In proposal & needed payday loan

April 13th, 2009 by Questions

I have been in a proposal for 2 years paying on time as agreed. Mortgage is fina and all else as I budgeted except…I had never heard of payday loans until last year when I was searching for a way to obtain instant liquid cash as I don`t have credit. I got involved in 2 payday loans which have been revolving for 8 months each and I can`t get out of them. Got into them in the first place as my 3 year old German Shepherd had terminal illness which I didn`t know at the time and had to get help to pay his vet bills that accumulated & thought I could pay back and now cannot. I had to put my dog down subsequently and am now broke. As I am in proposal and cannot `get rid` of this payday loan legitimately, what should I do as I have stopped the revolving cycle, opened new bank account and offered payments to the payday loan companies which they refuse. I am in 20 year career with good employer and these companies are harassing me at work and my H.R. Department. I have no means of getting money to pay this debt immediately. Please advise me what will happen if you know. How can I stop this?
Thank you for your time.

Posted from: Ontario


One Response to “In proposal & needed payday loan”

, A licensed trustee said:

Call your trustee immediately – they can explain your options. There are ways to deal with this situation, but they are too comlicated to describe here.

For anyone else reading this blog – please stay away from payday loans. They are a recipe for disaster… No matter your intentions, it’s just too easy to get trapped (just like this person) and it can be very difficult to get clear of these debts.

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