Any debt management program that works with payday loans?

[nursingchic12]

Is there any debt management program that works with payday loans?

[latte_queen2000]

since is payday loan is a contract that you signed stating that you will repay the loan plus interest, the only thing you can do is pay it. you can try a debt considation service. they can usually work with the loan company to reduce or stop the amount of interest you are being charged for every day you have not paid the balance in full. if you cannot afford to pay the debt and are having trouble with the rest of your debts, declaring bankruptcy is a last resort. my husband declared Chapter 13 bankruptcy. you can also declare Chapter 7. talk to a bankruptcy lawyer before making any decision though. many offer a free consult. the best thing to do is make a budget and stick to it. pay your bills first, then use the rest to have food and gas money. put entertainment on the back shelf until your debts are paid. if gas money is a problem, ride a bike, walk, take the bus or carpool. if food is a problem, look into EBT programs and food stamp programs.

[heartsflowers2002]

I know this is an old thread, but if someone else stumbles upon it, wanted to say,

that my mother had this problem (multiple payday loans) and the worry I had about bankruptcy was that it wouldn't be possible because her claims might be considered fraudulent? I thought that, because each time she got a payday loan, she signed a contract that stated she had no other loans out anywhere, and so, that the payday loan people were defrauded somehow?

Anyway, I found her a debt consolidation place (first experience with one), and she is working through them. They settle what they can, the monthly amount is nearly as high as what she already paid, but there is at least an end to it, balances that are actually touched/resovled.

Payday loans are horrible. Unless you can pay it off by your next payday, it just isn't worth it.