I Need to Take Out a Payday Loan to Cover My Credit Counseling Payment

im currently on a debt management plan of 100 per month but needed to take a payday loan out to cover my self for the month but when my payday comes i wont be able to pay both. unless i get it exended till next payday or do you think dexter bell would add this to my current dmp then everything would be ok if they did.

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7 thoughts on “I Need to Take Out a Payday Loan to Cover My Credit Counseling Payment”

  1. Avoid at all cost getting quick loans from Pay day type lenders… You really just end up putting off the inevitable shortfall of cash…I agree with the other folks on this topic, call the folks who setup the DMP and explain what’s happening.

    Here is my one beef with these DMP’s it’s been my experience that they set you up with some great payment options, however our budget was so tight that when 1 unexpected bill came up we ended up behind… this is when I think that they are in the CC company’s back pocket and really are just trying to get as much $ from you as soon as possible…

  2. Unfortunately you have taken a second bad step. 
    Getting Debt counseling is a good first step but then you complicated your
    financials by taking out a loan.  Once you do this you have put yourself
    into an endless cycle of borrowing to pay off one creditor while
    “cheating” another creditor of their trust in you repaying
    them.  It is an endless cycle and will hound you until you come to the
    point of saying “Enough!”  At that point you need to re-evaluate
    your lifestyle and maybe it is time to sell off something that is nice to have
    but is not a “have to have”.

    In order to get back on track you need to seriously consider taking on a second
    job.  The second job does not have to be anything spectacular. 
    Discipline yourself, when you take that job, to use your income form it to pay
    only on your title loan.  Once the loan is paid you are free to quit that
    job or may continue to keep it to help get yourself out of debt sooner by
    applying it;s income to your other debts.

  3. NEVER take out such a loan! The amount of interest and charges you pay, even for a week or two, is not worth whatever else you may be trying to avoid. These loans put you in a downward spiral you will be hard-pressed to get out of.

  4. Please whatever you do do not take out a payday loan! if you dont pay a payday loan back they will take your money or charge you double. Most payday places make you write them a check for the amount plus there interest so that if you dont pay it they can take it out of your account which is never good. plus the interest is ridiculous. your best bet is to tell the company your situation and see if they can work with you. PAYDAY LOANS SEEM LIKE THE ANSWER BUT THEY NEVER ARE AND WILL ONLY END UP CAUSING YOU MORE GRIEF.

  5. Making a reasonable budget and sticking to it can be extremely difficult. I know from my own experience that I had to change mine at least twice before it would actually work, and I learned a lot about myself in that process. I mean like what I think I spend, and what I actually spend. I still don’t have it right, but am learning to live with what we set. The first is that borrowing is never going to get me out of debt, the second is that money is finite, when it’s gone, it’s gone. You learn to live with it and it does get easier. I no longer allow myself think, well if I only had another hundred…. . It can be a painful process, It seems easy enough, right? Income minus Expenses equals Disposable Income. And we’re not supposed to have any of that in bankruptcy. so the rest of ours goes to the trustee. Ha Ha. But, hang in there, it does get easier. If I were you, I’d go back over the budget with the debt management company. The answers are here, so keep looking. I can only share my experience, and have learned so much on these boards. Truthfully we’ve been living bankrupt for so long, now that we’ve filed, it’s a relief to finally acknowledge it and begin moving on.

  6. Never ever take out a payday loan. Call your credit counselor and explain your situation and go back over your budget to figure out why you are short. Either you got an unrealistic budget from your counselor or you are not following the budget you agreed to .And adding another debt to a debt management plan when you can’t make your current payment doesn’t sound like a good idea.

    It may well be that you cannot make it on a debt management plan. That happens with many people and means that you need to consider another option. If your debt is large enough you may need to consider bankruptcy. And if you simply cannot follow a budget and cannot stop borrowing you might as well default. You cannot borrow your way out of debt.

    Remember that that there are only two ways to improve your finances: spend less or earn more. Pick one or both and get started.

    Good Luck!

  7. I certainly do not recommend taking out a payday loan to try and cover the cost of the DMP. That isn’t a good idea under any circumstances. You should first contact the DMP provider and tell them you will not be able to make the payment and see if they have any suggestions.

    Also it might be that you are just not in a financial position to be able to pay these debts back at this moment. You may need to consider letting them go and attempting to settle them down the road, unless you can earn a little more money each money to continue with your DMP payment.

    But do not take out a payday loan to cover the payment.


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