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Posted: Fri Dec 07, 2007 6:37 pm Subject: Help me?

We've been walking a hard line since I got fired almost a year ago (Dec 23rd). Now we've got about 7 PDLs, 2 charged off credit card bills (that predated the unemployment), late rent, electric, and cable bills (no landline phone, only prepaid minutes for the last 5 years). I'm not sure what we should do except take it one day at a time without much of a plan. Any advice out there?

Posted: Fri Dec 07, 2007 7:36 pm Subject:

Dox, Welcome to the site. There is so much good information on here and the people on here can help you. Starting with the 7 pdls, can you list whether they are storefront or internet, who they are with, how much you borrowed and the total of how much you have paid back to each. We also need to know which state you are in. Does a collection agency have the credit card bills?

Posted: Fri Dec 07, 2007 8:08 pm Subject:

I'm in California. My debts are as follows:

* one brick and mortar PDL willing to wait till Saturday, Dec 15th for a $220 loan ($38 fee). I've been carrying this loan for at least 2-3 years.
* a second brick and mortar PDL ($300, loan+fee) on it's way to collections
* about 5 online PDLs totaling $900, plus about $200 in fees
* two credit cards (Chase and WaMu) totaling $900 in maxed credit, plus about $1200 in late and charge-off fees
* an unpaid bill for two months of US Cellular service totaling almost $700 (including late and breach of contract fees)
* a student loan for $2600, I filed for deferment a number of times, but I missed a few weeks, or I'm ineligible for more deferments, and it's headed to collections soon

I really, really want to pay what I owe, but I was barely able to pay it back then, and now I need some kind of special attention. I guess I would be better off in jail, but then my replacement would probably abuse my daughter.

My income is, at the moment, about $200 per week in part-time wages, plus about $2000 every February from EIC on my tax return (if I make between $6000-20000 in wages during the previous year). I've filed for unemployment, but I'm still waiting for the award/denial letter.

My wife is in between jobs right now, but it's unlikely she'll get a job within a month. I'm hoping to get back into a college schedule and get into accounting, or something better than "computer science." We've been looking for a some kind of a personal loan to get through this indeterminate period of financial turmoil, but I'm pretty sure nobody will give us a loan with a credit score of ~450 (that's before filing bankruptcy, which I doubt I could afford anyway).

Posted: Fri Dec 07, 2007 8:23 pm Subject: r

dox, first of all - no, you would not be better off in jail! My gosh! I think when we all came here at first, we thought we would be better off if we "disappeared"! But, we're still here and things are better and we're able to help others now! As for your debts, it looks like you have 2 storefronts, 5 internets, 2 credit cards, cell service, and a student loan. Now, we can more than likely help you with the storefronts and internets, okay? If you want to tackle them on your own, we can do it. However, if you want to take another route and combine everything together, we do have some members here that use a company called T&C. T&C can handle your debts (I'm not positive about the student loan) including your pdls. A lot of places won't touch plds, but T&C will. It's up to you, dox. We can help you with part of it (the storefronts and internets). Other members can help you regarding your options on your credit cards, cell phone debt, and student loan debt. Or you can try calling the debtcc phone number and get a free consultation from a financial coach who can give you the best direction to go regarding your particular situation. The phone number for debtcc is 1-800-601-1579 if you want to give them a call. It's free. So, there are a few options. Read through and post any questions and we can see where we can go from here! Very Happy

Posted: Fri Dec 07, 2007 8:51 pm Subject:

Yeah, a guy from DebtCC called me already and said it didn't sound like I had enough debt to be worth an attorney's time. Would the T&C company charge me a fee, or give me the personal loan my wife insists on getting?

I hate bringing my wife into things, but she's the primary financial planner. I'm probably going to have to psychologically bitchslap her by demanding requisition forms whenever she spends money (imagine it: filling out a official family form in order to pay the rent!). Obviously, our financial practices have largely failed to date, at least in my view. My wife would say we're just in a temporary tough spot and need a little loan to help us until she gets a job and our tax return comes in and then everybody will get paid off. I've heard such fairy tales almost every January while we count the days until our W2's come in. At the rate we ran up payday loans in November, I don't think we'll be having our EIC refund directly deposited this year (as we've always done in the past).

Every single payday loan was her idea, my fault was not putting my foot down and telling her to damn whatever bill she wanted to pay early, cause now they're ALL late. Ugh. I knew this was coming years ago, and she told me to look on the bright side.

Posted: Fri Dec 07, 2007 9:02 pm Subject: r

dox, stop beating yourself up! We all get into "spots". You're not the only one! Now, I know T&C will combine your debts (pdls included) and I believe what they do it - yes, they will charge you a fee; however, they will then contact your creditors and set up payments with each of them. From what I've heard, they're pretty decent payments. I personally haven't dealt with T&C; however, many members have. It's just that a lot of companies won't deal with pdls. T&C does. And they also do other debt. Now, I'm not positive if they can help with the student loan. Do you want me to see if I can do a search and get their information for you? You can always call them and see what they have to say. I say it never hurts to call. I can do that and post what I find, if you like. And, please, don't beat yourself up over this. We've all been there.

Posted: Fri Dec 07, 2007 9:09 pm Subject: r

I found two different contacts for them. So I'm posting both to be on the safe side. Here is the first one I found:

Town & Country Acceptance Corporation
PO Box 660500
Birmingham AL 35266

phone number: 205-823-4930
fax number: 205-823-7858
toll free number: 800-654-7818

Posted: Fri Dec 07, 2007 9:12 pm Subject: r

Here is another post by one of our members (cajunbulldog) who did some research on them. Note at the bottom that he stated he's heard good things about them from members of this community. I'm quoting what he posted for you:

Posted: Fri Dec 07, 2007 9:29 pm Subject:

I dont know if your student loan is federal or private, but most are not eligible to be included in debt consolidation...just something to think about.

Posted: Sat Dec 08, 2007 6:40 pm Subject:

I've been playing with the entries in the "My Debts" area, and it helps paint a clearer picture of my situation. Even taking out the student loan, it seems inevitable to me that I'll have to cancel my payroll direct deposit in order to see any income at all in the coming weeks. T&C is a credit counseling company; Lowermybills.com was the only credit counselor I found for my local area. But before I even bother calling a credit counselor, I should verify that credit counselor DO NOT give out loans?? If all a credit counselor is going to do is negotiate with my current creditors, I can't honestly enter an agreement for a monthly payment schedule. My rent is approaching 2-3 months late! We need a loan: how about $3000 at 20% interest, over 3 years, leveraged against my federal tax refund? I can't do monthly payments, but I can swing to an annual schedule. PLEASE! My credit score is about 450, but I won't be able to repair it if I'm homeless.

I'm sorry for unloading in this manner. I just need some leads to follow. My ideas are running out.

Posted: Sat Dec 08, 2007 7:08 pm Subject: r

dox, hang on, okay? I'm going to see if other members can give more insight into this for you. You haven't been forgotten. Just hang on & we'll see if we can get some other opinions and suggestions for you.

Posted: Sat Dec 08, 2007 7:31 pm Subject:

dox...In June I was 2 months behind in rent and utilities, hadn't paid any of my 4 credit cards in 4 months and had over 2K in medical bills all headed into collections...cause: 10 internet payday loans. I closed my bank account and got control of my money again. I defaulted on all the pdls...and spent the next 3 paychecks catching up on rent and utilities. Then I faught my payday loans with the help I got here. I put all my other debt into a debt management program including the 2 payday loans I legally still owed. A dmp will take into account your financial status and arrange a payment based on what you can pay. When you can pay more...you do...and that helps pay down debt faster.

There is always bankruptcy...I would do some research there also...last ditch move but chapter 13 may work for you.

It is never a good idea...ever...to take out a loan to pay off debt. Many times that just creates additional debt/problems and doesn't help. What you and your wife could possibly use is a financial management class...I took one through my debt management program. It teaches you to budget and deal with debt.

Posted: Sat Dec 08, 2007 7:40 pm Subject:

Basic plan: default on the payday loans. Call the store fronts and explain. Many times they will make arrangements after you default and at least the interst stops. Give Cannr the info on the internet loans....we have all had those and can help you deal with them.Stop your direct deposit and close your bank account...we have info there too. Take that money and get your rent and stuff caught up. You should never pay unsecured debt first. You have to have a roof over your head and food in the house or you can not do anything else.You can put the credit cards and other misc. debt in a management program...they will make the arrangements for you and you will not have to deal with the creditors. The only outstanding will be the student loan. We also have a forum on that...there maybe some answers for you there also. Taking control is your first step...remember...You do what you have to do to get by....when you know better...you do better...

Posted: Sat Dec 08, 2007 7:41 pm Subject:

What is total family income and do you own assets? The most important loan in the bunch is the student loan and you will need a palce to sleep so food and shelter is number one priority!

Guest · Posted: Sat Dec 08, 2007 10:34 pm Subject:

If I haven't done it already, I'd like to thank all of you for your time and support (thus far).

In order to default on the payday loans, do I have to contact each company, or can I tell my bank how I screwed up and put a freeze on the withdrawals (thereby causing the payday lenders to send me to collections)?

The family income is pretty narrow at the moment. Even a year ago, when I used to have a nice full-time job that paid about 10-15% over minimum wage, and my wife was getting a part-time minimum wage, things were a little tight (due to the two original, storefront payday loans), but not unmanageable. My wife was not receptive to the idea of paying down the payday loans (she claimed to have not been able to afford any extra payments due to the necessities of running the house).

Since getting laid off from the full-time position, I got a part-time job at minimum wage, as a cashier for a corporation that decided to cut the payroll budget in these times of tightening economies. My wife lost her job in October, so our total wages amount to about $800 per month ($170-250 take-home, per week). I hoping to get awarded an unemployment insurance claim, and maybe my wife will soon give up on becoming a mystery shopper and begin applying for a real job soon.

Personally, I'm totally against the idea of getting another loan. I was against the idea of getting the first payday loan something like 3 years ago. We carried the first one for some time before finally paying it off. But it was only a few months before we needed a second loan. The second loan's principle has only been paid down by about $35 during the 20-odd months I've been paying it off. I feel like demanding some kind of "excellent customer" appreciation from this store.

It wasn't long before my wife asked me to apply at a second cash advance place across town. After paying them to not deposit my check for some number of months, we finally let them attempt to pass it, but our bank account has rarely had enough funds to pass a $300 check, except for the first few hours of a payday. To further help compound my problems, my bank (actually credit union) has this "Courtesy pay" feature which basically amounts to line of credit, by not returning checks, ATMs, and credit charges with an NSF, but instead clearing the transactions and charging me a $20 fee every time. So I've paid lots and lots of fees over the last six months, but my wife accepts those fees as a minor matter of making ends meet.

I can see the red flags, and she calls me a negative pessimist. I can't even say "I told you so" without getting into a big argument about how my pessimism makes her feel stressed and unsupported. I've already pitched the "cancel direct deposit and pay the necessities first" once today, and she wasn't receptive. She says if she can't get a loan by next payday, then I can cancel my direct deposit. Keep your fingers crossed, one way or another.

Posted: Sat Dec 08, 2007 10:46 pm Subject:

Well, that last post was from me, but I obviously forgot to sign in. Is it possible to transfer those DebtCC points over? I wouldn't mind racking up several hundred more, if you don't mind. Wink

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