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 Posted: Tue Mar 20, 2007 5:06 am |
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Looser! That pretty well sums up how I feel about my ability to manage my finances. I am 52 years old and I'm not sure that I'll ever get myself together. I was a widow at 40 with three children, $86.00 in cash and a husband to bury. My older two children are by my first husband, my third buy my deceased husband. I've managed for the past few years thanks to social security but now my baby is 17, they want let me draw social security for myself anymore, and I have gotten myself in some real trouble. My oldest two children have now married and left the nest. It's just me and the baby who has just started to work part time herself. She's a junior in high school and I feel that I have made her "good years" a living nightmare. At this moment in time I have 3 online payday loans, and one local. I am in default with the three online and was called yesterday by some outside collected on one of them. I know she was telling me about either paying now or having to take action with the police. She gave me one hour to come up with the money. I explained to her that I don't have the money but she didn't care. I really could not understand all that she was telling me because of her heavy accent and broken english. All the consolidation people I have spoken with will not take the payday loans. Please give me some direction. I don't know which way to go. The bank finally closed my checking account with an overdrawn balance of around 800.00. This is all from overdraft charges and I am running out of hope. Please help!
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jcompton1102
Joined: 20 Mar 2007
Posts: 16
Debtcc Points: 695
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| Posted: Tue Mar 20, 2007 6:16 am |
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Sorry to hear about your hard times. You have come to the right place for advice, help, vent or whatever...The person that called you did she say what company she was from? Did you get a number? Wow, it's been a long hour huh? And no one has shown up at your door  Everything will be OK. She cant threaten you with the police. There is no debtors prison. Please give a little more info on the payday loans we will help you...
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2035
Debtcc Points: 22531
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| Posted: Tue Mar 20, 2007 6:58 am |
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Tweety is right, you won't go to prision, and they are just trying to scare you into paying with the police. The police don't care if you owe money, they have real crimes to deal with.
If you look in the debt settlement forum you will find a TON of information about payday loans. If you want to post what state you are in, how much you borrowed, from who, and how much you've paid back we can help you.
Also, since your bank closed your account with a negative balance they probably sent a report of it to chexsystems. This can make is more difficult to open a new bank account. But there is a list here of banks that you could still open an account at, so all is not lost.
You've came to the right place for help with payday loans. Just post a little more information and we can send you in the right direction!
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 7984
Debtcc Points: 111378
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| Posted: Tue Mar 20, 2007 7:07 am |
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Yes she did give me a phone # with the area code of 407. The name of the company with United something. Like I said, her accent was so heavy I was having a hard time understanding her. When I call the # back they don't answer with the company name. The payday loan was thru Astro Lending and was for 390.00. Their emails came from the bmg group. The collector said I now owe 510.00 plus 300.00 to them. I also have an outstanding loan with Cash Link USA and East Side Lenders. Believe it or not, I have paid off two loans, one with Cash Central who was very good to work with and the other Cash Transfer Centers who was a living nightmare. I paid them $510 and they still garnished my wages for $66.00. Please don't misunderstand me, I have been very blessed in my life, all of this is my own doings and I'm really ashamed of my stupidity. Thank you for all the help, advise, and just letting me vent.
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jcompton1102
Joined: 20 Mar 2007
Posts: 16
Debtcc Points: 695
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| Posted: Tue Mar 20, 2007 7:08 am |
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Yes, please tell us as much as you can. You are not a looser!
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2035
Debtcc Points: 22531
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| Posted: Tue Mar 20, 2007 7:10 am |
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I am in Alabama. I did go ahead a get a new checking account before the bank closed my old one. I had been with them for 11 years but I had to move on.
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jcompton1102
Joined: 20 Mar 2007
Posts: 16
Debtcc Points: 695
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| Posted: Tue Mar 20, 2007 7:18 am |
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I think BMG group is with a bunch of collection agencies....you need to find out what your state laws are for payday loans. http://www.paydayloaninfo.org/index.cfm
They want 510.00 PLUS 300.00 down? Look up this link and see if they are even licensed in your state to provide payday loans...I bet they arent...figure out what you have paid back.
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2035
Debtcc Points: 22531
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| Posted: Tue Mar 20, 2007 7:39 am |
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This collector from United has just called me again but I wasn't able to take the call. My original loan was for 300.00, payback 390.00. She is saying that my balance is 510.00 plus the 300.00 that I owe her company for collection fees. I went to the website but I'm not getting any of these loan centers to pull up.
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jcompton1102
Joined: 20 Mar 2007
Posts: 16
Debtcc Points: 695
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| Posted: Tue Mar 20, 2007 7:53 am |
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If they aren't pulling up on your state's banking website, then they aren't licensed. You need to file complaints with your attorney general's office, and start writing some letters.
I would start with writing to this United and ask them to validate the debt. You can find examples of how to do this on this site. Since the debt is at a third party collector, you actually have more rights. If you don't want them to call you anymore, send them a cease and desist letter. If they continue to call they can be fined for it.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 7984
Debtcc Points: 111378
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| Posted: Tue Mar 20, 2007 7:57 am |
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| Quote: | Legal Status: Legal
Citation:
Ala. Code ยง 5-18A-1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default
Finance Charge for 14-day $100 loan: $17.50
APR for 14-day $100 loan: 456.25%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless check returned due to closed account)
Where to Complain, Get Information:
Regulator: Alabama Banking Department
Address: P.O. Box 4600 Montgomery, AL 36103
Phone: (334) 242-3452
Fax: (334) 353-5961
Regulatory Contact: Arlene Baldwin, , Consumer Services Spe cial ist, Bureau of Loans
http://www.bank.state.al.us/ |
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2035
Debtcc Points: 22531
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| Posted: Tue Mar 20, 2007 8:01 am |
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I didnt see any loans that you had that are licensed with your state. File complaints against them. if you need help- let me know....you only owe the PRICIPAL amount! They are charging you illegal fees.
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2035
Debtcc Points: 22531
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| Posted: Tue Mar 20, 2007 8:02 am |
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Am I doomed?
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jcompton1102
Joined: 20 Mar 2007
Posts: 16
Debtcc Points: 695
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| Posted: Tue Mar 20, 2007 8:06 am |
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no, you only owe back the principal amounts. You said you paid back 1 loan and they STILL garnished your wages? Did you actually have a court order from them to garnish your wages? I'm thinking on that one you should demand a refund....
_________________
~ Tweety~
When I'm good, I'm very good, but when I'm bad, I'm better.
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Tweety71
Joined: 04 May 2006
Posts: 2035
Debtcc Points: 22531
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| Posted: Tue Mar 20, 2007 8:12 am |
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Don't be too hard on yourself. I am in almost the same situation and i took my mother with me..but we are managing. We have been able to pay some of the overdue utilities since we closed our checking account and opened a new one and I just sent letters out today (certified) of a revocation of wage assignment and a payment arrangement that I can afford. If they don't accept the payment arrangement then they don't want their money bad enough (in my opinion). Feel free to vent to me anytime..
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angiemushymushy
Joined: 02 Mar 2007
Posts: 22
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| Posted: Tue Mar 20, 2007 8:16 am |
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Did you sign any voluntary wage assignment forms allowing these companies to take money from your paycheck in case of default? If you did, revoke them immediately! The only way they should be able to garnish your wages is through court order.
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kscornell
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