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I have 4 payday loans and unfortunately I cannot afford to pay them all back the lump sum that is owed. Do you know of any debt management companies that will allow me to consolidate all my loans and pay them back bi-weekly in an agreed payment schedule. I am in Illinois and that all of the loans are internet based loans. One is from 500 Fast Cash, CashnetUSA, Check n go and Advance Me Today. I am in default on 2 of them because my account is always overdraw. Please help!
500 Fast Cash- illegal tribal lender
Cash Net USA- legal lender
Check n go- legal lender
Advance Me Today - Illegal lender
You are responsible to pay both the principal and interest to your licensed lenders. In this case you may try to negotiate with your licensed lenders and set up a payment arrangement with them. As far as the illegal lenders are concerned, pay back them only the borrowed amount, nothing more than that. In this case it would be better for you to close down your old bank account and open a new one to stop debiting money from your account.
For the legal lenders, you can get help of the debt consolidation programs and for the illegal ones, in case you can't repay the debt amount, you can take help of a debt settlement company.