Internet's first get-out-of-debt community - members

Posted: Tue May 13, 2008 6:33 pm

I am way overstretched trying to just pay the interest on 3 payday loans, and starting looking on the internet for resources to get these taken care of so my other bills do not start to suffer. My credit score is poor, due to a divorce and accounts my ex had that I did not realize he had put me on as well, and then he did not pay. So, when I had a medical emergency for my son 2 months ago, I had no one to turn to for the money except the PDL companies. I have seen to companies websites, PDL Assistance and Langhorne Debt Solutions. I tried calling Langhorne back after they called me, but have not gotten a return call, just an email stating that they had an "overwhelming response" right now and they would get with me as soon as they could. PDL called me within an hour of submitting my email and phone number for a free quote. I spoke to the lady, and she asked how much I owed on my payday loans, and I told her the loan amounts and the interest being charged. She told me they had a $200 enrollment fee that would go towards the settlement amount. She asked me if I wanted to give her the payday loan companies information and start the process. I really didn't think twice about it, as I want these settled. I gave her my bank information to pay the $200 enrollment fee next monday, and then I will pay them $230/month starting June 30th, for 10 months. They will email a contract on May 21st, that is a copy of what she had me log into and read over with her before I e-signed it. She pointed out that they have a cancellation policy, with a full refund within 3 days, and after that no refund, but you are free to cancel. She told me that in the contract, there would be a form for me to fax to them as soon as I could so they could be authorized to call my payday loan lenders to start the negotiation process. She said that would stop them from initiatin any further debits, but that they would also have a form in the contract for me to take to my bank so they could also stop any ACH requests from those lenders. I read a couply of postings that said this was a good company. I feel like they will be able to help me, and was wanting to see if anyone else had any luck with them. Is payday loan consolidation legal to do? If they don't get paid for several months, what can they do to me? The lady at PDL said that as long as PDL stays in contact with the lenders regarding my being in a settlement process, they will not contact me or harrass me about it. Any ideas?

Posted: Tue May 13, 2008 6:37 pm

angie. . could you list what state you are in, how much you borrowed on each, how much you had paid on each. You may be able to do this yourself. Someone who can interpret your information should be along soon to help you out with this. Hang tight.

Posted: Tue May 13, 2008 6:47 pm

aggie. . .sorry bout that, you are aggie, not angie. Also could you state if they are internet or storefront.

Posted: Tue May 13, 2008 7:01 pm

I am in Texas. The loans are to:

PayDayOne - $1000, $244 interest each payday
PayDayMax - $750, $143 interest each payday
MyCashNow - $750, $179 interest each payday

I am paid twice a month, so the interest along is $550ish each payday. These are all online payday loans.

Is PDL Assistance a legit company to work with if I do not want to do this myself?

Posted: Tue May 13, 2008 7:10 pm

I am not sure about PDL Assistance but I spoke with several myself and decided that the cost was more than I was willing to pay, since I was already in deep do do with the PDLs. Did you read the sticky about the ACH Processors? You might want to do so. Also, the posts started by James are very, very helpful. With his help I have cleared my last two PDLs in record time. I can tell you right up front, that PayDayMax and MyCashNow are processed by ACH Commerce. They use Credit Protection Depot to collect. I would also look into a C and D letter to have them stop debiting your account. Someone who is more knowledgeable than me can address closing your bank account as well. Just sit tight. . .they will be along shortly. Clearing this is not a one solution deal, there are many twists and turns which the good people on here will walk you through. You only have three PDLs. This is also a good thing.

Posted: Tue May 13, 2008 7:34 pm

Where can I find the posts regarding ACH processors? What exactly are they anyway? Also, what is a C & D letter? Is this something I would need to do myself, or will PDL Assistance do this if I decide to stick with them? I read a posting from another lady who said she signed up with them in December, and had been very pleased with what they had done. I don't want to get too far gone with interest payments on these, and I can see already by my budget that I will have a very difficult time paying these off. By my calculatinos, it would take me at least 2 years or more to pay them off, while paying an astronomical amount of interest fees that I could have saved instead. I wasn't sure about the $200 fee to start the program with PDL Assistance, until she said that it would go towards my settlement payment, and any funds left in the account after the settlements were done would be refunded to me. Also, they will email or mail me a notice of the amounts agreed to settle the payday loans so that I can authorize them. They will not pay them without my okay to the settlement amount. I am not a confrontational person, and I am already under alot of stress with work and home situation, so I feel that having a third party handle this for me would be better, if they are a legit company. Their BBB posting on their parent company(they are not a member, but have a file) shows some complaints in the last few years, but all were resolved.

Posted: Tue May 13, 2008 8:33 pm

If you decide to not handle these pdls yourself I see no reason not to do bussiness with PDL Assistance.I have so har heard great things about them. There is only one other pay day loan settlement company and thats Langhorn Debt Solutions and I just checked and they have an unsatisfactory record due to unanswered complaints.

Posted: Wed May 14, 2008 5:46 am

Aggie, you can type pdl assistance in the search box at the top right side of the page and see all the threads where they are mentioned and read what the members have written about them. Also you should check them out with the BBB if you have not already done so. It is your choice to handle them yourself or go through a company. I can certainly understand not wanting to handle them yourself. You have to do what is best for you.

Posted: Wed May 14, 2008 5:51 am

From my experience, Paydaymax will settle for the principal if you send them a C & D letter. Also, Paydayone was willing to work out bi-weekly payment arrangements.

Posted: Wed May 14, 2008 5:54 am

aggie,did how much if anything have you paid on these.i didn't see that part.

Posted: Wed May 14, 2008 6:12 am

Paul,

I have only paid to PayDayOne so far ($180). My next due date for all 3 is May 30th. But looking at my budget spreadsheet, I will just not have any $$ left after paying the interest only on these, and I have several important bills that need to be paid within the next month. I know I willingly got myself into this mess, and I have had payday loans before and paid on them forever it seemed to get them paid off, and I don't want to go through that hardship again. That's why I am wanting to find out about consolidating them. I had some questions about the C&D letter. Do I still need to send that if I am going to let PDL Assistance handle the payday loan settlement? Also, if I have not paid on them yet, is it illegal for me to have someone talk to them about debt settlement and not make payments to them until a settlement is agreed upon? I am concerned that maybe this is wrong. I know I owe the amount loaned to me and I want to pay that back, but I need to find a better and more affordable way to do so than what they are asking. Also, does anyone know the address for PayDayMax and MyCashNow? Their websites do not have physical addresses and when I called they just kept transferring me until I got frustrated and hung up.

Posted: Wed May 14, 2008 6:20 am

you say you paid 180.00,but i saw your breakdown.you said paydayone int was 244.00.even if you paid any interest you should list that.

Posted: Wed May 14, 2008 7:08 am

Paul,

That is the interest amount for my next payment ($244) per their website. The first one I paid a few days earlier than what it was due, so it was only $180.

CONNIE · Posted: Mon Jun 16, 2008 9:16 am

I need help with mulitiple pdls can anyone please help me with the process of handling these myself

Posted: Mon Jun 16, 2008 9:20 am

Hello Connie, if you will list the follwing information someone will be more than happy to help you. Smile

The state you are in
The names of each pdl.
Whether they are Internet or Store Front.
Amount borrowed.
Amount paid back so far.

Debt and Credit Management	Other financial topics
Debt Consolidation, Management and Settlement Dealing with Creditors and Collection Agencies Get-out-of payday loan help Creditors and collection agency address book Credit Repair, credit score and credit reports Financial education through videos	Additional income, investment, shopping & budgeting Banking including help on chexsystems Identity theft - scams, security and training Getting a Loan and choosing a good lender Dealing with Student Loans US Tax system and impact on debt
Community success stories	Miscellaneous - Hangout forums
Winning stories with debtcc community Stories: How I accumulated debts	Expert articles - Community knowledge bank Debtcc Complaint center Pub, feedback and announcements Funny Videos - Hey you worked a lot, now laugh and relax

*Name:
*Email:
*Phone:
*Zip:
Debt

	* denotes required field

Internet's first get-out-of-debt community - members

Question about payday loan consolidation

Members Area

Free Debt Counseling

Ask the community

Question of the week

Useful Links

Highlighted Topics

Recent Blog Post