Internet's first get-out-of-debt community - 135,000 members

Posted: Tue May 16, 2006 1:49 pm Subject: Wanna Cry...Sucked into PayDay Loans

I am feeling overwhelmed and my bank account seems to be held hostage by those payday companies' debits. I took one out over Christmas, then took one out to cover the finance charge debit, then took another out....well you know the rest. Here I am with at least 5 payday advances and no longer can keep up.

Please help? Can anyone direct me to the right sources to get help with this asap?

Posted: Tue May 16, 2006 1:54 pm Subject:

Hello Sapphire,
Well, the best way to go about this is to find out your state laws and what they say about the payday loans themselves. These PDL companies charge you ridiculously for finance charges and they know they are doing wrong in doing so. You need to confront and make sure that you are not overpaying them. Also, sending them a debt validation letter would be helpful. If you do searches on this forum, you will find various answers for the question you have.
Of course you can always go to debt consolidation through T & C who have done a marvelous job for many throughout this forum.
Welcome to the forum Smile

Posted: Tue May 16, 2006 2:01 pm Subject:

Thank you, quesik Smile

I am still in process of paying them. The finance charges are killing me! They will not cooperate with me and I am so afraid to place stop payments. I will read up more and gain some knowledge so I can fight this battle. I know I owe money and not trying to get out of it.

Posted: Tue May 16, 2006 2:03 pm Subject:

If it helps any, I am from Indiana.

Posted: Tue May 16, 2006 2:04 pm Subject:

Hi Sapphire,

Best of luck on your journey to financial freedom. YOu will definitely want to make sure you are not overpaying them so definitely check out the state laws on how much they can actually charge you in finance charges. Everyone here seems to be successful with their endeavor's so you should be fine once you learn more about this stuff Smile

Good luck!

Posted: Tue May 16, 2006 2:14 pm Subject:

Where can I find the state laws on the finance charges?

Posted: Tue May 16, 2006 2:15 pm Subject:

Ok..Sapphire..first of all before you embark on the arguments with the pdl's about the laws their breaking. You first have to close your checking account, or ban any and all debits from it. Go directly to your bank and tell them everything.
Secondly, have you been paying these guys? Call them and try to make alternate arrangements or consolidate them with T&C (i'll pm you their number)
They(the pdls) may make a fuss, but do call them and tell them you can no longer make the payments they are requesting and see if they'll work with you.
If you consolidate, most of them will work with the consolidation company and your payments will be reduced immensely.
If you choose to fight them for overpayments on your principal loan then look up your indiana statutes on usury and deferred presentments. Send them the strongest letter you can including how much you've paid them so far and that you no longer wish they debit your account, and throw some of the Indiana laws at them about interest and fees on loans.
You'll get the run around for awhile, but some may relent and close your account, depending on who have loans with.
It's a crappy long process and will become frustrating. But don't take no for an answer, open yourself another checking account and pay your bills,rent, food, gas, etc...
You'll start to feel better about it once you have control over your paycheck again.
We've all been there, believe me and it won't be long before things start to get better.

Posted: Tue May 16, 2006 2:30 pm Subject:

Thank you erzeke. I have started the process of stopping all debits. I am also looking into closing the account.

I am ashamed I got into this mess. What started off as one payday advance quickly snowballed into LOTS!

Posted: Tue May 16, 2006 2:34 pm Subject:

Don't be ashamed. Be proactive! Many people here were in the exact same position that you are now. Stick around this forum, educate yourself about the laws and your rights, and take it one step at a time. Many people here have saved hundreds of dollars by educating themselves. Before you know it, you will be out of your payday mess and giving others a hand with their payday loan dilemmas!!

~Mary Smile

Posted: Tue May 16, 2006 2:38 pm Subject:

Thank you Mary. Smile

Off the subject, Jasmine is one of my favorite fairy artists.

Posted: Tue May 16, 2006 2:41 pm Subject:

Oooooooh, cool!!! I love fairies, and Jasmine is one of my favorite artists as well!!!

~Mary

Posted: Tue May 16, 2006 4:39 pm Subject:

Sapphire, Erzeke is right..It is in your best interest to close your account. Things will get better, once they get better they get better fast. (right Erzeke!?) Also, don't be afraid..Stand up for yourself..If they threaten you, don't worry. Plus, if you stay in contact with them, they have no reason to call you at home or at work. Don't worry, we've all been there, and we've got your back.

Posted: Tue May 16, 2006 6:51 pm Subject:

That's right fin! You taught me that! It gets better real fast! Stay in contact with them, even if it's only to tell them to bite ya!lol

Posted: Tue May 16, 2006 8:09 pm Subject:

Sapphire, don't be ashamed, we are not here to judge, only to help! A lot of us on here have/had the same issues and are slowly but surely getting out of the messes we made. Stick around and have some fun with us, you'll learn a little and most of the time laugh a lot. Welcome to the "family"!

Posted: Wed May 17, 2006 5:02 am Subject:

Thank you all! It makes me feel better to know that I am not alone. I thought I was the only one who was being stupid with money.

I love this place!!! I am going to contact T & C today and close my account. I was going to put STOP ACH debits on my account but thought against it...was afraid one payday debit will slip by and put my account in red.

Posted: Wed May 17, 2006 5:46 am Subject:

T&C is great to work with - once I got my PDLS with T&C. I did not tell the PDLS I was going into consolidation (of course I already defaulted on them)I did get a few calls after I defaulted with them, but once I told them I was in consolidation no more calls and then when they called I told them to call T&C and let T&C handle it.
Have the bank put a FREEZE on your account or sometimes its called Deposit only where the PDLS can't debit your account. If you are not in the negative with your bank account close it now and open a new account either at the same bank you are with or different bank. Don't give the PDLS your new account number!!

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