yes my question is that i have gooten in over my head with payday cash advance loans and have poor credit hel
loans and have several out i need a solution i have very poor credit no home ,car or other assets. please suggest what i should do to get out of trap thanks delton
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First off, slap yourself hard for using such desperate measures, then WAKE UP AND SMELL THE COFFEE !
Those animals ABUSE poor people, and I guess you hurt right now.
Do a budget on your outgoings, work out for yourself if the figures add up, then take it from there.
Seek advice.
DO NOT ALLOW THE BANKERS to slowly kill you.
First thing is don’t borrow any more money from pay day lenders. I know their industry very well and there is only one thing you can do and that is talk to them. Lenders – including pay day lenders are bound by both state credit codes and the uniform credit code – this means that they must follow strict guidelines on how they do business and collect money(this falls under govt acts) – so don’t assume that they are not answerable to anyone. In NSW there is actually a cap on the amount of interest they can charge you per annum. If you were in this situation when they lent to you – then they shouldn’t have (unless you weren’t completely truthful on your application). Sometimes we are victims of circumstance and can get into trouble as you are (you are not alone). They can ask you for money – but cannot make unreasonable demands or discuss your debt with anyone other than yourself. They also cannot refuse a payment you attempt to make – even if it is not the amount they had hoped for.Make a repayment plan that is very small (so you are making an effort to pay) and explain that you first need to organise accomodation and maybe employment (you didn’t say if you had a job or not). If you feel you are being harassed by them – contact the dept of fair trading as there are definate rules as to when you can be contacted , how, and how often they may approach you for funds. DO NOT let yourself be bullied – but DO be honest , reliable and don’t committ to a repayment plan that you know you cannot afford as thay are not allowed to force you to accept an unaffordable agreement. If they are trying to direct debit the funds from your account – and you have no money – you DO have the right to advise them in writing to stop as the funds aren’t available (this will stop your bank account going into debit and causing unecessary fees). If they do not stop – take a copy of your letter to your bank and advise them you have requested the lender in wirting not to debit your account. Your bank will then make this stop. Stay in contact with the lender and if you make regular repayments (even if it is a small amount) you will prove that your situation is genuine and your are making every attempt to rectify the situation. In these circumstances you can feel like there is no light at the end of the tunnel – but trust me there is. The more you hide from them the harder it will be to solve. Beware of people offering you quick fixes – as they will fix quick but leave a bitter taste in your mouth for years to come. It’s not worth it. You are better off trying to pay the money back – than trying to avoid them.
Because you signed contracts and wrote postdated checks, you are legally liable for upholding your end of the transactions. There’s no sense beating yourself up over this but it was a mistake to have gotten involved in the first place yet you’ll see questions here like “what’s the best payday loan?” You already know the answer is “none.” With that said, you will not get out of the cycle by taking more and more and more of them. Talk to family, friends, employers or whoever you can that will help you bail out once and for all. You will want a contract with the person helping you but one that’s manageable to your budget. You should consider increasing income and/or reducing expenses until you are totally debt free because being “over your head” isn’t going to go away as long as you are living above your means. You’ll have to cut out (or at least cut back) on things that you really don’t need. Do you have things you can sell? Can you share an apartment? Can you work a 2nd job or start a business whether that’s collecting aluminum cans or painting people’s homes? Only you know what your skills and lifestyle is but it appears it’s time to change what you’ve been doing now that you realize what you’ve been doing isn’t working. It’s time to make a concrete plan to attack your debts. It’s no wonder you have no assets if you keep taking out payday loans. You are obviously in need of a less expensive lifestyle to match your income. Those payday loan companies are not going to give you a break. You signed the contract and that’s how they make money even if they have to sue you or garnish your wages… and you DON’T want that to happen. The problem won’t go away so do something to get out of the cycle ASAP.