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

Posted: Mon Mar 31, 2008 9:40 pm

I live in California and have 15 payday loans currently. I got into trouble at the beginning of the year and took out a couple to pay rent. then had to take out more to pay other bill and the interest fees, basically it has just snowballed into a nightmare. How do I get out from this? I was reading some of the forums about putting stop payments and revoking wage assignments and am just very scared and confused. My next payday is this Friday and I also need to pay rent this week. If anyone has any suggestions for my next/first step I would be eternally grateful.

Guest · Posted: Mon Mar 31, 2008 9:58 pm

you've come to the right place.
This is a great forum and there are alot of knowlegable people here. they give great advice and will walk you through it all step by step and it will take some time, but you have to be patient and do as they advise and yuo too will "see the light at the end of the tunnel" and you will be surprised it's not a speeding train!
Good luck and they are here to help, someone should be along shortly

Posted: Tue Apr 01, 2008 12:25 am

Hello, fellow Californian!

The first step in this mess is regaining control of your paychecks by closing down your current bank account and opening another one. However, be sure to read the "stickies" at the top of the forum about the proper way to do this before you take any actions.

Someone with much more experience than I will be along shortly to hold your hand and guide you through, but in order to enable them to help you, you need to list all your current payday loans, how much you borrowed, how much you have paid so far, and whether or not they are storefront or internet ones.

Good luck!

Brian in Oregon · Posted: Tue Apr 01, 2008 2:13 am

I totally agree with the advice of regaining control over your paycheck. That should be priority #1. If you get direct deposit, you may want to think about stopping it and getting a physical paycheck. It may be inconvenient, but is it more inconvenient than getting paid and seeing all your paycheck debited to nothing before you can do anything with it?

Make an informed decision about whether to close your bank account or not ASAP!!! read the sticky on this at the top of the board. This is critical!!! I just did it today and I feel so much better. I would talk to your bank's branch manager and explain the situation. Honesty is the best policy. It may be embarrassing, but being up front and open is the best thing you can do. They want your business. Ask them about their ACH policy if you close the account. Will they force ACH's through after the account is closed and put you into a negative balance? Can you put a hard debit/ACH block on the account? Ask what your options are. Find out which payday loans are legal or illegal in your state. If they're illegal, tell the branch manager that. That's very important. They don't want to see you get scammed.

Most of all, listen to the experienced people on this board who know much more than I do - but I do know some - from experience and listening to them. Cannr is an excellent resource, as are many others who will help you through this.

Most of all, take one day at a time. You have to take care of yourself first: Rent, food, utilities, etc. SURVIVAL INSTINCT. Do not let the scare tactics intimidate you. That's all they are - scare tactics. We don't have debtors prisons, and there is no sane reason to pay some PDL before you pay for housing, food, utilities, transportation, child care, etc. That is insane. They will put you on the defensive, but don't get sucked into it. Have a plan for each day, and write everything down about what you want to accomplish that day and prioritize them. It may sound basic, but it's gotten me through some pretty tough times in the past as well as right now. Hang in there. It will only get better. I promise - it WILL get better. Just have a plan and be persistent. You will get there.

Posted: Tue Apr 01, 2008 4:51 am

Please list for us which of your loans are internet and which are store front. It could make a difference weather you should close your account.
List your lenders, how much borrowed, how much repaid to each. I will post CA law. If any are store fronts and are members if the fsa, they must give you the extended payment plan, but it can only be evoked prior to defaulting.

Posted: Tue Apr 01, 2008 4:52 am

guest · Posted: Tue Apr 01, 2008 8:27 am

This is momof1_1990 I just don't know my password and it is not being emailed to me.

Okay so here it goes. They are all internet loans. I will post what I know off hand. I have further details at work but most here. There is one loan I have that I have no idea what comany it is for sure.

Loans till payday/MTE $400 pd so far $1070(int & princ)Owe $200 principal now

Amcash/ ACC??? $300 pd so far $420

United Cash Loans $400 pd so far $650

Payday Loan Yes $200 pd so far $300

356fastcash $200 pd so far $370

Cash Advance Network $300 pd so far $500

Paragon $ 300 pd so far $360

Paycheck today $300 pd so far $360

Loan Shop $500 pd so far $600

AIP/cashrelease? $200 pd so far $ 356

Little Loan shop $ 300 pd so far $270

Impact cash $ 300 pd so far $270

WorldWide cash $200 pd so far $178

E-Payday Loan $300 pd so far $180

Cashnet USA $200 will come out this Friday $235.50

I think this is accurate , but will doublecheck when I get to work. Thank you so much for your help and support. I was able to breathe last night when reading on this forum knowing I was not the only one who had gotten myself into so much trouble and that there is a way to get out!

Posted: Tue Apr 01, 2008 9:04 am

Okay, so I figured out my password now. I just wanted to add to the above that my bank is Citibank and so far I have not defaulted on any of these pdls. However, I will this Friday because there are a few of them that this is the 5th installment so they will take an additional $50 out. I figured out overall they will be withdrawing $600 more than my paycheck...

Thak you again for all of your help.

Posted: Tue Apr 01, 2008 9:35 am

You poor child...but you lucky child...most of these are not legal to lend anywhere and you have overpaid most of them Little Loan Shop may be legal...but the others are more adept at telling you which.
I just popped in to give you some moral support. I would high tail it in to your bank and hard freeze debit, close your account and follow the info. these people give you...you may even get a refund.

Posted: Tue Apr 01, 2008 9:41 am

Mom, Egypt is correct....you need to get the access to your $$ cut off. You need to either close the account or hard debit block it so they can not withdraw anymore money. Please read this about closing your account...there is really good information in it. If you have any questions, please post. Right now you need to get your money protected.

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Posted: Tue Apr 01, 2008 11:11 am

I do have a couple of questions. So from what I am understanding I need to go into my bank and tell them what is going on. I have my direct deposit paycheck coming this Friday and really need that to hit so I can pay my rent. I think I should ask the bank to put a hard debit block on my account for now while I figure out if I can close my account. If they do this, can I still go into the branch and withdraw money to pay my rent? Do I need to send any of these companies anything letters or emails or something? How do I find out for sure if a company is legal in California? Lots of questions, I guess my main focus should be on making sure I can pay rent by getting a hard block, then deal with the rest? Thank you for your patience.

Guest · Posted: Tue Apr 01, 2008 12:41 pm

I went into my bank and explained that I had a problem with these loans as for the most part they were not legal, they were and had been charging me exorbitant fees, and that naturally the bank did not want to be party to this. All they have to do is check your account and see these monthly payments.
It is important you not just go to a teller with this...go to a customer relations or manager. Tellers are not informed about this.
You may be able to get your direct deposit stopped and get a paper check?
You sure do not want to go into overdraft as you will not be able to close your account until the overdraft is paid off...you can still enforce a hold I think. You will be able to get your money out with a hold.
I am a newbie to this, but others will be able to give you better info.

Guest · Posted: Tue Apr 01, 2008 12:42 pm

Sorry I was logged out...that was me Egypt.

Posted: Tue Apr 01, 2008 1:37 pm

Okay another question, I have not contacted any of the companies and am going to try to ge to the bank today or first thing tomorrow morning to do a hard debit block. Just now though, I received a phone call from The Loan Shop offering a settlement. I have not defaulted on this loan or contacted them about my plan. Why did I get this call? Do they read these forums? If I cannot get to the bank today is tomorrow morning too late to put a block on my account for Friday? Sorry about all the questions.

Guest · Posted: Tue Apr 01, 2008 2:30 pm

It is me again. Hopefully one of those who can advise you better will be along soon.
I am not sure why they out tof the blue called you on this? Perhaps trouble within their own company....gee maybe they are closing?
DO NOT contact these companies until you have that hold or closure in place.
I went to my bank as soon aspossible. If you cannot go in, you need to call and speak to a manager about the lenght of time it takes to put this freeze into effect with your particular bank. I just think they are more willing to help if you talk to them face to face and not just a voice on the phone?
You will be amazed at their response....I thought I was the only one having to do this. Nope...there are a *slew* of us good, middle class Americans stuck in this. ( I shudder when I get these e-mails telling me what wonderful shape this country is in and how we are not in a recession.)

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

I have 15 payday loans and need help

Members Area

Free Debt Counseling

Ask the community

Question of the week

Useful Links

Highlighted Topics

Recent Blog Post