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 Posted: Thu Dec 27, 2007 6:57 am Subject: Payday Loan Trap
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I am currently drowning in Payday loans and would like to find some place I could consolidate them so I can support my family of 7 without wandering every payday if my account was going to be positive. Is there anyone out there that can give me some advise?
God Bless
Rick
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rhaxton
Joined: 26 Dec 2007
Posts: 1
Debtcc Points: 65
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Posted: Thu Dec 27, 2007 7:47 am Subject:
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Can you give us some more information about your situation?
Can you tell us what state you are in?
What companies have you borrowed from? Are they over the internet or a storefront? How much did you borrow? And how much have you paid back so far in fees?
If you can provide us with this information we can help advise you on how to start getting out of this mess . . . .
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Vivek? Where are you my love?
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goudah2424
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Posted: Thu Dec 27, 2007 8:39 am Subject:
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I am in the state of Missouri and all of the loans I have taken have been internet based businesses.
I currently have 8 loans out and one of them I pay every payday and then some of them I am able to carry over. Listed below are the ones I can call off the top of my head right now:
Sonic Payday
Cashnetusa
Cash Supply
Cash Central
Fastcash
East Side Lenders
I really don't know what to do as it is draining my bank account now on payday down to nothing or causing a negative balance. I appreciate your help!
God Bless!
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Posted: Thu Dec 27, 2007 9:14 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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Please provide ALL of the info that was reqested by Goudah as soon as you can so that we may help you. The only way to get control of this will be to close your checking account and get a live check for a while. I am trying to post the laws of your state but I am not able to get into that site right now!
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frogpatch
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Posted: Thu Dec 27, 2007 9:17 am Subject:
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What more information do you need?
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Posted: Thu Dec 27, 2007 9:21 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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We need the amount of each loan and how much you have paid on each one so far including rollovers and interest.
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frogpatch
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Posted: Thu Dec 27, 2007 9:31 am Subject:
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It will take me today to pull this information together. I can tell you right now I have between $4,000 to $5,000 in loans and tomorrow is payday and I am about to get drained again.
HELP!!!!
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Posted: Thu Dec 27, 2007 9:36 am Subject:
Latest Blog Post : http://frogpatch.yesdebtfree.org |
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Unfortunately it is too close to your payday to get your check live. The only thing you might try is to go to your bank and see if they can block you ACH withdrawals and put you account on deposit only. Then close your account if it is not in the red the following day after the PDLs hit and are returned.
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frogpatch
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Posted: Thu Dec 27, 2007 10:37 am Subject:
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Another thing you may try - Normally direct deposits hit your account at midnight. If you can go to an ATM right at that time, you may be able to withdraw some money, so that you have at least something to live off of.
Also, looking at the companies you are dealing with, I can tell you right off that Cash Net USA and Cash Central are legal companies.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
Vivek? Where are you my love?
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goudah2424
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Joined: 31 Oct 2006
Posts: 7935
Debtcc Points: 111173
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Posted: Thu Dec 27, 2007 1:54 pm Subject:
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I appreciate all your help so far and I wish I had found this site earlier. I just came from the bank and put a hard hold on my account so no further debits can be taken out. I know this is a drastic measure but at this point it is what I needed to do. Now I have to come up with a strategy to consolidate these loans and get them paid off, before I get bombed with calls wanting there money.
Thanks again for your help!
God Bless!
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Posted: Thu Dec 27, 2007 4:44 pm Subject:
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Great! Getting a hard hold on the account is the first step. From now on you know that your paycheck is yours, and you can pay your bills!
Now, the companies that are legal are going to need to be paid. The illegal ones will only need to be paid back principle, so if you've already paid them that in fees you won't need to pay them anymore.
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
Vivek? Where are you my love?
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goudah2424
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Joined: 31 Oct 2006
Posts: 7935
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Posted: Fri Dec 28, 2007 8:27 am Subject:
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How do I figure out the ones that are legal and the ones that are not? Also how do I go about making arrangements to pay back the principle knowing I cannot pay it all at once? I appreciate your feedback.
God Bless!
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Posted: Wed Feb 27, 2008 2:19 pm Subject: Legal companies?
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How do you know who is a legal company and who is not?
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Dee27
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Posted: Wed Feb 27, 2008 6:56 pm Subject:
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dee, we find out who the pdl is, search for an address, see if they are licensed in their own state, find out what state you reside in, search and see if they are licensed in your state. Some are not licensed at all. We know a lot just by seeing their names. If you would like, you can post who you need to know and what state you are in and we can check for you. 
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cannr
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