Re: PayDay Loans--Hel
10-22-2008 03:48 PM
I, too, am in the same boat, as a result of divorce. I agree with the advice of closing your checking account, but beware....many companies are turning to legal recourse if you default. I had one file a civil suit against me, and I made arrangements to pay them off in two installments if they would drop the suit. I just made the second payment yesterday, and am waiting on the paperwork in the mail. Note, the amount I paid was twice what I originally "borrowed", as they charged filing fees/interest. I have also received a notice from the attorney of another one, and am going to contact them to see if they will agree to a payment plan of the original amount plus any bank fees they may have incurred. I live in Ohio, and one of the issues on the ballot this year deals with these sharks, where the amount of interest they can charge is severely reduced, along with the amount and number of loans one person can take out at a time. Believe me, I am voting YES on this one!!! Like johnsj21 said, contact them and ask for a repayment plan. If they have not gone into collections you should be able to work something out. Sometimes it's comforting just knowing you're not the only one in the same boat! Good luck!!!