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Send message to JonInCA
Sub: #1 Payday loan nightmare
Replied on 07-17-2011, 12:56 PM
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Hi,

We've (and by we I mean me) amassed a large amount of debt with Payday loans. I live in California. From what I've read here it seems they may have been illegitimate PDL companies (they are all over the limit I've seen listed here of $300 total payback and I can't find any on the department of corporations web site here in CA). They've gotten to the point where I can't even pay my mortgage any more (a few months behind there) because they're taking more than the mortgage payment out of my bank as soon as I get paid.

I'm pretty sure I'm going to have my employer give me a check for a while so I can keep them from taking the money from me but what other advise would you guys have? I'm at a loss.

What options would you recommend pursuing?

Thanks




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Send message to good.nelly
Sub: #2
Replied on 07-17-2011, 07:39 PM
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Go to the California Department of Corporations to gather information on the pdl companies. Pay only the principal amount to the illegal pdl companies. If you can't afford to pay back your legal pdl lenders, then you may go for pdl debt settlement program.


Sub: #3
Replied on 07-17-2011, 08:01 PM
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The official website of California Department of Corporations is "http://www.corp.ca.gov/". You can check out the licensee listing over there in order to check out whether or not your lender is licensed to operate in that state.

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Send message to amy.nickson1986
Sub: #4
Replied on 07-17-2011, 08:44 PM
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Hi,

As you say that you're falling back on your monthly mortgage payments due to the payday loan companies, it's high time that you take some serious steps towards consolidating or settling your payday loan debts. Mortgage is a secured loan and you have pledged your home as collateral. Failure to make your secured loan payments may push you towards the risk of losing your home to a foreclosure.

Contact a payday loan consolidation company if you think that you can repay the amount if the interest rates and the repayment term is relaxed. Or else if you want to lower the principal amount, you can also opt for debt settlement. Before taking any of the aforementioned steps, make sure your payday loan company is legal in your state so that you know whether you have to repay the principal amount only or the interest rates too.

Hope this helps..!!




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