Payday Loans

Hi. I currently have a dilemma that I have to get solved as soon as possible. For the past couple of years I made the mistake of becoming a customer of the payday loan business. To make a long story short, I received a loan from this co. for $350 back in March, the interest on the loan was $105 to be paid each time I needed to renew the loan. I made a couple of payments on the loan including the interest and managed to bring it down to $250. Shortly thereafter, I ran into financial difficulties, where now I am on the verge of bankruptcy. I could no longer continue to pay on the loan as agreed and tried to set up arrangements within my budget. The company was not very cooperative, and now has referred me to a collection agency that has strong armed me into agreeing to pay this loan before 30 days or else they will report me as having a bad check (you have to send a voided check when applying for the loan so they can draft your checking account). Please advise, as I do not have this type of money and have mortgage and utilitie due (currently mortgage is behind). I don't want to get arrested for a bad check. I can have them paid by no later than the end of October, but there is no way I can do it in the amount of time they have allowed me. I live in Baltimore, Maryland.

[JETX]

Regretably, there is probably very little that can be done to stop the 'payday loan' people from enforcing their rights (that you gave them when you signed the agreement). And, with the interest plan that they have, you will owe far, FAR more than you can afford if you delay paying them now.

You might want to read what the FTC says about these 'businesses' at:
[url]http://www.ftc.gov/bcp/conline/pubs/alerts/pdayalrt.htm[/url]

Thanks for the information. I will try to renegotiate with them to get them paid by the end of September. I will send the first payment this Friday 8/31, then every 2 weeks til the end of the month.