Author Topic: Payday Loans  (Read 1607 times)

PaydayLoanTrap

  • *
  • Posts: 1
Payday Loans
« on: May 01, 2009, 03:47:25 PM »
Has anyone else here fallen foul of payday loan companies.

Has anyone managed to renogotiate payment plans with any of them?

FinanceActionMan

  • Jr. Member
  • **
  • Posts: 10
Re: Payday Loans
« Reply #1 on: Jun 13, 2009, 07:31:16 PM »
Pay day loans can get you in a bit of a muddle at times if they aren't paid back straight away at the end of the month. They are obviously there to keep you afloat untill you get paid but they have massive interest rates and can sometimes make a bad situation worse. A common trend for people taking out payday loans is once one of the loans are taken out, another one is then taken out the next month to keep up and before you know it you can have 5 or 6 at one time. After having a look at your monthly budget, if you are in a position that you simply can't afford the payments required then you can renegotiate with them however in some circumstances a lot of people find that this can be quite tough to do, especially with the likes of a sub-prime lender. The law is on your side here though as long as you pay what you can afford. If you have more than one debt you may possibly qualify for a debt management programme to get all your payments into one more affordable. Hope that helps a little anyway.
Finance ActionMan
CHECK WEBSITE FOR ADVICE www.def