Big mess to clean!
Member
Thread Starter
Join Date: Jul 2009
Location: Santa fe, New Mexico
Posts: 42
Big mess to clean!
Along with the emotional and spiritual bottom I've been dealing with, I am also financially in trouble. Can't pay my rent, bills, etc. During my last binge I managed to rack up $2500 in payday loans and can't find my way out. Has anyone been in this situation? I don't want to drink over it, but I'm feeling very hopeless. Its seems hard to believe that "this to will pass".
Administrator
Join Date: Aug 2003
Location: Dancing in the Light
Posts: 61,498
Hi,
I was lucky enough to not have financial problems over drinking, but I definitely hit a spiritual and emotional bottom. Can you try talking to the people involved and be honest about your situation? Maybe you can try to work out some kind of payment plan.
I was lucky enough to not have financial problems over drinking, but I definitely hit a spiritual and emotional bottom. Can you try talking to the people involved and be honest about your situation? Maybe you can try to work out some kind of payment plan.
Rockstar
Join Date: Jul 2009
Location: Wales, UK
Posts: 634
Drinking over it will certainly help.....to get you into MORE debt. Do you guys in America have like a Citizens Advice Bureau like we do in the UK who help people with debt problems? If you do check them out.
Follow Directions!
Join Date: Nov 2006
Location: Fredericksburg, Va.
Posts: 9,730
Its seems hard to believe that "this to will pass".
If you are in AA have you spoken about this to your sponsor or others in the rooms? I like Anna did not have BIG time financial issues when I hit my bottom, but they were well on the way.
There are plenty of people in the rooms that have dug their way out of financial ruin, why not ask your sponsor or people in the rooms, I can assure you there are plenty of people who will be willing to give you some suggestions on this based on thier first hand experience.
Meow
Join Date: Jul 2009
Location: The Great Lakes State
Posts: 1,585
Your options depend on how bad you really are financially. Your credit may not be as damaged as you think. If you can get a loan from a reputable lender to pay off the pay day loans, that may help. The interest on those pay day loans are so high. Or you might be able to work out something with the pay day lender - in my state they must do that, but it may well be different in different states/countries.
If that cannot be done, then a debt counseling service may help. They can do loan consolidations etc and work with your lenders. Do your research and make sure it is a reputable one, though. There are so many scams out there.
If that cannot be done, then a debt counseling service may help. They can do loan consolidations etc and work with your lenders. Do your research and make sure it is a reputable one, though. There are so many scams out there.
Administrator
Join Date: Apr 2007
Location: Australia
Posts: 211,432
I'm with Anna rochadad - I make it a point to contact my debtors and start making up mutually agreeable payment plans.
It's slow going but it's better than nothing and it's way better than drinking
D
It's slow going but it's better than nothing and it's way better than drinking
D
Member
Join Date: Sep 2005
Location: Houston, TX
Posts: 2,126
Hey rochadad ---
51Anna wrote........:
"..Can you try talking to the people involved and be honest about your situation? Maybe you can try to work out some kind of payment plan..."
PurpleCat wrote........:
"Your options depend on how bad you really are financially. Your credit may not be as damaged as you think. If you can get a loan from a reputable lender to pay off the pay day loans, that may help. The interest on those pay day loans are so high. Or you might be able to work out something with the pay day lender - in my state they must do that, but it may well be different in different states/countries.
If that cannot be done, then a debt counseling service may help. They can do loan consolidations etc and work with your lenders. Do your research and make sure it is a reputable one, though. There are so many scams out there."
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Both these two had one thing in common....trying to speak with the lender. As I looked over your original post, you only mentioned 'payday loan' with an amount of $2,500.00 (I'm willing to bet your original loan was for nowhere near $2,500.00--PurpleCat is right, most 'payday loan' places have interest rates which almost equal 'usury' and in some instances, it is usury). You may be able to speak with them and find something you can both live with; but I rather doubt it.
I've never had any personal experience with taking out a 'payday loan,' but I've dealt with a lot of folks who got in the 'payday loan polka' just goin round and round and never getting ahead. Personally, I've never dealt with any 'payday loan' folks whom I would consider reputable, but then that's just me and my experiences....
Better if you can strike a deal with a reputable lender; most banks (savings and loans, etc.) will try to work with folks regarding getting out from under 'paydat loan' debts.
PurpleCat also mentioned 'debt counselling services' and again 'PC' also mentioned 'research' ----- a VERY good idea. A few years before my mother passed away, we had to decide if it would be better to try to consolidate her debts using one of these services; thus being able to keep her house; BUT, after many phone calls and lots of pencil and paper and burnin through batteries for calculators, I found many of these firms can be just a lot of words and not much service (yes, they can lower interest rates, and in some cases remove the interest altogether----I found I could do this directly with the banks and/or 'CC' companies), (and, yes, they could sometimes lower the debt; I found I could also do this by dealing directly with the banks and/or 'CC' companies). The only service I found from many of these companies was that they could consolidate most of my mother's debts into one payment........but then there were their fees (an initial fee, and monthly fees) along with whatever interest they were going to be charging.....In the end, we had to sell the house.....we needed the cash for doctor bills (over and above medicare/medicaid) and then nursing homes ($8,000.00 -- $15,000.00....whoa doggie....!).
I'm sorry for sounding so negative and critical; but these were just my experiences and research; hopefully yours will be better...... (o:
I'll stand with PurpleCat with.....try to find some other lender willing to lend you the $$ to pay off the 'payday loan' folks.........and FYI, and anybody else who may be considering 'payday loans' ----- check out Wikipedia; they have some interesting info on 'payday loans' .... even showing how sometimes these folks interests can be in the hundreds and the thousands percentiles (actually they really don't have 'interest' per se, it's more like overdraft fees, late payment fees, other penalties, but compare to interest rates which could look like 391%, 1,251%, 678%, 1,304%........grrrrrrr
I'll keep positive thoughts and energy going your way; I wish you all the best, and...................................this really will pass................... (o:
NoelleR
51Anna wrote........:
"..Can you try talking to the people involved and be honest about your situation? Maybe you can try to work out some kind of payment plan..."
PurpleCat wrote........:
"Your options depend on how bad you really are financially. Your credit may not be as damaged as you think. If you can get a loan from a reputable lender to pay off the pay day loans, that may help. The interest on those pay day loans are so high. Or you might be able to work out something with the pay day lender - in my state they must do that, but it may well be different in different states/countries.
If that cannot be done, then a debt counseling service may help. They can do loan consolidations etc and work with your lenders. Do your research and make sure it is a reputable one, though. There are so many scams out there."
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Both these two had one thing in common....trying to speak with the lender. As I looked over your original post, you only mentioned 'payday loan' with an amount of $2,500.00 (I'm willing to bet your original loan was for nowhere near $2,500.00--PurpleCat is right, most 'payday loan' places have interest rates which almost equal 'usury' and in some instances, it is usury). You may be able to speak with them and find something you can both live with; but I rather doubt it.
I've never had any personal experience with taking out a 'payday loan,' but I've dealt with a lot of folks who got in the 'payday loan polka' just goin round and round and never getting ahead. Personally, I've never dealt with any 'payday loan' folks whom I would consider reputable, but then that's just me and my experiences....
Better if you can strike a deal with a reputable lender; most banks (savings and loans, etc.) will try to work with folks regarding getting out from under 'paydat loan' debts.
PurpleCat also mentioned 'debt counselling services' and again 'PC' also mentioned 'research' ----- a VERY good idea. A few years before my mother passed away, we had to decide if it would be better to try to consolidate her debts using one of these services; thus being able to keep her house; BUT, after many phone calls and lots of pencil and paper and burnin through batteries for calculators, I found many of these firms can be just a lot of words and not much service (yes, they can lower interest rates, and in some cases remove the interest altogether----I found I could do this directly with the banks and/or 'CC' companies), (and, yes, they could sometimes lower the debt; I found I could also do this by dealing directly with the banks and/or 'CC' companies). The only service I found from many of these companies was that they could consolidate most of my mother's debts into one payment........but then there were their fees (an initial fee, and monthly fees) along with whatever interest they were going to be charging.....In the end, we had to sell the house.....we needed the cash for doctor bills (over and above medicare/medicaid) and then nursing homes ($8,000.00 -- $15,000.00....whoa doggie....!).
I'm sorry for sounding so negative and critical; but these were just my experiences and research; hopefully yours will be better...... (o:
I'll stand with PurpleCat with.....try to find some other lender willing to lend you the $$ to pay off the 'payday loan' folks.........and FYI, and anybody else who may be considering 'payday loans' ----- check out Wikipedia; they have some interesting info on 'payday loans' .... even showing how sometimes these folks interests can be in the hundreds and the thousands percentiles (actually they really don't have 'interest' per se, it's more like overdraft fees, late payment fees, other penalties, but compare to interest rates which could look like 391%, 1,251%, 678%, 1,304%........grrrrrrr
I'll keep positive thoughts and energy going your way; I wish you all the best, and...................................this really will pass................... (o:
NoelleR
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