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Posted: Mon Apr 14, 2008 8:12 am Subject: Some Major Set Backs

Well, I have been getting letters and nasty calls from about all the storefronts now. I posted that about arbitration and am still not sure if this will only occur after they refuse a payment plan or until I give them an idea when I can pay?
Unfortunately, my checking account has been a mess since my mortgage company sent my check through early and I have been short every week and back in overdraft. I have some people who I wrote checks to that I have asked to hold until I get this mess taken care of...like the market down the road we buy gas from.
I have legitimate companies I need to pay other than making arrangements with the PDL's. I have a insurance payment due and a house payment which I have put off until Fri.
I feel like I am on one of those stretching racks? I want to get out of this, but only have so much money to go around?
How much per month have some of the storefronts been willing to take from you guys? Only the full amount or payments of what? I cannot do this unless they are willing to take $50 to $100 a month rather than every other week? I am drowning here.
TIA

Posted: Mon Apr 14, 2008 8:59 am Subject:

I only have one storefront loan and can only speak to that, but what they have allowed me to do is split up my repay into four payments over a 90 day period, which means I can skip two payments. If they didn't let me do this, I would be unable to repay my loan, also. It feels like a lot of juggling, though, what we have to go through to take care of these messes. Sometimes it feels like digging out of it is next to impossible . . .

So I can't offer any advice, but I know what you mean . . . your living expenses should come first. These debts have eaten so much time and money, and the rest of your life is really more important than struggling to repay these lowball businesses.

Posted: Mon Apr 14, 2008 9:08 am Subject:

I called my mortgage company and they are willing to wait until Fri. and this is a huge relief? They will also confirm that I have paid my insurance...or they will put forced insurance on the house which is not so bad as foreclosure which is what I thought they would do.
One way or another, even if these wind up going to court or excuse me *arbitration*, I will get out of this mess.
Gee...I am no good at this waiting stuff...I want to be out NOW?

Posted: Mon Apr 14, 2008 9:13 am Subject:

And oh....another important factor...I was mistaken about the *putting a check through early*...my bank must now have that instant processing which they did not have the capabilites of doing last month...if I write a check, and it is deposited, it comes out of my account immediately providing that persons bank also has that capability?

Posted: Mon Apr 14, 2008 9:36 am Subject:

Hi Egypt-Just fyi, Its called the "Check 21" initiative and most banks are now using it.

In the past, when check was sent to a bank to be cashed, it was processed by the depositors bank (in this case, your mortgage company's bank), then the check was actually sent to the bank that the check was drawn on (your bank) and cashed. This used to take 2-5 business days on average.

Now,once a check is deposited,it is processed, and an electronic image of the check is sent over to the other bank which takes about 1 day, sometimes two.

Posted: Mon Apr 14, 2008 4:12 pm Subject:

egypt, when I dealt with my storefronts, I'll be honest, they didn't want "little" payments. They wanted like $50 every two weeks, which was $100 per month until they were paid. With the exception of my one that I invoked the EPP on, which I made 4 equal payments and paid them off. And one other that was REALLY cool and just told me to come in and pay whenever. But I usually walked in with at least $50. If I could afford it, I would go in with $100. But they didn't have me on any kind of "structured" payment plan. It was like "come in and pay when you can". So I appreciated that so much that I tried to bust my a$$ to get them some money.

Posted: Tue Apr 15, 2008 8:34 am Subject:

$50 would not be so bad Cannr, but they are asking for $100 every other week or the total amount...so far. I cannot do that much?
If they would ask for a reasonable amount, or even just work out payments I could do that?
I honestly did not think they would be so hard nosed about this....stupid me.
If we get that tax relief check in May, I can knock a hole in these, but I am not holding my breath?

Posted: Tue Apr 15, 2008 8:39 am Subject:

Volleyballmom...I found out the hard way that my bank now does this. When they first announced this a while ago, I checked to see with my bank if they would do this? In essence it was like writing a check being like using your debit card and they, at that time did not have the soft ware for it. Like I sent that check to the mortgage company, it got there Wed. they deposited it Wed. and it came out of my account on Wed. Most times if they got it on Wed. deposited it on Thurs., it went through my account on Fri....or payday.
I will not do this again...trust me.

Posted: Tue Apr 15, 2008 8:50 am Subject:

Yea, it can be a bummer when you need an extra day or two on a check....

Posted: Tue Apr 15, 2008 1:29 pm Subject:

egypt, you need to tell these storefronts there is NO WAY you can afford those kind of payments. Honestly. I just flat out lied to them (because I knew they would try to screw with me) and told them I lost my job. I mean, you gotta do what you gotta do. You need to pay your bills first, then them. Some storefronts will work with you. Like, they may take $20 a week or something like that. Just as long as you're paying SOMETHING to them. I know they want the full payment. Of course they do. Well, if you had it, you would have already paid them! Good Lord! I know I had to be kind of "tough" with them. I was actually chicken $hit, but I played it off. I got kind of lucky because one of them asked me what I could pay and when. I was grateful for that. So I told them I would pay them $50 every two weeks. I still played like I didn't have a job, so they didn't argue with me. You could try that ploy, egypt. You can tell them you just lost your job and now you're really stuck for money; however, you do want to pay them, but it's going to have to be smaller payments since you're "not working" and no way can you do the full amount. I know it's kind of crazy what you have to do, but they almost force people to lie. But, just to let you know, that's what I did - said I didn't have a job. I guess they figured they were lucky to get payments from me since I was "unemployed".

Posted: Tue Apr 15, 2008 4:38 pm Subject:

The 2 storefronts I had only one was willing to work with me. That was Advance America. My husband and I both had loans there. They accepted $50 per month on mine (mine was $500) and $35 per month on my husband's (his was lower, I don't remember how much). I am still paying those and when my husband quit his job(stupid, stupid) I lied to them and told them he lost his job and now they've allowed us to pay $10 per month on each the last 3 months. Hubby is back to work and so we'll be able to pay more next month to get them paid off. The other storefront was Checkmate. Same scenario that my hubby and I both had loans. They refused to work with us so I included them in my T & C plan. Checkmate has sent mine to collections. Anyway, I think it's just mine. I haven't heard a thing on my husband's. I am sending a debt validation letter to the CA just to make sure which one it's for. I'm actually glad it got turned over, since that means they probably aren't going to take me to court. However, the CA is not licensed in my state to collect, so I imagine they will sell it off to someone else. We'll see.

Posted: Wed Apr 16, 2008 10:13 pm Subject:

Hmmmm I am curious about this *sell off* thing...can someone else actually come after you if you did not get the original loan from them? Advance America is one of mine and they are also CFSA...
Cannr...I will not have to lie about the job thing...not that I have lost my job, but it is summer and all the OT I got is over for awhile...I will make almost $500 a month less. More sick people in the winter?
And my husband has finally decided that this co. is NOT going to use him full time.
Cheese...my husband quit a couple of jobs last year. got in a snit with his boss at another and I think he quit...but said he got fired...then got thrown from a horse and was hospitalized..... so I know (stupid stupid) too?

Posted: Thu Apr 17, 2008 8:31 pm Subject:

egypt, they can turn you over to a collection agency. I think that's what cheese was talking about. If their corporate office doesn't do the collecting themselves, they'll turn you over to a third party collector.

Posted: Fri Apr 18, 2008 7:21 am Subject:

Okay Cannr....I was not sure if the third party *bought* the debt or not? I have heard of other companies...credit cards, other unsecured loans...selling the debt to someone who cont. collection after the orig. co. has written it off.

Posted: Sat Apr 19, 2008 2:25 pm Subject:

Usually, when it's a storefront, they have some sort of "policy" in place (I say USUALLY). Some storefronts will automatically turn you over to a third party collector without even contacting you. You just get turned over. Once you default, they let someone else take care of the "dirty business". So, it's still you owing the storefront, but the agency is collecting for them. Am I making sense here? LOL!

Posted: Sat Apr 19, 2008 2:39 pm Subject:

Cannr, you always make sense? I went to work last night and they sent me home after four hours, now tonight I am on call for low census too. Such is summer/spring and not as many sick people. I saw this coming.
But good news...husband got another job offer and when his current part time job heard this, they gave him full time and gave him a raise to stay with them. And he does like this job...just wasn't making much money? So you all can join me in a confetti party!!!!!

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