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 Posted: Fri Sep 14, 2007 4:19 pm Subject: Is PdL Consolidation best ?
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I have about $1500 in payday loans total that I'm trying to pay off week by week.
Is the best way to just consolidate them all and pay them off that way ? If so, what is a good payday loan consolidation company in California ?
I had an accident, i borrowed the money and hopefully I won't have to do it again. I just need to pay off these loans i have now because they eat my check every week and i'm losing myself in a cycle of re borrowing . Please Help !
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southsyderider
Joined: 14 Sep 2007
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Posted: Fri Sep 14, 2007 4:21 pm Subject:
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Reduce your fees and consolidate. All you are doing each week is rolling over your loans. You more then likly are getting further into debt and not out.
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Christie
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Posted: Fri Sep 14, 2007 4:25 pm Subject: how much before i consolidate ?
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what's a good number to reduce it to b4 i consolidate ?
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southsyderider
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Posted: Fri Sep 14, 2007 4:29 pm Subject:
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Sorry, I did not phrase that well. You will be reducing your fees if you condolidate since you are entering into some form of repayment plan. What are the companies you have loans through? Some companies now offer repayment plans also with no additional fees.
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Christie
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Posted: Fri Sep 14, 2007 4:34 pm Subject:
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lol. u ready
Money Mart
Check N Go
Advance America
Check Into Cash
Santa Monica Check Cashing
and
Nix Check Cashing
there are 2 others, I can't remeber the Names but trust me, i know where they are 
it's funny and it's not funny but i guess you gotta have a sense of humor in times like this. lol
by the way, thanks for the suggestions
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southsyderider
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Posted: Fri Sep 14, 2007 4:34 pm Subject: California
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If not any of those, what are some good places in California ?
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southsyderider
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Posted: Fri Sep 14, 2007 6:08 pm Subject: reply
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south, please respond to my post. Are these store front pdl's or are they internet pdl's? Please tell me this. And also what state you reside in. For right now, I would like for you to "overlook" the posts from Christie and tell me your situation. We may be able to help you right here. 
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cannr
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Posted: Fri Sep 14, 2007 6:11 pm Subject: help....
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the beginning paragraph if my situation. the $1500 also , i live in California.
thanks.
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Posted: Fri Sep 14, 2007 6:17 pm Subject: Are any Internet?
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Hi,
The State of California has issued a Cease and Desist Order against several PDL companies. I would also check their website for a listing of these companies. Unfortunately, I can't recall the website address.
This may help you as well.
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PDLInvestigator
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Posted: Fri Sep 14, 2007 6:28 pm Subject:
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South-Please take cannr's advice. I am also in CA and there are laws around these pdl's but need to know if they are internet or storefront. What would also help is how much you owe each of them and how much you have paid.
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volleyballmom
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Posted: Fri Sep 14, 2007 6:30 pm Subject: reply
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south, by looking at the names, they look like store fronts, but I need you to confirm this. I can post CA pdl law for you so we can all see what's up. And volley is in CA. She can help you. Hang on. I'll post the CA law. But we need to know, are these store fronts?
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cannr
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Posted: Fri Sep 14, 2007 6:32 pm Subject: reply
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| Quote: | California State Information
Legal Status: Legal
Citation:
Cal. Fin. Code ยงยง 23000 to 23106
Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)
Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677
http://www.corp.ca.gov/ |
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cannr
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Posted: Fri Sep 14, 2007 6:47 pm Subject:
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yeah, they are store fronts.
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Posted: Fri Sep 14, 2007 7:05 pm Subject: reply
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Okay, south. Here are your options. These are licensed/legal store fronts you're dealing with.
Option #1. You can contact each store front and tell them you can not pay in full and ask for a re-payment plan. Option #2. You can let the checks go into default. The store fronts will turn the checks in, they will be returned NSF (if you have no money in the bank), and they will contact you regarding payment. You can set up a payment plan.
Some store fronts will hold your check and let you make payments on it until it is paid in full, then give you your check back. Some store fronts will tell you they have to turn the check in to the bank and have it returned as NSF before they can negotiate a payment plan. Some store fronts can turn you over to a collection agency and you can set up payments. Some store fronts can turn you over to an attorney, then you will have the cost of the check plus attorney fees on top of it, you can make payments.
No matter what you decide to do, remember you are dealing with licensed/legal companies. My suggestion is to try the first option. Try contacting them first and see what they have to say. Tell them you lost your job, whatever. Tell them you can't pif but you can make payments. See what they have to say. Some are pretty easy to deal with and will hold the check until it's paid off. If you are able to do this, stick to the payment plan. Don't miss a payment. And don't "over extend" yourself. Only promise to pay what you can actually afford to pay. With option #2, the checks will hit your bank, they will be returned as NSF, your account will collect bank fees and it'll probably get ugly.
Your state law does state that you can have a payment plan. Your state law does state that criminal action is prohibited. These are good things.
My suggestion is to try to contact them first and see what they have to say. Some might actually work with you. If you get nowhere with them, you can let the checks go through and be returned as NSF. This can get ugly too with the bank fees. Your decision. If you have any questions, just post them! 
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cannr
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Posted: Fri Sep 14, 2007 7:25 pm Subject:
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I'll try option 1. however, my balances are up to $1500 total, aren't there consolidation companies that5 help with that ? it'd be ideal to have them all consolidated and just start making payments like that. isn't that an option ?
and thanks for the legal advice. much obliged!
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Posted: Fri Sep 14, 2007 7:37 pm Subject: south
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There are a couple of companies that do deal with pdl's. They can negotiate for you and make payments for you, but they charge you for their services. But they do exist. You can first try calling the number here for the debtcc counseling and a financial person may be able to help you find one in your area. Or you can do a search for T&C and Langhorne on this site. Try the debtcc line first. They will get your information and tell you who is the best company for your situation. Or you can do a search for T&C and Langhorne. Not a whole lot help with pdl's. That's why I suggest trying the debtcc phone number first. Since debtcc deals with pdl issues, they may have resources and can tell you of a good company. Whatever company you chose, it never hurts to just call and ask questions and see what they have to offer you. They should tell you what the fees are, how they work, etc. I know they all work differently. Give it a shot. It might make it easier for you and less stressful in the long run. Do me a favor. Try the debtcc number first. See if they have a company in your area. They would certainly know.
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cannr
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