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Is it possible to pay the original balance with payday loan companies and be done?

Houston, TX |

I have 3 or 4 payday loans that I took out about 3 or 4 months ago because I really needed the money, and I ruined my credit score trying to apply at different places. I could not get the traditional credit. It was the only choice. I made a couple payments but then I decided to put check stops on the payments because I realized there was no way out other than not to pay them. My question is, (now that I am doing better) is there a way to settle with these companies and pay the original balance/interest that I owed for the first original 2 weeks? In total, I believe I took about $1500, give or take. Of course, this was 3 months ago, and they may say I owe 5,000. Can any attorneys help? (Please don't charge too much - as you can tell I am already in debt) =)

Attorney Answers 4


  1. Best answer

    There is a way to address this debt in a low-cost manner that does not involve bankruptcy. You can call me for free cpnsultation.

    This comment is given for educational purposes only. No attorney-client relationship exists between us.


  2. Pay Day loans have extraordinary interest rates. The balances can jump dramatically. It is frequently impossible or improbable to retire them. Bankruptcy or at least a Chapter 13 is options.


  3. Only if the debtor agrees (not likely). Courts will hold you to what you agreed to ( that contract you signed) so long as the fees and interest do not offend public policy in your state.

    NOT LEGAL ADVICE. FOR EDUCATION AND INFORMATION ONLY. DO NOT RELY ON ANY ADVICE YOU RECEIVE FROM ME OR ANY OTHER ATTORNEY IN THIS FORUM. Legal advice comes after a complete review of the facts and relevant documents and an expressed (written) agreement of representation that forms attorney-client confidentiality. Neither of these two events can occur in this forum. Mr. Rafter is licensed to practice in the Commonwealth of Virginia and the US Federal Courts in Virginia. His answers to any Avvo question are rooted in general legal principles--NOT your specific state laws. There is no implied or actual attorney-client relationship arising from this education exchange. You should speak with an attorney licensed in your state, to whom you have provided all the facts before you take steps that may impact your legal rights. Mr. Rafter is under no obligation to answer subsequent emails or phone calls related to this or any other matter.


  4. You can always offer something like this and see if they accept.