I've hit rock bottom

[jmbfl]

Glad to hear there are no legal implications. Here in FL they can and will get you civily and criminally. It is like debtors prison: put you in jail because you cannot pay, but you can't work then, so how in the hell are you supposed to pay? But once they get the legal hooks in you and you cannot pay up on the spot that is what will happen.

ChekSystems is worse that any CRA! If your bad checks end up in check systems you will not be able to open any new accounts until you settle them - and even then they will retain a record of them. So if you are opening other accounts DO IT NOW! Remember: You have rights pertaining to your credit record information. You have no such rights with regard to those bad checks...

Go to GA/Gamanon TODAY! AND NOT ONE MORE CENT FOR GAMBLING! Not even a lottery ticket. If it is a wager, it is out! The support group will do you both wonders.

[lyssa29]

I get that sick to my stomach feeling just reading your story because it reminds me so much of the place I just got past.

[Anonymous]

Thanks Lyssa:

My wife admits she has a problem and is open to whatever it takes to solve the problem.  For now I'm monitoring the money closely and will see about getting her help.  And I totally agree with you regarding my problem of going to payday loan stores.  It was an addiction being fed by another addiction and it has hit the fan now. 

I did look into other assets I have including a 401K which has $12,000 in it.  I called them and they told me I cannot pull any out until either I retire or I quit my current job.  It's frustrating to have that money which could save me and not be able to get it. 

[jmbfl]

DO NOT TOUCH THE 401k!

As long as that money is in the 401k plan in cannot be touched by your creditors.

[Anonymous]

But if I at least pull enough out to pay off the payday loans and my credit cards, I would be in much better shape, wouldn't I? 

[jmbfl]

How old are you?

[Jesedmotherof5]

You could request hardship loan and you would have to pay it back, but its not as bad as having serious credit problems.. I did this and it was fine

[Anonymous]

Its odd that the payday loan people gave you 7 loans at one. I can tell you in the state of IL you can only have 4 at a time. They track something thru the govt so that no matter what office (be it the same company or different companies) you can only get 4 at any given time. Even then their are cooling off periods.

[jmbfl]

Jese -

You are recommending to a person who cannot repay a loan that he borrow against JUDGEMENT PROOF MONEY to repay those paycheck loans. This is a bad plan and I am pretty much against it. I have no idea how much income is available to throw against this problem, but it sounds like not quite enough. I think the hope here is that the "birthday check" will be of a sufficient amount to aggessively pay down this debt. Short of that one has to ask if it will ever be possible to repay it. If the answer is "NO" I would be looking to make myself judgement proof before it hits the fan.

[Jesedmotherof5]

JMBFI

- You are probably right!

I just wish I could have gone back to the day when I was in the situtation to do anything possible to fix my credit before it got to that point and do it. Borrowing on my 401 would have been the best solution.