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Hey I've been reading this forum and so far it's been helpful.

I had a bank account with bank of america and had payday loans deposited into the account and had a hard time paying it back so my account kept getting debited to about 1425 dollars.

My bank account was closed and sent to SRA Associates in Hi Nella,New Jersey.

I want to repay this but I am unable to . I talk to a lady there today and she told me my only option is to pay the full amount or a settlement of 1100 dollars. I am unable to do either options and don't want to have to get wage garnishment and have no one who can help me.

Is there any way around this situation to get a payment plan set up because I am only 22 and am not a money bag type of person.

So any help will be appreciated.

Posted: Mon Dec 19, 2005 5:27 pm Subject:

Hi mch0ney

You will have to take care of this account now otherwise the debt will keep rising higher.

How much was the amount of loan taken from the payday loan company? I read that your account has already been debited by $1425. Have you verified with your lenders if this amount has gone towards your account?

If there is still some balance owed towards this account, you can negotiate with them for a lower amount as you have already paid a large portion. If it can do some help, send some advance along with it. Usually, the lender accepts the plan if some money is sent along with the proposal. They might also be willing to wipe off some financial charges that can reduce the total amount.

Send all your letters to the lenders in writing. This way, you will have a proof of the actions that were taken from your side. If you are unable to get the results of your negotiations, you might need some professional help.

After you have paid the account in full, the creditor will update your account with the bureaus. Make sure that you see the positive results in your CR. This will give a good view in front of your future lenders and your efforts won’t go wasted.

Posted: Mon Dec 19, 2005 5:41 pm Subject:

I sent a letter saying I acknowledge the debt because I know it's true. So the lady called me today saying she received my letter but there is nothing she can really do. I mean I just recently paid back some loans but my bank account has been over drawn since the summer.

I asked her what I can do and the only option she gave me was to pay in full or 1100 which I don't have and can't borrow.

I mean is there anything I can really do to make them give me a payment plan.

Posted: Mon Dec 19, 2005 5:53 pm Subject:

As I said earlier, keep negotiating with them till you get the desired results. If it is helpful, send some money in advance as well. Assure them that you will stick to the plan and will continue making payments regularly.

Do not express that you are facing difficulties in paying the debt amount. If you say so, they will think that you won't pay them and thus, this will give them the chance to take specific actions. Also, your total amount will keep increasing from this point. Send some money if that can help you in anyway. Talk to the consultant here and hopefully he will get results for you.

Posted: Mon Dec 19, 2005 5:54 pm Subject:

How much would you recommend sending?

Posted: Mon Dec 19, 2005 6:10 pm Subject:

Based on the limited information I have about your situation, I will recommend sending an amount that you can afford in the coming months also. Do not propose something which you fail to give in the next month. Otherwise, you will lose the benefits extended to you.

Posted: Thu Dec 22, 2005 8:20 pm Subject:

I just got a phone call today saying that the person who called me went to the meeting with Bank of America and they agreed to two payments of 581.16 one due on 12/29 before noon. I am still not able to pay that much. What do you recommend me doing now?

Posted: Fri Dec 23, 2005 12:53 pm Subject:

mch0ney

Tell you consultant the amount that you can afford to pay. If possible, get it stretched to some more payments instead of two. But, doing this, you will be spending some additional money in the interests. Looking into your situation, you will have to do this so that the monthly payment gets reduced.

In the meantime, try hard and arrange for some money. You will have to take care of this account now otherwise there will be a negative impact in your credit file. Get a second job and if possible, borrow some money from your near and dear ones. The professional engaged in your program will also try to help you out in this matter.

Posted: Mon Mar 06, 2006 4:43 pm Subject: washinton Mutua;

I am about to go through the same thing with Washington Mutual...unless I bring my account to postive (will need 2300.00)! they are referring me to a collection agency. What kills me, is that every cent of that 2300 is NSF or overdraft fees from payday companies. WAMU never told me I could block all ACH debits when I first asked them for help with this MONTHS ago...it jsut burns me up.

i am hoping my consolidator will be able to negotiate it down some - they were negligent in sharing info with me, so they could continue to take 25/per NSF fee from me.

I hate them.

Just needed to vent

Tanisha · Posted: Mon Mar 06, 2006 5:01 pm Subject: Bank Pay Off

hello everyone,my name is tanisha.2 years ago I closed an account with TCF Bank owing $193.00.Well I paid the account off 1 year ago and i now bank with them again.Is there anyway I can get them to remove it off my credit report?

Posted: Mon Mar 06, 2006 5:04 pm Subject:

I read a similar story here in the forum few months back. The consumer was thrown like a ball from the payday lender to the CA and no one was accepting to hold the debt. As a result the late fees and NSF charges were increasing rapidly. This is a serious problem.

I do think your counselor will be able to take care this issue. Keep us posted.

Tanisha · Posted: Mon Mar 06, 2006 5:05 pm Subject: Raising Credit Score

hello again.Can anyone tell me ways of raising my credit score.My credit isnt good and i have began disputing claims and making payment arrangements,what other steps should i take?

Posted: Mon Mar 06, 2006 5:09 pm Subject:

Tanisha,

How that account is listed in your credit report, I mean what is the status of the account?

You have to negotiate with them. Just speak to them or send letters. Since you are going to bank with them once again, perhaps they will honor your request.

I could suggest you sending letters to bureaus, but correct negative information cannot be removed by disputing you know. So it will be better if you can insist your bank to report it in your favor. Keep us posted.

Also go through this thread, it states how to obtain a good score-

http://www.debtconsolidationcare.com/forums/credit-check.html

Susieq · Posted: Wed Mar 08, 2006 12:48 pm Subject: Bank account

I also have an overdrawn account with Bank of America about $500.00. I stopped all payday loan payments, because they kept debting my account - the customer service guy I talked to on the phone was really nice - he did not charge me stop payment charges which is good because I had over 17 stop payments. Then he told me to go into the bank and asked them to do a deposit only on my checking account. I also talked to one of the representatives inside the bank and they said as long as I make payments on the overdrawn account - the bank will not close that account - but I want them to close it because I got a new checking account with a different bank.I am now going with T & C for my payday loans and other creditors.

LJ Reynolds · Posted: Mon May 15, 2006 9:30 am Subject: SRA calls my home every day

SRA calls my home every day looking for an individual that doesn't live at my address. This individual is an adult that has never lived at my current address. I am not responsible for this adult.

How do I get SRA to remove my number from their records?

Posted: Mon May 15, 2006 10:09 am Subject:

i ran into the same thing with Webster Bank. I had several pay day loans and couldn't keep up with them all. They did close my account and sent it to collections. The first person I delt with was a real ass. He sounded like a kid that was out to make a name for himself. Demanded outraegous amounts. I finally stopped taking his calls. The a lady called me and I have had not problems since then. I pay $100.00 a month. My total owed was 1200.00. I am down to 8 months. All I can say is keep trying to get them to agree to a lower amount. I told them I would pay a minimum of $25.00 a week. So we decided to do 1 payment a month & if I have extra money to put torwards it then I could call and make another payment. I know it is tough, but stick to your guns.

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