Problems with payday loans? Here’s 5 ideas to do today to get out of your payday loans. (More payday loan collection tactics.)
- Your Bank Account: Close your bank account and open a new one, DON’T give anyone access to it. Pay bills with a money order purchased from the U.S. Post Office. NEVER give payday loan companies access to your bank account again!
- Your Bill Collectors: Stop paying all your creditors. Your credit is already shot, who cares. Time to get out of this mess. Beginning today, prioritize your debt. Payday loan lenders are last to be paid.
- Prioritize Your Bills: Make sure to pay for your food, electricity, gas, rent, phone, internet before paying anyone else! Take care of your basic needs first. I know, “pay for your internet service?” For many of us, it’s critical to have access to the net.
- Your Debts: List your debts from smallest to largest, pay off the smallest debt first. Move on to the next one. Keep negotiating with the creditors to remove their fees, late charges, etc… call them one at a time and tell them you only have X number of dollars and ask them to fully settle. DO NOT send them money until you have a full settlement amount in writing. Then send them a money order. Keep copies of your paperwork for 10 years. If they call you 10 years from now claiming you owe them X, you have proof they’ve been paid. You will not believe how many times your debt will be sold and a new debtor will surface it’s ugly head claiming you owe them money.
- Resources: Visit your local library and listen to the “Total Money Makeover” by Dave Ramsey… do this first if you can. Then start listening to his podcast, it’s free.