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I have 3 payday loans.
ACE - $900 I owe $1107.42
MyCashNow - $1000.00 I owe 1415.08
PayDay One is a subsidiary of ThinkCash, Inc. - $1000.00 I owe $1231.58
I live in Texas and am falling further and further behind. I have thought about closing my account with Chase. What should I do? Any help would be very much appreciated.
ACE and My Cash Now both are illegal lenders. You owe them nothing more than the principal balance. In this case closing down your old bank account and opening a new one would be the best option for you. Ask them for the refund, if you have overpaid them. Payday One is your only licensed lender. You are responsible to pay them both the principal and interest. In this case, you may try to negotiate with your licensed lenders to set up a payment arrangement with them, if you can’t afford to pay back the full amounts.
For the illegal lenders like My Cash Now and Ace, you can settle your debts, where a portion of the balance will be waived off. And in case of the legal lenders, you can negotiate with them about different payment options through which you can repay your debts.