loans I’m Having Problems Paying. – Linsey

“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.

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”

The Answer

Dear Linsey,

Get Out of Debt Free Hotline

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.

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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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