I am actually writing to get some advice and encou

I am actually writing to get some advice and encouragement! I have 4 installment loans and 3 payday loans. I make good money but have fallen into a trap. I have decided to take out NO more loans, even if my bank account will have overdraft fees. It's not much, but I would rather be charged an overdraft than take out another loan. I would like to know if anyone else has done this and do you recommend. I just want out of this mess!

3 Answers

What state do you live in? What is the name of the pdl company? How much did you borrow from them? Are your lenders licensed in your state?


Unless you check the authenticity of the payday loan lenders, you're not supposed to take any further action towards your debts. If you have to repay the entire principal balance and you think yuo don't have enough affordability, you may negotiate a debt settlement with your creditors.


It is good to note that you have decided to deal with your debts and get rid of them. You should now check out whether or not your payday lenders are licensed to operate in your state. If they are not licensed to operate in your state, then you need to pay them only the principal amount. In case, you find that all the lenders are licensed to operate in your state, then you will be liable for paying the debts in full. In such a situation, it will be better to contact a debt relief company and take their help in consolidating your debts.


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