Internet's first get-out-of-debt community - 136,000 members

Posted: Tue May 27, 2008 9:14 pm Subject: Need advice on payday loan debts?

First let me say hello to everyone and am very excited to come across this site. Now I don't feel so alone. Anyways, here is my situation: I have about 10 payday loans that I have been dealing with since 06/07. I will give you as much details as I have for now, but have to check on the dates because I have had them so long that I will have to check paperwork when I get home. Three are brand new, but the other seven are old, and I've only paid-off one that I didn't list. Final problem before I list them. I am currently in a chapter 13 that I filed 3/2006; where other payday loans is included. I am scared to death of my trustee finding out,and then of my case being dismissed and all my creditors will be able to come after me. I am so scared and close to being insane. However, I am a thinking and my mind never rest. My mom is afraid that I am driving myself sick, but she isn't or won't help because I am old enough to take care of me and/or know better.

I live in Missouri and work in Kansas (FYI).

The following are storefront:

1. Ace Cash (KS)- borrowed 500/75 fin. charg since 10/06 or 1/07

2. Cash2Go (KS) - borrowed 300/45 fin chrg 8/2007; pd off late last yr, but then took back out to cover another expense 12/07 - this time 400/60 fin charge.

3. Quik Cash (KS)- borrowed 300/45 fin chrg since 5/2008.

4. CheckSmart (KS)- borrowed 350/52.50 fin chrg since 10/2007.

5. C&C Loan (MO)- borrowed 100/17.50 fin charge since 5/2008.

6. Tracy's Loan(MO) - borrowed 200/30 fin chrg (she's really nice and will work with me, I hope), since 9/2007.

7. Missouri Title loan (MO); only owe them 97.50; originally borrowed 200/30 fin chrg since 5/2007.

8. Reliable (MO); only owe 41; originally borrowed 200/30 fin chrg since 5/2007.

9. Rainbow loan (MO); only owe 305; originally borrowed 500/85 fin chrg since 10/2006.

The last one is online:

10. Impact adv loan (TX?)- borrowed 300/90 fin chrg since 5/2008 (newest).

All, I promise to look into the correct dates, but I am pretty close. I have paid several off and stayed away for about a month to fall back into needing them again. I am behind in my elec, gas, cable, telephone, etc. and can barely cope. I feel so ashame, especially since I should know better. Also, car repairs came up and things keep getting worst. Now I need tires, brakes, strut is leaking, etc. I have not closed my account yet, but did open a new account. The worst yet, I owe 500 plus 50 int to my old bank, which was a checking advance and now have a -798 showing in my account, not including the advance. Everything is a mess for me, and even if I can't be saved by this community, I appreciate your prayers and listening ear. I've gotten out of this mess before, but things were never this extreme!! I feel really close to poverty. I've been on my full time almost eight years, work parttime, and go to school parttime. Thank God I have no kids.

Just so you will know, I have been reading laws, searching for ways out of this mess to no avail. I am surprised that I have not received calls from the 1-10 pdl's yet, but know I will this week and is desperate for any advice. All pdl's were due between 5/15 - 5/20. I can pay the smaller ones off in about three weeks, but am not sure how fast I can catch-up on utilities, and Rent is due soon. Even thought about moving to cheaper apartment with hardly no money to move in, but would need additional income for movers and don't seem to have much energy to do anything, but roll out of bad everyday to deal with obligations that keep what little food in my mouth that I eat. Everyone had commented on my extreme weight lost. Enough of that, I guess you see I can talk. : )

I am a middle class that is about to hit rock bottom, fast.

Posted: Tue May 27, 2008 11:25 pm Subject:

Dear Tschudson,

Payday loans have become a menace in today’s world. Almost all of my friends have taken payday loan at least once and have found it difficult to pay it off in a single chance and consequently have faced hardship in the same. So, your present financial position is no exception and I am sure that you will definitely get out of this mess.

1. As a first step stop worrying and let this forum help you to become debt free.

I always prefer Do It Yourself policy to become debt free.

Thus, as a first step you should look into the different payday loan status in the different states. I am giving relevant information for Missouri, Kansas and Texas below: -

Payday loan information for the state of Missouri: -

bewildered@debt · Posted: Wed May 28, 2008 2:17 am Subject:

The trustees will normally dismiss your case if you fall behind the repayment plan sketched out for you under the ch-13. In that case they will liquidate your assets (if you have any) to repay the lenders. IMO with 10 pdls, not listed for bk, it'll gonna be difficult for you to keep a pace with. And If you start falling behind with the repayment plan, its likely gonna get dismissed. Do you stand a possibility to enlist all these accounts to your bk list? But don't lose hope, someone will shortly be around with more help.

Posted: Wed May 28, 2008 6:48 am Subject:

Personally I would contact the trustee and ask for a modification of the bk order to include these new debts. If after adding these,payment is not feasible it would be time to contact a bk attorney to convert to a bk 7 case.

Tschudson · Posted: Wed May 28, 2008 6:58 am Subject: Advice on payday loan debts

Phoenix, thanks for the information you listed. I do work a part-time job, but still not enough income comes in. I was working a third one, but it was too exhausting. Also, I will look into debt management. Bewildered, the payment for my chapter 13 comes out of my check automatically every pay period, which also pays for my car. I have spoken with my attorney about the new ones when it started getting unbearable, but she said can't add them because they are new. She told me to handle them as best as I can. Also, she said that she was surprised trustee didn't know since they monitor whether or not I have applied for other loans. I guess since they are not on my credit report they aren't visible to the the trustee. Even if I convert my chp 13 to a 7, it will cost an additional $500-$700 to do so. Then I would have to play catch-up with my car payment, since the interest rate is much lower than before.

Thanks to you both for responding, and I will keep working at it, but I am so nervous that my stomach is starting to bother me. Sad

Posted: Wed May 28, 2008 9:55 pm Subject:

Dear Tschudson,

Thanks for your appreciation.

Not only me, but all the members of this community are here to share their part of the story and help each other. And I am sure that our cumulative knowledge will help you to sort out your problems.

Let me say again to you….stop worrying…because this is not the time to worry, but to plan and act accordingly so that you can get out of this mess as early as possible.

From your post it looks like that the ongoing ordeal has shaken your confidence. In such a case let all of us help you out this ordeal. Why don’t you join the community and be a part of us and get free help from our financial expert.

In this community most of the members have come and joined because they had some debt related problems. With the passage of time each one of us gained knowledge through the forums on how to become debt free and now can manage their own finances more efficiently. We are like a family where we share our joys as well as sorrows and help each other to lead a debt free life.

Please let us know about the latest development so that we can help you more efficiently and help you out of your ongoing hardship.

Regards,

Phoenix

Posted: Thu May 29, 2008 12:35 pm Subject: pdl issues

Hi Phoenix,

Thanks for your note. I am a member, but not good manuvering around this site yet. The most I've been doing is looking for ways I can get the cash by checking into any assets I have, very minimal. For some reasons I still haven't heard from any of them yet, which really scares me. I haven't called them yet because I've been racking my brain on ways to come up with ALL the cash needed to pay them off. I've been so busy this week working my fulltime and part-time, and preparing for school next week, and looking for somewhere else to stay, that can save me money, that my head is spinning. I really am trying to control my emotions so I can do what is needed. I get paid tomorrow and have to decide on what gets paid. Next week I should get more relief from my part-time check, but not enough to settle my bigger debts. I am sorry to whine or sound over dramatic, but I can't help it right now. I promise I am not trying to waste anyone's time, but I am just so use to helping myself without any outside influence, including from family and friends. I am what you call an independent rebel and this is harder then I need it to be. : ) I've even looked into cashing in on or selling one of my life insurance policies. Right now I am just trying to figure out the best way (legally) to get out of this situation fast.

Posted: Thu May 29, 2008 10:17 pm Subject:

Dear Tschudson,

As I have said earlier, stop worrying…it will not lead to anything but tension and frustration.

It is nice to hear that you are trying real hard and giving your level best to pay-off the accumulated payday loans. Thus you have already moved a step forward. So, don’t look back and keep going. Great Work and Keep it up. 

From your posts it seems that you are suffering from frustration. Stop doing that because it will not help you in anyway. I know that it is easy to say than done. Always remember that you are not alone now…we are here to help you out of this dreadful mess.

I know that you are already a member of our community. But I think that in such a bad debt condition of yours, and that’s too payday loan, you need expert’s advice. You can get free advice from our community’s financial coach by registering yourself to https://www.debtconsolidationcare.com/signup/ .

After signing up for the free consultation, a suitable debt consultation firm will ring you up to evaluate your financial stringency for free. Then with your approval the company will negotiate with your creditors for debt reduction and help you to make 1 monthly payment rather than 10 multi-payments to different companies.

And you are not sounding dramatic to us…you are just talking through your heart. Don’t worry…try to be happy…we are here with you in both sorrow and joy…

Always remember…Life Is Beautiful…it depends on you…how you look at it. Change yourself and stop worrying…and then you will see …. Life is so Beautiful…

Keep in touch.

Regards,

Phoenix

Posted: Fri May 30, 2008 7:43 am Subject: pdl issues

Phoenix, you have very kind words. Thank you for that and I will view the debt link you supplied. Now I am trying to deal with my HR dept sending my direct deposit payroll to my old negative account instead of my new positive bank account. What a mess, one thing after another. My grandma had a stroke yesterday, and I received a disconnect notice from the Gas co. Man, what a month, but I will try to keep peddaling through all these issues because I have to believe that it will get better. Thanks again.

I will keep in touch,

T

Posted: Fri May 30, 2008 8:11 am Subject: debt management

Phoenix,

I tried to go into that link you provided, but was told that since I was logged in that I had already done, or something to that effect. I haven't received any contact from a professional debt counselor. I'm not sure if I didn't do something correct. I will try the 800 listed on this site.

T

Posted: Fri May 30, 2008 8:16 am Subject: debt help

I did call the 800# and they said that they can only help me with online paydays, which I only have one, and not with the storefront payday loans. Any advice moving forward?

One of the other members suggested I contact my BKR trustee to ask if they will provide a modification of the BK order to include the new debts. Also, if not, I am waiting to speak with my Attorney about changing the chapter 13 to a 7. I know she has said in the past that it could cost $500 - $700 to switch. However, that's the directions that I am moving towards.

FYI....

Posted: Fri May 30, 2008 4:30 pm Subject:

Do you have a crisis center in the city where you live? If you do, you might want to go there to get some assistance. I am sorry to hear about your family member having a stroke. My father had a stroke over twenty years ago, and it still breaks my heart. Please join the forum so you can get some help with these lenders. God Bless!

Posted: Sat May 31, 2008 11:50 am Subject: Crisis center

Hi wssu, I am looking into the crisis centers in town, which I am not getting much assistance. I think I am far deeper than I can imagine. Also, why do everyone keep saying "please join the forum so you can get some help with these lenders?" I thought I am already joined? I am getting confused, do I need to do something else? I really don't mean to sound rude, but I am just trying to cope with everything going on. I really don't see much help for me unless I can get a loan or help from family members. Thanks for all the advice though.

Posted: Sun Jun 01, 2008 9:07 pm Subject:

Dear Tschudson,

I have also seen that whenever I am down, all sorts of problem start to crop up. But don’t worry…continue you effort and I am sure that you will come out of the debt mess.

Sorry to hear that your Grandmother had stroke…How is she now? My heartiest wishes for her recovery.

I still believe that you should register yourself for the Free Counseling session. For that you can access the Free Counseling form from the following link while you are still logged in : -
http://www.debtconsolidationcare.com/debt-solution.html
Or you can log out from your account and then register yourself in the link I provided in my previous post.

Regards,

Phoenix

tsc · Posted: Mon Jun 02, 2008 8:34 am Subject: Tried to register

Hi phoenix, my Grandmother is doing better now, thanks for your heartiest wishes. Also, I tried registering again on the link you provided and they are still saying I have already registered with that email and to try using a different one. I don't have a different one, plus I've already spoken to them and they said can not help me with storefront paydays. They didn't even ask if I needed assistance with any other debt. I spoke to my landlord today and she suggested I move out without paying them if I can before the 13th. I plan on trying, but with no funds until then, I am at a lost, but I will keep trying ways to get done what I need to get out of this mess.

Thanks for responding and I will try to stop worrying...

Regards,

T

Posted: Tue Jun 03, 2008 10:48 pm Subject:

Dear Tschudson,

It’s nice to hear that your grandmother is doing well and you’re also trying to stop worrying. That’s positive.

If I were you then I would have opted for debt consolidation. The position you are in is very serious and needs immediate work-out. If nothing works out then bankruptcy is the only answer to it. But always remember that bankruptcy is a drastic option.

First of all I will ask you to calculate your debt-income ratio which will help you to get a clear picture of your current financial position. You can calculate your debt-to-income ratio through the Debt-Income-Ratio-Calculator of our community through the following link:

http://www.debtconsolidationcare.com/calculator/debtincomeratio.html .

If you see that most of your income goes for repaying your debt and it has become unbearable then only you should go for bankruptcy.

You can avoid bankruptcy by going for debt consolidation program in your case as all your debts are in payday loans (and thus debt settlement is not viable). Consolidation will help you to find a permanent solution to your debt woes. Well crafted debt consolidation can help you to minimize your debt by as much as 40 to 60% and you can make your payments in monthly installments at easier terms. The most significant point of this program is that you will have clean credit report after you payoff your debt whereas bankruptcy remains in your credit report for 7 to 10 years (which will restrict you from accessing further loans in the near future).

Regards,

Phoenix

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