How to consolidate my payday loans?

MarknAnn

LoanSafe Member
Oct 15, 2012
4
0
0
Hello everyone, thanks in advance for any assistance you may be able to provide. I have made some unwise decisions in the recent past and am now regretting them very much. My wife has been very sick so we have had a lot of problems managing our monthly expenses without her full time income..

I have taken out three payday loans this year for medical reasons and now I am having problems paying them back. There are many websites out there that talk about consolidating payday loans and making them into a single monthly payment so i do not have to worry about paying him and her back on time each month. Also it seems the interest on two of them has tripled since obtaining the loans and I'm at a loss of what to do with these accounts. If anyone has any information about consolidating these payments or possibly helping me lower the interest owed it would be greatly appreciated!

Mark
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Hello everyone, thanks in advance for any assistance you may be able to provide. I have made some unwise decisions in the recent past and am now regretting them very much. My wife has been very sick so we have had a lot of problems managing our monthly expenses without her full time income..

I have taken out three payday loans this year for medical reasons and now I am having problems paying them back. There are many websites out there that talk about consolidating payday loans and making them into a single monthly payment so i do not have to worry about paying him and her back on time each month. Also it seems the interest on two of them has tripled since obtaining the loans and I'm at a loss of what to do with these accounts. If anyone has any information about consolidating these payments or possibly helping me lower the interest owed it would be greatly appreciated!

Mark
Welcome to the forum and thank you for joining..........

Contacting a trusted non profit HUD approved debt management company may be able to help you such as MMI;

Money Management International - Take Control of your Debt

When trying to consolidate this type of dept the information that you should have available and the steps that should be taken are;

1) Calculate debt amount: Find out the outstanding balance on your payday loans and other unsecured debts (if any)

2) Contact the debt management company: Ask if they can help you consolidate payday loans. The company should offer you a free counseling session where you can talk to a debt counselor about your financial problems. The counselor should be able to go over your current financial situation to determine if it would be feasible to work on consolidation of the debt or settlement of the debt at that time.

3) Negotiate to reduce rates: The debt management company will negotiate with your creditors in order to obtain lower interest rates on your payday loans. This is to make sure that you can pay off the principal loan along with reduced interest costs.

4) New payment plan: The debt management company will work to try to negotiate a repayment plan with the creditors based on a maximum amount that you can afford each month so that you can continue to make payments while working to get out of debt in a shorter period of time.


Hope this helps give you some direction as to where to begin.
 

MarknAnn

LoanSafe Member
Oct 15, 2012
4
0
0
Thank you Cat so much for taking the time to answer my question and providing such valuable information! I'm also a homeowner like many others here in these forums and I may need help managing my mortgage payments and credit cards if I cannot get these darn payday loans under control asap!:sad2: