I did it

I can't beleive I did this today, but I stopped payment on my payday loans today and have letters ready to go to all of them that I can find information for them. I will be faxing or sending the letters tomorrow. I am sure I am in for a fight but I can't keep paying them. I want to thank everyone that posts information to these forums because that is where I got my strength and knowledge to do this. My bank is being very helpful and we are closing the account tomorrow. I had to wait until tomorrow because I have one more payment coming out of there tomorrow. I had 8 payday loans totalling about $3950. the interest alone was costing me about 1000 every two weeks. I live in Minnesota and found that they are charging way too much for the loans according to MN laws so hopefully I may get some refunds. Again thank you and wish me luck.

good luck Loraina! I am so glad you are taking this very positive step towards being debt-free. You will feel so much better after having done this. Just make sure you have paid above what you originally borrowed from each lender. If not, they will tell you that you still owe money, and it will be much more difficult for you to get them marked PAID IN FULL, or refunded. In my experience, with 7 PDL's, They all marked me PAID, but no one gave me any refunds... but at least they're out of my hair! I actually had 14 total, so I was able to get rid of half of them. The other 7, I had only JUST recently borrowed, so I hadn't paid much on them yet, so I still owe them money, and a paying through T&C.

Are you with a consolidator, or are you just doing this all on your own?

I am not trying to get a refund from all of them, only the ones that I have over paid according to the laws in my state. The others, I intend to ensure I pay the full amount and hope to work with them. I am doing the payday loans on my own. I am also in a debt settlement company for my credit cards but they wouldn't take on my pdl's.

Good luck Loraina! You'll win this fight! Hopefully you will get some refunds.

Congrats Loraina!! good to hear from you taking control of your finances. Remember that your payment proposal should be what you can afford them each month. Don't offer an amount with which you might have problems later. Stick to your plan and you will be debt free. Feel confident with your moves and you will surely get good results. Take some advice on the following pages if it helps at your situation.

what the benefits are, that a good settlement service can bring your way

8 milestones in your journey towards a debt free life

12 golden guidelines to solve your debts

debt help on time

Hurray for you Loraina! Doesn't it make you feel great? The good guys win AGAIN!!! Are you doing your negotiating on your own or are you with a debt consolidation company?

thank you all for the help and words of encouragement. I do feel pretty good about this. I was scared to death before I made the decision to stop payments. I know I am in for some difficult conversations but I am ready for it. I am trying to do the payday loans on my own and am using the information form all of the forums here. there is some wonderful information out here and it has been so helpful....

Loraina, congratulations on taking the first step to the financial freedom. Yes, you may be in for some difficult converstations with some pdls but it is well worth the reward of having ur finance back in control. I am also dealing with the pdls on my own but I am keeping the option of having consolidator open in case I get way over my head. So far, some pdls have been good about making arrangements. If you contact the lenders rather than waiting for them to contact you, you will have better chances of working out affordable payment plans.

If you ever comes across a problem with one of the lenders, you can bet we will all be here to back you up and assist with whatever we can!

I can't beleive this, but I faxed 5 letters this morning and have already received a response from Premier Processing that my loan is paid in full. That's one down 7 to go...

YAY Loraina!

I too did my PDL work on my own. It's very hard and very frustrating, but it CAN be done.

Keep faxing, keep mailing, keep calling--Drive these people batty until they give you results.

Remember to check with your state laws on what is legal in your state...If you haven't paid at least what is legal in your state, they more than likely won't close out your account.

Loraina,

Congratulations on taking your first steps out of the payday loan cycle

yeap, way to go. That is how fast it happened for me too!

Hello, Just wondering what is T&C ?? Because I need a place to consolidate all my PDLS, any suggestions?

Lesa,
T&C consolidates payday loans..Please, register with this site, and you'll meet a lot of people who can offer suggestions.

YAYAY Loraina, I have recd 3 refunds & 1 marked paid in full. I was very scared also to close my bank acct I had since 1992. I explained to them EXACTLY what was going on & they also were very helpful.

Igall, how long did it take for you to get your refunds? My cert slips came back to me on Saturday and this Monday. Everyone has received their letters. Now I wait.