Internet's first get-out-of-debt community - 136,000 members

Hi there everyone. Well, this may be the week it all happens. I should be getting my information from T&C and will be sending them their money as well as the paperwork that they need from me. I will contact my payday loan sharks to let them know what's going on (is it better to contact the local office which I deal with or their corporate offices?). I am so nervous and am constantly having nightmares about this (not sleeping well obviously). I will of course stop payment on my checks so they can't try to cash them. I will also contact the other credit counseling place I am working with and let them know that T&C will be taking over my remaining debt with them. Oh my, so much to do? Any other recommendations amongst the mods or those of you who have already done this before? Thanks for your help!

Posted: Mon Jan 02, 2006 2:22 pm Subject:

If you can,it might save you some money,if you call your bank and close your account and open another one.That is what I did,that way you wont have to pay stop fees.Remember it will take about 3 payments,for them to stop calling you,they want to know that you a committed to the program.Good luck and keep us posted on how its going.Im in my third month now and things seem to be going pretty good.

Posted: Mon Jan 02, 2006 2:37 pm Subject:

Thanks for the info. The hard part about all this is, that I have other bills that are automatically debited from my account each month as well as my paycheck is direct deposited into my account. Did you personally open another account at a new bank or just open another one at your existing bank?

Posted: Mon Jan 02, 2006 4:04 pm Subject:

We just opened another account at the same bank. It is a hassle but our bank (actually credit union) was really good about transferring a direct deposit and helping us getting this all straightened out. Believe me it is worth the work you have to do to get out of the weekly/monthly debits from the payday loan companies. Town and Country is wonderful as you will find out. Good luck!

Posted: Mon Jan 02, 2006 4:09 pm Subject:

I appreciate your input and you are (and everyone here is also) an inspiration for me to get my finances back on track. Very Happy

I know it will be hard work and a lot of time and effort will go into it, but it will be worth it in the end!

Posted: Mon Jan 02, 2006 4:16 pm Subject:

It is a lot of hard work and dedication on our ends. We are also learning about our financial mistakes and how not to make them again. I have learned a lot from this forum. It's nice to know that we aren't alone. I closed my checking account has well and they were very helpful at my bank.

Posted: Mon Jan 02, 2006 5:46 pm Subject:

This experience has scared me to no ends. I won't be making this mistake again, that's for sure!

Posted: Mon Jan 02, 2006 8:01 pm Subject:

I just called my bank on the phone,they closed the account and opened the new one in about 5 minutes.They also asked what auto debts I would like to still be taken out of new account,which my internet service was the only one,they also put my direct deposit paycheck into the new account.I do all my banking online,so they transfered all my information to the new account.It was painless and a big relief,not to worry about the payday loan people taking all my money.I emailed all of my creditors,including the payday loan companies,and informed them that I was in a consolidation program,gave them the phone number for the consolidation company and told them to remove my number from thier records,which most of them did.I have received a few letters from collection agencies,but I was told that after 3 months the orginal lender will put a stop to them ,once they know Im commited to the program.

Posted: Mon Jan 02, 2006 8:14 pm Subject:

Wow, your version sounded almost painless. Hopefully my bank will work with me like they did with you! I am assuming your payday loan lenders were the "online versions" as opposed to the ones you have to walk in to at your local area?

Posted: Mon Jan 02, 2006 9:14 pm Subject:

Yes all of my payday loans were online.They all agreed to the lower payments from the consolidation company,2 of the 4 wanted a little bit more in order to lower the interest,but now I have a little bit of money left for food,utilitys, and gas after I pay my rent and the consolidation people.Before I was always in the hole each payday and living off PBandJ.I should be debt free in about 22 months,and its a great feeling.
Once again,Good luck to you in taking this step to a brighter future.

Posted: Mon Jan 02, 2006 9:44 pm Subject:

Thank you very much. I will keep everyone posted on my progress, with updates beginning this week hopefully!

Posted: Tue Jan 03, 2006 3:49 pm Subject:

I got my papers from T&C today and am so excited!

Posted: Wed Jan 04, 2006 11:12 am Subject:

Skrying,

Let us know how things go for you!

Posted: Wed Jan 04, 2006 1:37 pm Subject:

I was just curious about closing the bank account- I am signing up with Town and Country and inquired about this. The counselor told me it wouldn't be necessary, that once I am enrolled and set up no one would debit my account. Have you all found this not to be the case? I also have a lot of direct deposit and withdrawels from my account and I am scared of what a hassle that will be to change.

Also- anyone that has gone with Town and Country- how long does it take to "go into effect"? My next set of fee withdrawels is the 13th, and I want to be sure nothing is withdrawn.

Thanks for info,
Crystal

Posted: Wed Jan 04, 2006 1:41 pm Subject:

I wouldn't trust any payday loan place that has your account number. Personally, I would close the account and start another one. Brooke with Town & Country stated to me to close my account immediately.

Posted: Wed Jan 04, 2006 2:04 pm Subject:

We also closed our checking account and opened a new one. Mostly to protect ourselves but I would really recommend it. They won't stop trying to debit your account because they still tried even after they knew we are in the consolidation program with Town & Country.

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