I don’t have payday loans, my daughter is 22 years old and a 5-year-old son. She took in 10 payday loans last year and this year. He can’t pay back any of them. The debt collectors call us all the time. I am heartbroken because my daughter lives with us and I learned about her payday loans only from bailiff’s letters sent by post. I don’t know how to help her, I can’t pay back payday loans because only my husband works.
I have all the time in front of my eyes how the police take her to prison, and I have to raise her son. Help me, what should I do? In general, the situation is hopeless, I am also wondering that the daughter managed to take so many payday loans!? It seems that the daughter started having trouble paying the installments after the first few payday loans and decided to save herself by taking more payday loans to pay off those already past due and she fell into the debt loop …
In my opinion, this is a typical example of a debt loop that I once had the opportunity to feel on my own skin. I did very much like your daughter.
How to consolidate payday loans?
From this place I can recommend you to read a few articles, to start with, read about: how to consolidate payday loans, how to get out of the payday loan loop, and how to break down payday loans into installments and are you going to jail for too long? since you are worried that your daughter will go behind bars and you will have to raise a child.
I am sure to warn you and my daughter about taking high-interest loans from usury companies and banks to pay off payday loans. Not the way…
Unpaid payday loans – action plan
It is worth getting on to your daughter’s debts as soon as possible, payday loans have the drawback that their repayment period is usually very short, and each day of delay in their repayment generates high costs! I suggest starting with the payday loan, which is the most expensive and generates the most costs and interest. Dealing with her (with them) will stop the growing avalanche!
In the second stage I would make contact with loan companies where my daughter took out a loan and would like to pay the payday loan in installments. To do this, you must submit a written application to the loan company, but before you do so, call them or go to the company in person or with your daughter to present the situation.
It is worth presenting it honestly and without coloring the current state of the situation, employees of loan companies will probably listen to this type of story every day and quickly catch you in a lie, which will definitely stop the possibility of getting along with this loan company.
Payday loans despite a lack of income ?!
It stings the eyes, right? how can you give 10 young payday loans to a young and immature person without asking for a list of income and confirmation of employment? Could the banks have sensed the client, on whom they would earn coconuts from the interest generated by delays in paying payday loans? probably yes and it does not surprise me at all You know? because that’s how loan companies earn!
For the sake of your daughter, maybe you should also study the article on how to block your daughter from getting a loan? you don’t have to bore the heaviest guns right away, but it’s worth going through the first two “bases” to let your daughter know what problems she caused her, her son and you, her parents.
Returning to income, if the daughter does not have such, I am afraid that you parents will have to help her pay back payday loans, the money she borrowed – someone has to pay back, unfortunately there is no application for consumer bankruptcy, because she uses such with much larger amounts and even bigger life problems …
I doubt that the Court would allow such a request at all, because it carries with it some consequences that would be very painful for your young daughter. I think the only way out of the situation is the action plan, which I presented in the middle of the article.
You also did not write the amounts that your daughter got into debt, assuming that the payday loan is 2,000 dollars on average, 10 payday loans would give a debt of 20,000 + interest for late payment, I shoot that there is something about 25,000 dollars.
This amount is still payable, it will mainly depend on your negotiating skills and the favor of loan company employees where payday loans were taken.