Internet's first get-out-of-debt community - 144,000 members

Hello, My name is Andrea I really really need help but my loans are fairly new and I don't know what to do. I am a single mom of 4 and I'm getting further into this vicious cycle. I started getting payday loans to get into a house after 8 years of renting. I had to put $3000. down. I just got my house this week. Now my paycheck is all gone on the 24th and I still don't even have my water turned on. I feel so bad for my kids with my check I can't buy groceries diapers gas nothing all of it is pdl. I don't want to seem like a pity party but I am so stressed and have no one to turn to. No family and sadly no close friends to talk to. I can't borrow from anyone that's why I had to do pdl. I live in AZ. My loans are as follows:

Loan point $300. interest 90
Emerald $300. interest 90 paid 100 down
webpayday $300. interest 90
Cashnet usa $400. interest $120. paying $200. on 24th
cashtransfercenters $1000. interest 270. will be paid in full on 24th
Authorized payday $400. interest $120. paid down to $50.
Nationwide cash $400. interest $120.
Loan shop $300. interest $90.

I am a collector myself on auto loans and I don't want phone calls at work I am so embarrassed and don't want anyone to approch me knowing I'm in debt and yet I collect for a living. DOn't pdl have to follow fdcpa laws? Please help I want to pay these asap. I can't close my checking account I'm in chexsystems and I have direct deposit. Stopping direct deposit is to late for my 24th check and I don't want to pay check cashing centers either. Is there anything I can do now? Besides looking for anothr pdl? Which I don't wnat to do but yet I can't have my kids go without. Any advice please!!!!

Thanks,
Andrea

P.S. I also have a title loan on my car from mar I took out $1900. and can been paying nothing but interest of $180. every two weeks. I can't stop paying that I can't lose my only transportation. I am in way over my head. I just don't want any phone calls.

Posted: Sat Aug 18, 2007 11:25 am Subject:

First, you need to be aware of the pdl laws in your state. You need to check if the companies you are dealing with have a legit business in your state. You should concentrate more in making larger payments so that the maximum portion goes towards the principal amount without eaten up in interests alone. The pdl companies are not bound to follow the fdcpa laws but if you stand upfront and explain your situation, they might be ready to accept your arrangements. Look for some part time jobs also. You will have additional income and will be helpful in paying the debts.

Posted: Sat Aug 18, 2007 2:44 pm Subject:

Here are your laws for AZ. I will have to say I don't understand how/why you bought a house if you had no back up money ...taking out a loan to create more debt isn't a good thing to do..especially if you have dependants to care for. Unfortunately ipdls will continue to debit your account until you stop them...this is usually done by closing your account or having the bank put a hard debit block on it so nothing can get through. I would possibly look into a consolidation or debt management program at this point before you get in any deeper. Regester for the free consultation, they usually can connect you with someone in your area that may be able to help. I would also consider calling each loan and explaining the situation...see if they would be willing to make other arrangements. Now are these all internet loans??? Also you say what the finance fee is but not exactly what you have paid...for example if the "fee" is 90 and it has come out 3x that would be 270.

Posted: Sat Aug 18, 2007 2:47 pm Subject:

Posted: Sat Aug 18, 2007 4:42 pm Subject:

I didn't buy I'm still renting. I had to get out of my apartment when my 9 year old daughter is telling me that there are drug deals going on I have to do something. Little does she know of the stuff is being made around I just don't know where. I got these loans waiting for a check to come in but now they inform me it won't be in til the second week of sept.

Emerald paid $300. paid 190
Cashnet $400. paid $141. $221 scheduled debit 8/24
Webpayday $200. paid $50.
Authorized $400. paid $565.
cashtransfer $1000. paid $0. full draft taken 8/24 $1270. but have started with $300. paid then $500. paid and now the $1000.
Loan shop $300. is new
Nationwide cash/Ambassador funding $400. is new
Loan point/geneva roth $300. is new

The new ones are all debiting the interest on the 24th as well. Everything will get paid in sept when I get my check but from reading post it doesn't sound like anyone will work with until I have actually paid something. Now everyone I talk to about my situation says stop direct deposit close my account and pay them at my own pace and family comes first. Well ok sounds good but I can't do that. What companies do you think I should start with that would maybe wait til sept?

Posted: Sat Aug 18, 2007 4:47 pm Subject: loans

Well, considering that just looking at your list of pdl's, I can tell the majority (if not all) are illegal pdl's. So.......what that means is that they're basically going to do whatever they want since they are already breaking the law, they have nothing to lose, so they are going to push it to the limit. They will debit your account. You can beg and plead with them not to. They may even tell you that they won't. As long as these illegal pld's have your bank account information and your bank account is open/active, they are going to debit. And they will continue to debit. And they will debit for whatever they want. Not trying to sound harsh or anything, but this is the truth. This is how they operate. So any bank account that they can access, they have a field day with.

Posted: Sat Aug 18, 2007 4:55 pm Subject:

Sounds like I'm just going to have to ride it out til sept. On the 24th 3 will bounce. I just want to stop this cycle because I am broke and my kids need to be taken care of. I don't want to keep borrowing pdl's. I have no one to turn to. I made my bed. Sorry I'm just very frustrated with the situation I got myself into I hope I don't come off the wrong way if I do please forgive me.

Posted: Sat Aug 18, 2007 4:59 pm Subject: amd

amd, you're fine. You're not "coming off wrong". Of course you're frustrated. We all are. That's why we're here. We just hate to hear that your bank account is going to be under attack by pdl's. It just kills us. If you can't do anything with your account, they are going to hit it again and again. If they are returned due to NSF, then your bank account is going to get a bunch of NSF fees put on it. And the pdl's will just keep on trying to hit your account until they finally get something out of it. They are amazing. We just don't want any more of your money being taken from you by illegal companies.

Posted: Sat Aug 18, 2007 5:41 pm Subject:

If I stop my direct deposit will they see it as default and for balance in full or will they just take the interest that's due? If I close my account can I mail payments to them or will they demand wire transfer which will cost more money?

Posted: Sat Aug 18, 2007 5:53 pm Subject: oaky

Okay, your pdl's are not even legal. You go by your state law, not theirs (like they will tell you). Your law does allow for 3 rollovers (that sucks) so they can charge you 3 extension/rollover fees. Luckily, criminal action is prohibited in your state. That's a good thing. You can stop your direct deposit. You can close your account. You can put a hard debit block on it. You can do whatever you want to prevent these pdl's from debiting again. What they'll do is contact you (of course) and they will try to scare the hell out of you. Don't let them scare you. One of your pdl's is Cash Transfer. They are notorious for doing a "wage assignment". This means they can send a letter to your employer stating they want them to take money out of your check. This does not have to be honored by your employer. However, you first need to send Cash Transfer a letter revoking any wage assignment you may have signed with them. Short and sweet. And do it now. You can't revoke it once they've already sent it to your employer. Keep a copy, send them a copy, and give a copy to your payroll person. If you don't want to give a copy to your payroll person, keep a copy at work somewhere so if they get something and question you about it, you can take it out and show them you revoked it. And, like I said, it is voluntary on your employers behalf. They do not have to honor it. It is not like a wage garnishment. The pdl's will try calling you. Send them a letter stating not to contact you via telephone at your place of employment, your home, or any other number they may have for you. I can't promise they won't call. These people are illegal and do not abide by a whole hell of a lot. If you get caught on the phone with them, tell them to only contact you via email or USPS and hang up. Once you've defaulted, they're going to try to ask you for a million dollars more. They can't do this. But they will try. They will also try to tell you to money gram/western union them payment. I refuse to western union/money gram. If they cannot provide a mailing address for payment, to hell with them. Remember, they are illegal. I know I'm telling you a whole lot. So I'll stop now. Post with any questions. And I'm not trying to scare you. I'm just telling you the wonderful facts of illegal pdl's.

Posted: Sat Aug 18, 2007 6:26 pm Subject:

Do you know if wells fargo is easy to work with? I think I might go with a hard debit block since I'm in chexsystems. It is going to be so embarrassing getting calls at work they have my boss direct line and being in collections myself I know they will be thinking something in their head. Where can I find a letter stating what you suggested?

Posted: Sat Aug 18, 2007 6:35 pm Subject:

I have my car financed with wells fargo auto finance. Im not behind for the last 3 or so years. They just have the worst customer service in the world. they have messed my credit up so bad, that even if I wanted a house I could not. I am going to battle with them, again, shortly, and this time, I will win.

Posted: Sat Aug 18, 2007 6:37 pm Subject: amd

amd, I have no idea about Wells Fargo. I'm sorry. You can go with a hard debit block to prevent these idiots from debiting you any further. But, what this will mean is that you cannot write checks, use your debit card, etc. It lets nothing go through. So take a bit of money (just the minimum if you have to) and try to open another account somewhere. If you're unable to get a "regular" bank account because of chex, goudah has compiled a list of banks in every state that will open accounts for customers who have a "bad mark". I can pm her if you want and she can send you the list of all the banks in your state. Or you can maybe try to just open a savings account. I think some banks will let you do that. You would still have a debit card, just no checks. Your direct deposit can go into a savings account. If you get calls at work, is there any way you can get the phone yourself? If not, can you instruct the receptionist to send all calls to voice mail? If you have voice mail. If worse comes to worse and they do call your work, tell them a story. Tell them someone got ahold of your bank account and it's totally screwed up and now people are calling you regarding fraudulent charges. Hell, tell them anything. Claim identity theft. They don't need to know the "real" reason. There are many letters you can use to send to these pdl's. I personally just chose to do one long letter that stated everything under the sun in it. I covered all the bases in one letter. Some people do it in different letters and send each one out. Nope. I'm lazy. I did it all in one letter, changed the information to fit each pdl, and off they went. I do have a letter I can send you as an example. Do you know how to use the pm? You can send pm's to people. It's a private message. Underneath my post, you will see a little "button" with two people that says PM. You can click on that and it'll send me a message. If you can figure that out, and send me a message, I can reply to it and it'll go right to you. If you have messages, it'll say "you have xxx messages" whenever you're logged on.

Posted: Sat Aug 18, 2007 7:05 pm Subject:

cannr - would you mind sending me a copy of the letter?

I don't think I said it right in the other posts about asking for a letter and you were looking for a link or maybe I have it all mixed up? My head is so
swimming right now - i can't even think straight.

Posted: Sat Aug 18, 2007 7:55 pm Subject:

vanr...calm yourself and try to think clearly...we have all been there...I didn't sleep for a month before I found this site...I had 10 active internt loans out and 3/4 of my pay was gone every 2 weeks...

you have children and you need to take care of them first..these are unsecured loans and your housing and food must come first...stop the debits whatever way you can at the bank...yes it may be embarrassing but go in there and explain..tell them you are revoking their rights to debit your account and get it stopped. One way or another you can worksomething out with these lenders...we all have and we will be here for you when you need help...it can be done!!

Posted: Sun Aug 19, 2007 6:07 am Subject:

amdcc8....i was in the EXACT situation you are in now. I'm not saying this 'approach' is for everyone, but, I had no choice to do this, or NOTHING would get paid. I went to my bank manager and explained what the loans were, and why I have them. He was very understanding about my situation. I had every single PDL 'stopped'. ..I did a 'stop payment' on them. I had 4 or 5 PDL coming out of my account. That REALLY added up in fees ( as u well know). Well.....it was a $25.00 'stop payment' fee, for each loan. After the PDL start 'getting the message', they will stop trying to debit your account. They may send you a letter from a CA, but, they can't put it on your credit, etc. because they know what they are doing is NOT legal. When I did this ( 'stopped payment'), I had alittle time to deal with the PDL's. I'm not telling you what to do ( by no means!! ). I'm just giving a suggestion.

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