Internet's first get-out-of-debt community - 196,000 members

rhondagibbs · 06-09-2008, 12:22 AM

I am negative $1000 in my account right now and I just found this site on Thursday evening. I need help! I am in a total panic and don't know where to start. I feel like I should close my account so that no further debits can be taken from my account. But I need advice on whether I should use Langhorne or do this myself. I feel very out of control!

Thank you for ANY advice!

phoenix · 06-09-2008, 02:04 AM

Dear Rhondagibbs,

Welcome to our forum

It is so bad to hear that you have accumulated a debt of $1000 in your payday loan account. But first of all, every state has different laws on payday loan. So, please tell us in which state do you reside.

Again please tell us in which payday loans you have accumulated how much?

Regards,
Phoenix

SUEBEEHONEY70 · 06-09-2008, 03:15 AM

rhonda -

Welcome to the forums! As mentioned above, we'll need to know what state you live in to help you out, but we also need to know the following:

-what companies you have loans with
-whether they are storefront or internet based
-how much you borrowed
-how much you have repaid (including all interest & fees)

Wait for just a bit before going with Langhorne - we may be able to help you with advice to get out of this on your own, depending on the legal status of your payday lenders.

Also, before you close your bank account, please read the info we have on doing that http://www.debtconsolidationcare.com...e-account.html

Lukeskywalker · 06-09-2008, 04:00 AM

As these wonderful people have stated above..list all you can and most of all "Do Not Panic". Most of us have been there done that and you cant think if you panic. We will help you find a way to deal with this and hope to make it all go away the right way.

Luke

06-09-2008, 10:52 AM

I think the payday loan system is great! Theres not a single person who doesn't have emergancy's and payday loans really help out.
There quick and easy and really do help.

Shazzers · 06-09-2008, 10:54 AM

payday loans wrote:

Quote:

I think the payday loan system is great! Theres not a single person who doesn't have emergancy's and payday loans really help out.
There quick and easy and really do help.

Good for you, I can't say the same though.

paulmergel · 06-09-2008, 10:57 AM

rhonda,when you post your info also include
your bank's name.1000.00 in the red (whew) whether or not your pdl's are legal or not will determine your next move.

slackosoft · 06-09-2008, 12:44 PM

I agree with payday loans above!!!

*promotional signature removed as per forum rules - Simon

mobile0311 · 06-09-2008, 01:11 PM

admin , that is so weak. Pay day loans are basically predatory lending. They prey on people who are in a financial bind and take advantage of them. That is why so many States are starting to ban these rip off loans.

And why oh why do you still have links to pay day loan places as you signature still after moderator cajunbulldog has told you to remove it?

paulmergel · 06-09-2008, 01:28 PM

this is what you call helping admin,on cdollars topic you were quite steadfast in your assertion that you would help people.riiiiight.

cajunbulldog · 06-09-2008, 01:34 PM

Everyone is entitled to their opinion even though you know what they say about opinions.Personally a cash advance or balance transfer to checking affords me a better interest rate than a pdl ever would.

Lukeskywalker · 06-09-2008, 02:11 PM

I will pick up cans off the interstate or clean toliets out at a local park before I go to a payday loan again!!! :twisted: :!:

caivvey1023 · 06-09-2008, 02:48 PM

Lukeskywalker I totally agree with you. I would give blood. Sell all my earthly belonging. and let my checking account take 5-10 NSfF @ $35 a pop before I EVER use a PDL again.

Lukeskywalker · 06-09-2008, 02:49 PM

I here you and raise my hands in the air. I have gone to hell and back with those pdls. I too at first thought they where and answer, man was I wrong caivvey1023..never again!

Cool_Abyss · 06-09-2008, 03:36 PM

I cannot believe PDL and Admin said that ludicrous statement. How is $99 on a $200 loan 21 times GREAT! What would be great is a HUGE refund and PIF Instead you get you have the option to pay the whole thing in full next payday. Ya ok, not when you change your number, dont return calls, and change your d/b/a 3 times. :evil:

phoenix · 06-09-2008, 09:03 PM

Dear Friends,

Payday loans do come handy at the time of urgency and especially if you dislike borrowing from relatives, friends and neighbors and thatâ€™s too such a small amount.

But the problem regarding this is that for a payday loan, you are required to pay an interest rate to the tune of 10-15% for a period of 14 days only. I.e. if you take a payday loan whose interest rate is 10% for a period of 14 days then you have to pay an interest rate of 240% (approx.) on a yearly basis. To me it is too huge a burden.

Most of us fail to payoff this amount within the 14 day period and consequently fall into debt-trap. Thatâ€™s why most of the community members, who have actually seen this ordeal, prefer to term it as predatory.

Regards,

Phoenix