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I have taken out two payday loans. The balance is never reduced and the int/fees is all that get credited. What to do?

Asked over 2 years ago - Houston, TX

Two payday loans, no reduction in balance, same interest and fees. What can I do to fix this, it is bankrupting me. I tried PDL Assistance (a consolidation business) which turned out to be a scam. I am on a fixed income and can't even pay my other bills because everything other than my mortgage goes to these people. Please Help!

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Attorney answers (1)

Robert John Murillo

Reputation Level 15

Answered over 2 years ago. Business Attorney in Boulder, CO.

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Sorry for the issues. The payday loan places and their terms are often similar to loan sharks, so it is unfortunate that you used them. You need to talk to an attorney. Ideally this would be a bankruptcy attorney with expertise in general consumer law.

DISCLAIMER—This answer is for informational purposes only and discusses general legal principles, trends, and considerations and is not intended as specific legal advice regarding your question. This answer does not establish an attorney client relationship. For legal advice, you should retain legal counsel regarding your specific circumstances.

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