| Author |
Message |
|
|
 Posted: Thu Aug 16, 2007 7:40 am Subject: I owe 5000.00 for pay day loans on friday.
|
|
|
i owe 5000.00 for pay day loans on friday. i only make 1200.00 a month! so ill have to take out another 800 to pay it back leaving me at 5800.00. i dont know where to go for help. i have no family and im 20 with little to no knowledge on these things. where do i go??
|
|
tawnabailey
Joined: 16 Aug 2007
Posts: 6
Debtcc Points: 209
|
|
|
 |
|
Posted: Thu Aug 16, 2007 8:27 am Subject:
|
|
|
Welcome to the Community tawna  Can you tell us the following:
What state you are in
If these are internet or store front loans
How much you have borrowed, and paid back
This info will help us give you more info, and direct you where to turn next!! Thanks..KAren
_________________
As long as you are alive, there's always hope
|
|
Bossy4455
Moderator
Joined: 27 Feb 2006
Posts: 5461
Debtcc Points: 64232
|
|
|
|
Posted: Thu Aug 16, 2007 9:20 am Subject:
|
|
|
Since you are already facing problems in paying the previous pdls, you should not look for a new pdl at this stage. You will be more in troubles in paying back the loans. There are few dmp companies who will help with your pdls. What state are you in and which companies have you borrowed from?
|
|
Steg
Joined: 22 May 2006
Posts: 392
Debtcc Points: 5545
|
|
|
|
Posted: Thu Aug 16, 2007 10:22 am Subject:
|
|
|
What are dmp companies, Steg? I would certainly like to look into that as well for my 3000+ in loans that are being deducted from my account.
|
|
barman602
Joined: 15 Aug 2007
Posts: 12
Debtcc Points: 292
|
|
|
|
Posted: Thu Aug 16, 2007 10:28 am Subject:
|
|
|
debt management Plan is what dmp stand for. There are few companies that will work with payday loans. One that many members here have had good experiences with is T&C. They will consolidate your debt into a monthly payment. If you do a search on this site for them you will find a bunch of info about them. There is also Langhorn Law. They are a pdl settlement company. You set up an account and save X amount of money. Once you reach that amount Langhorn starts negotiating with your pdl's to settle the accounts. You can also do the same things on your own. Many here have done it themselves and saved the money. But it's a personal choice you have to make for yourself.
|
|
goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111635
|
|
|
|
Posted: Thu Aug 16, 2007 10:59 am Subject:
|
|
|
Hi Tawna. Welcome to the forum. I agree with Steq. Taking out pdls is what started this whole thing (and trust me, I've been exactly where you are), so they certainly aren't the answer. But, to go any further, we need to know what state you are in, are your pdls internet or storefront, and how much you owe and have paid to the comanies.
|
|
eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14311
|
|
|
|
Posted: Thu Aug 16, 2007 12:18 pm Subject:
|
|
|
well im with
- allied advance
- money tree
- check into cash
- check n go
- advance til payday
- advance america
and another one i cant remember. i tried looking up the laws for WA and i cant find them (yes im computer retarded). I heard i can go to jail since it is considered "stealing". i pay 97.00 on each loan everyother week. so total ive paid 1,164.00 in fees.
i live in Washington State and these are in store advances. Thanks for all of your advice.
|
|
tawnabailey
Joined: 16 Aug 2007
Posts: 6
Debtcc Points: 209
|
|
|
|
Posted: Thu Aug 16, 2007 12:28 pm Subject:
|
|
|
| Quote: | Washington State Information
Legal Status: Legal (Lender must have a small loan endorsement to their check casher license in order to make payday loans)
Citation:
Wash. Rev. Code ยง 31.45.010 et seq.
Loan Terms:
Maximum Loan Amount: $700
Loan Term: Max: 45 days
Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time.
Rollovers Permitted: None (cannot repay loan with proceeds of another)
Cooling-off Period:
Repayment Plan: A company and a borrower may voluntarily enter a payment plan at any time. A borrower, however, has a right to convert a small loan to a statutory payment plan after four successive loans and prior to default on the last loan.
Collection Limits:
Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Washington Department of Financial Institutions
Address: Division of Consumer Services, PO Box 41200 Olympia WA 98504
Phone: (360) 902-8700
Fax: (360) 725-7827
Regulatory Contact: Chuck Cross,, Director of Consumer Services
http://www.dfi.wa.gov/ |
You cannot be criminally prosecuted. Period. It is against the law in WA for that to happen.
Since these are storefronts that means they have to allow you to go into a payment plan after your 4th loan.
Check to make sure each store is charging you interest within the laws. If they aren't, file complaints against them.
|
|
goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111635
|
|
|
|
Posted: Thu Aug 16, 2007 12:38 pm Subject:
|
|
|
ok. thank you. is it better to do the payment plans through them or try to take out a loan to pay them off? i also heard that you can put a stop payment on the checks but wil they take me to court? i can careless about my credit now since ie been dealing with identy theft which was stolen 2 years ago after i changed my name.
|
|
tawnabailey
Joined: 16 Aug 2007
Posts: 6
Debtcc Points: 209
|
|
|
|
Posted: Thu Aug 16, 2007 12:48 pm Subject:
|
|
|
Twana, Please what ever you do do not take out any other loans. In my opinion it is 100% better to make arangements that you can live with. Remember loans got you into this mess. Pleasse try not to incur any more debt
|
|
kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
|
|
|
|
Posted: Thu Aug 16, 2007 1:39 pm Subject:
|
|
|
It would be MUCH better to work out payment plans then take out another loan. Please don't do that, you will be in much worse shape.
These companies by law must let you set up payments. Hold them to it.
You cannot be criminally prosecuted in your state, so don't worry about that.
|
|
goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111635
|
|
|
|
Posted: Thu Aug 16, 2007 1:54 pm Subject:
|
|
|
so can i just let the checks bounce? yeah it will go on my credit but thats another thing ill have to take care of
|
|
tawnabailey
Joined: 16 Aug 2007
Posts: 6
Debtcc Points: 209
|
|
|
|
Posted: Thu Aug 16, 2007 2:07 pm Subject:
|
|
|
I would call up each place and try to set up a payment plan first. You will owe more if you let the checks bounce.
|
|
goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111635
|
|
|
|
Posted: Thu Aug 16, 2007 2:53 pm Subject:
|
|
|
ok. so. i just got off the phone with everyone in my area. ive come to a conclusion. next tuesday i will be filing bankruptcy. it will pay off my loans and my ther debt.
|
|
tawnabailey
Joined: 16 Aug 2007
Posts: 6
Debtcc Points: 209
|
|
|
|
Posted: Thu Aug 16, 2007 3:06 pm Subject:
|
|
|
Make sure that is really your best option - A BK stays on your credit reports for 10 years.
Have you contacted T&C? They are the one debt consolidation company I know of that will work with payday loans too. If you do a search on this site you will find their contact information.
|
|
goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111635
|
|
|
|
Posted: Thu Aug 16, 2007 3:11 pm Subject:
|
|
|
yes i did. i have to much bad credit. so they said no
|
|
tawnabailey
Joined: 16 Aug 2007
Posts: 6
Debtcc Points: 209
|
|
|
|
