Re: PayDay Loans--Hel
10-22-2008 08:20 PM
Excellent information and suggestions everyone, but question: Who is Dave Ramsey and how can I find more information about what he would suggest?
Google is your friend when you need an answer.
I haven't read all the replies, so this may have already been mentioned.
Contact the companies first. Explain that you are in a tough situation. You can not afford to continue to pay like this. You feel that you are getting to a point where defaulting is your only option. You would like to try to work out some type of new repayment agreement. Make sure you let them know, you don't want to cheat them out of their money or just run and hide from them. You'd like to pay them back but you are having difficulties.
Tell them you can pay XX amount every X week for X weeks until it is paid if they willl not add anymore interest from this point on. Get a signed agreement from them.
There are a lot who will rather just say no and not try to work with you. However, there are a few that will work with you. Suing you cost them time/money and they want their money as soon as possible. Many realize it is better to work with you.
My mother got in this situation and this is what she had to do. Of the however many she had(I really don't know, I think 4) there was only 1 that wouldn't do anything to help her.