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What if I can't pay back my payday loans?
My husband is unemployed and has been for the past 15 months. HIs unemployment is just not enough to cover everything. I have several payday loans that I just can't pay back at this time. What should I do?

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Payday Loans

Helpful to 4 out of 7 people

I have 6 and they are and have been sucking the life out of me.  I just stopped paying and the threats have come but there are new laws that can help and most courts will fight in your corner over paydays.  I'm starting to build my credit back up and pay what is needed to get me back in good standing.  

Some payday and loan places such as Cash Call and Delbert have been outlawed in many states and people were ordered by the courts to not pay back on the debt, hope it hits my state soon.

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Helpful to 5 out of 6 people

I too was caught in the payday loan tornado. Although I had two payday loans open at the same time, one was online only and the other was at a physical location, I always felt that it wasnt enough.

I opened two more and had four then my hours got cut and couldnt pay them all. Well, what I did was call the two loan companys that had the highest balance and told them if we can make an agreement which was closing my account and I would agree to pay a smaller amount.

The other two were small, $294 each, so with my first check I paid that one off, then my second check of the month I paid the other. Now I closed those accounts and started to pay off the other two. It was hard and seemed long but it can be done. Just talk to them, don't run away from your debt because it will get worse. A friend of mine was served a summons to appear in court for not paying one of her payday loans.

Good luck

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Helpful to 2 out of 3 people

This is a trap...I used to be in it. Once I got out, I swore never to do it matter what. There are new laws and regulations. See if you can enroll to pay them back over time rather than rolling them over. Whatever you do, don't open another one. Is there a friend/family member you can borrow $300 from so that you can at least pay off one loan? Then pay that person $50 each paycheck instead of the loan company. Once the debt is paid off with the friend, use that $50 to pay back the next loan, and so on. It will take a while, but once you're done...RUN, and never do it again. They are evil

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Helpful to 3 out of 5 people

Payday loans are ugly and should be avoided when possible. I think they are latched on to your bank account so there isn't much you can do but to find a consolidation loan. I suspect you have bad credit if you went the payday route? 

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Helpful to 2 out of 4 people

Don't pay them back...what can they do really?  If you're at the point of taking payday loans out, let's face it, your credit sucks or you would've gone to a bank.  So ding your credit.  Whoop ti do what else is new.  Call your relatives...ok sure why not. But just call your relatives preimtavely to explain that you are being scammed and to ignore phone calls like these...embarrassment factor nullified.  Let's see what else, oh yeah call my work...cease and desist letters help here or just ignore it, works for me.  God forbid any of these good people dare to pay me a personal visit (actually I'm praying for this one).  Can't speak for all states but in mine, wage garnishment is not a legal means of obtaining payment for a debt, so that's no big deal.  I'm really asking, in plain English, what exactly can these Shylocks do here?

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Helpful to 1 out of 2 people

what exactly happend to your friend wen they were summons to court because I just recieved 1 also and am worried bout going to jail over 676 dollars ?

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Helpful to 2 out of 5 people

I hate to take this role, but it's not the lenders that are evil. It is us, the consumer, that is ignorant to the terms of the contract. Always read the contract before signing. 

With that being said, I have borrowed from payday lenders, and luckily didn't get caught up like @Bballmom64. How I got out of the cycle of borrowing: I curbed my spending. If I had to go w/out something, I did it. I do hope you take @sdsumarisa's advice, if you can.

@AppleRules: Idk about them being latched onto a bank account. Mine weren't. I had to pay cash. I wouldn't have signed if it wanted to direct debit. Goodness no!

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