I have way too many payday loans at themoment five to be exact and now it is getting very hard to su

I know they are a rip-off with the interest they charge, however getting a traditional loan has been impossible, since my ex wife has totally destroyed my credit, if I were to put a stop payment on the payday loans and then make payment arrangements with them to pay off the balances is that illegal? Is it considered theft by check or anything along those lines. I have made arrangements with other creditors to try and slowly get my credit turned around, but it is flustrating since before my marriage I had an 820 credit score that I worked so hard to maintain and now I cant even fianance a pack of gum, I would appreciate honest answers and if possible something to support them with. Thank you all so much for your time.

I have way too many payday loans at themoment five to be exact and now it is getting very hard to survive.?

I know your pain. I was able to crawl out from under the payday loans many years ago before the %26quot;scam%26quot; was known. I don't think there is anything you can do about the check you already wrote, however your best bet is to talk to a manager at the store and advise him of your financial difficulty and that you want to make a payment plan. Keep to your goal of making a payment plan. They want to be paid back, not go through the trouble of collections which will only cost them more money, so they will almost always work with you. If you stop payment on the check without discussing it first with the payday loan store, you could be courting check fraud.

Don't let the payday loan store manager talk you into paying more than what you can afford each paycheck. If you can only afford $20, then don't commit $50 or you'll be right back to where you started.

You have a long road ahead just to catch up, but getting a second job may be your best option. It sucks, but it'll cut down what you owe in half the time. Just get a second job for 6 months or even less, depending upon how much extra you can make and put all of it towards your loan debt. The hard work will pay off, but you have to commit and really stick to it.

Good luck and keep your head up. You are not the first to go through this drowning, seemingly hopeless situation and you won't be the last. Thing to remember is that there is a way out and you can make it through this.

~Jenn

I have way too many payday loans at themoment five to be exact and now it is getting very hard to survive.?

If you stop payment on the checks? You will be defaulting on your agreement with the payday loan places. This is not a good idea, since they can be very aggressive in collections and make your credit even worse than it already is.

I work in finance and there is not much worse than defaulting on loans of any kind.

You might try Consumer Credit Counseling Services, they are free and work with your creditors to lower your monthly payments as well as your interest rates. I used them several years ago and was debt free in 36-months.

I have way too many payday loans at themoment five to be exact and now it is getting very hard to survive.?

Take a look at Dave Ramsey's book on reducing debt. They are excellent.