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 Posted: Thu Nov 16, 2006 11:41 am Subject: Outstanding loan with Sonic Payday and Arrowhead |
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PinkLady:
I live in Texas and have an outstanding loan with Sonic Payday and Arrowhead. The Sonic Payday loan i've been paying on for 1 year and the Arrowhead loan I think has been about 6 months.
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tawsimmons
Joined: 14 Nov 2006
Posts: 10
Debtcc Points: 333
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| Posted: Thu Nov 16, 2006 11:49 am Subject: |
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What is the principal amount? And how much have you paid till now. Go through your bank statements and figure out the status of the loan payments. We will arm you with your state laws. What state are you in?
Pinklady will read your post and talk to you soon.
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Justme
Debt Samaritan
Joined: 19 Jan 2005
Posts: 502
Debtcc Points: 8026
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| Posted: Thu Nov 16, 2006 11:53 am Subject: |
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Here is a link you can try to get started on learning your state's pdl laws:
http://www.paydayloaninfo.org/state_detail.cfm?id=TX
It sounds like you have been paying on these loans way to long. Have you been paying roll over fees for each one during this whole period? (1 year and the other 6 months)
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WHEREAMI
Joined: 26 Aug 2006
Posts: 5317
Debtcc Points: 71258
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| Posted: Thu Nov 16, 2006 12:00 pm Subject: payday loans |
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I had a loan for $800 and was paying Sonic $207 every payday which is twice a month. As of November 1st, only one of the debit cleared my account, as they will debit only half of the debt at a time. If my memory serves me correctly, I have had this loan a year which would be approximately $4,968 paid in. My Arrowhead loan is for $300 and they take out $90 every payday. Thank you for your assistance. I've learned my lesson, I'll never use another payday loan.
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tawsimmons
Joined: 14 Nov 2006
Posts: 10
Debtcc Points: 333
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| Posted: Thu Nov 16, 2006 12:03 pm Subject: |
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Most of us here have been through what you are going through and learned a hard lesson and parted with our money. WOW, $4,968 for an $800 that is way too much. I would say you have MORE than paid that loan back. Start getting your settlement letters together, and add your wage revokation letter to the list. You will need to do this with Sonic they have a clause in the contract that you agree to allow them to take your paycheck in case of default. Also, get your bank statements together to show proof to the AG on how much you have paid on the $800 loan.
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WHEREAMI
Joined: 26 Aug 2006
Posts: 5317
Debtcc Points: 71258
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| Posted: Thu Nov 16, 2006 12:06 pm Subject: |
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What state are you in??
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natdust20
Joined: 19 May 2006
Posts: 1344
Debtcc Points: 14935
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| Posted: Thu Nov 16, 2006 12:07 pm Subject: |
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I've started the letter I found on your website, but will have to go through my bank statements to confirm the amount. in the meantime is there a separate letter for the wage revokation? Thank you.
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tawsimmons
Joined: 14 Nov 2006
Posts: 10
Debtcc Points: 333
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| Posted: Thu Nov 16, 2006 12:26 pm Subject: |
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You should do a separate letter for the revokation, and also add the revokation to your settlement letter as well. It doesn't hurt to repeat it.
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WHEREAMI
Joined: 26 Aug 2006
Posts: 5317
Debtcc Points: 71258
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| Posted: Thu Nov 16, 2006 12:27 pm Subject: |
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Go to this link. The first post tells about the legal things in a wage assignment process. And the second post has the sample letter. Send one copy to the loan company and a copy to your employer. They need to be notified so that the company is not allowed to debit from your account. Make sure that the letters are sent through certified mail with return receipt requested.
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BuildingWealth
Debt Samaritan
Joined: 30 Jun 2006
Posts: 500
Debtcc Points: 4962
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