Marissa B asked:
I received several payday loans with my boycousin’s cash as a way to repay these loans. My boycousin moved out, but the loans are in my name through my bank account. How do I get out of this dilema?
I received several payday loans with my boycousin’s cash as a way to repay these loans. My boycousin moved out, but the loans are in my name through my bank account. How do I get out of this dilema?
Tags: Dilema, Loan Cycle, Payday Loan, Payday Loans
May 23rd, 2008 at 2:58 am
You get a second, or even a third job, and you pay the loans off.
May 23rd, 2008 at 3:12 pm
Not sure why your cousin moved out but it sounds like you need a new roommate to move in.
These loans are you know are a disaster…
lucky for you, income tax time is just around the corner…can you tread water until you can pay this off with your tax refund?
Hang in there
May 24th, 2008 at 1:17 pm
i know how you feel.im in same situ but it was me who applyed for these payday loans.The best advice i can give you is contact these people and dont ignore the phone or letters it only makes it worse ask them if you can repay a bit at a time.i actually had a text yesterday threating to report me to the police?
May 27th, 2008 at 10:58 pm
Stop from getting more payday loans is a good place to start. Contact your boycousin and let him know of his obligation to pay his debts. If he refuses then either take legal action or payoff the loans yourself. Even though this didnt work out in your favor, you learn a lesson that is priceless, dont ever do anything for somebody without a contract and if you suspect that the person that you are helping is not of the best caliber, politely decline.
May 31st, 2008 at 1:15 am
Sometimes you can “find” money in your budget, but you have to be willing to give some things up temporarily or cut back on things. For example, could you pack your lunch at work instead of buying lunch and eat at home instead of eating out. How much do you spend on movies, cd’s and other forms of entertainment - could you take some of that money for the loans? or things that we buy that we don’t really need - newer fashions, more accessories, more things to set around and collect dust - could you take some of that money to pay off the loans? Just a hint on “finding” money - put every dollar you have at your disposal on paper then divide them accordingly putting every spare dollar on those loans. Then don’t deviate NO MATTER WHAT.
June 3rd, 2008 at 5:27 am
You need to find some extra cash to help get rid of the loans. If you could even clear one — well, you’d feel like a superhero, right?
Okay, so you’re stuck for cash. Try renting out a room to someone. If your cousin moved out, there’s room for someone else. This might help in the interim.
Have a look at your budget. You haven’t given me much of an indication of what we’re working with, but if you like you can email me the details and I’ll have a look at your budget.
In the interim, here’s some ideas.
Take your lunch to work. I make a whole loaf into sandwiches (cheese and pickles or mustard is good, as is tuna or peanut butter) and that saves me about $700 a year in bought lunches.
If you smoke or drink, consider giving it up for a while. I am a drinker, but I have a budget and I stick to it.
Put all your effort into getting rid of the loans. I mean everything. No luxuries. Work out what your bare minimum is for fuel, food, and utilities, and consider getting the internet disconnected, and perhaps even the phone line for a while. Cut back your expenses. Buy things in bulk, and don’t eat processed food. Make pasta sauce and curries from scratch. Go vegetarian for a while. Meat is very expensive.
Use generic brand everything. Nobody will ever know that you use generic brand tampons! Buy things in bulk, especially washing powder etc, but take a calculator and compare the prices per kilo. This is the only way to make sure that you’re getting good value for money.
Sell stuff around your home. Have a garage sale and get rid of some clutter. YOu might make a few dollars to go on the loan.
Do babysitting or try a part time job. Deliver pizzas or drop catalogues in your area (check newspapers for ads) to make some extra cash.
You dug a big hole, but your’re quite capable of getting out of it. Work as hard as you can. Take extra hours at work if possible, or get another job on top of your first. I work two jobs. I have to.
If you want some help budgeting and doing the math, email me. I don’t mind
Best wishes
June 4th, 2008 at 6:29 pm
Unfortunately, any bills in your name are your responsibility.
You’ll want to research this some more….
Have a nice day.