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 Posted: Fri Dec 08, 2006 10:21 am Subject: in trouble again |
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almost 2.5 years ago my husband and i lost our house and a car. making a vow to get our stuff straight, it took aproximately 2 years to get our credit reports cleaned up. we weren't afraid to answer the phone or open our mail anymore. down to two loans that we successfully negotiated terms on, we applied for a mortgage. things were going well until a 20 year old student loan of mine put the brakes on everything. our credit was good enough to buy a new "used" car to replace the one that was falling apart. our savings was tapped out with the effort to buy a house so i took out several payday loans for the down payment on the car. long story short, in approximately 1.5 months, we are so far in the hole we don't even know which way is up. we can't keep paying the finance fees for some of the loans and paying some of them in full every two weeks. until last week we were breaking even but we kept having to take out a new loan just to have money to live on. we are officially in the whole now. we tried putting a stop payment on just a few of the loans to start getting out of this whole but they went through anyway. we are confused and ashamed to find ourselves in this situation and need some help. we are soooo tired of living this way. we enjoyed about 3 months of financial happiness only to find ourselves deeper than we were before.
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valkary3
Joined: 08 Dec 2006
Posts: 2
Debtcc Points: 91
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| Posted: Fri Dec 08, 2006 10:23 am Subject: |
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What state are you in and what companies do you have loans with??
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natdust20
Joined: 19 May 2006
Posts: 1344
Debtcc Points: 14935
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| Posted: Fri Dec 08, 2006 10:29 am Subject: |
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Hi valkary3 , welcome to the boards. There are many people here who are in your situation. First off youhave to realize that the payday loans are at the bottom of your financial list to worry about. If you have not done so yet you need to close your bank account and open a new one thus they can't take anymore of your money. What state do you live in as the laws are very specific in each individual state. Also you need to sit down and make a list of each payday loan company you are doing business with. How much you borrowed and how much they have ACH/debited from you so far. This is a start for you, I promise it will be okay. Keep posting and many will assist you here
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PDLFREE
Joined: 07 Oct 2006
Posts: 1264
Debtcc Points: 18243
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| Posted: Fri Dec 08, 2006 10:33 am Subject: |
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i live in indiana
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valkary3
Joined: 08 Dec 2006
Posts: 2
Debtcc Points: 91
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| Posted: Fri Dec 08, 2006 10:34 am Subject: |
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| Quote: | | we are confused and ashamed |
Don't be. With they way the companies work, they attempt to get you into both of those emotions to prey upon you. Hang around and we'll be here to help.
Remember - you are only foolish if you don't attempt to learn from your mistakes.
_________________
Do, or do not. There is no try.
Stupidity At Light Speed
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jedijeff13
Moderator
Joined: 30 May 2006
Posts: 1791
Debtcc Points: 138
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| Posted: Fri Dec 08, 2006 10:38 am Subject: |
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Hi Valkary3 -
Welcome to the forums! You'll find help here with your Payday Loan here. We're a friendly bunch, stick around and get to know us - we'll be glad to help you as much as we can. Please don't be ashamed of your situation - we've all been there, some more than others, and although it's not pleasant, it can be worked through, and you'll be stronger for it. Educate yourself with the info provided on this site, and begin your journey today!
Here's a few bits of info for you. On this site, many things are abbreviated - here are some common ones to help you out:
PDL = Pay Day Loan
IPDL = Internet Pay Day Loan (one obtained from a website, often with no paper or hard copy of documentation)
Storefront PDL = a pay day loan obtained from a brick and mortar retail location, where you signed documents and agreements to obtain your loan.
AG = your state's Attorney General
BBB = Better Business Bureau
CA = Collection Agency
Hopefully this helps - keep us posted on your progress!
_________________
A journey of a thousand miles begins with a single step...and becoming debt free is a journey!
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SUEBEEHONEY70
Moderator
Joined: 12 Oct 2006
Posts: 4390
Debtcc Points: 61073
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| Posted: Fri Dec 08, 2006 10:40 am Subject: loan |
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Hey Val, Dont be ashamed. We have all been there. You will find lots of help and kindness on this forum. KYSIDE38
_________________
RYDERS OF THE NIGHT
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KYSIDE38
Joined: 19 Jun 2006
Posts: 2500
Debtcc Points: 37316
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| Posted: Fri Dec 08, 2006 10:42 am Subject: |
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CRA -Consumer Reporting Agency (better known as the credit dudes, Experien, Transunion and Equifax)
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PDLFREE
Joined: 07 Oct 2006
Posts: 1264
Debtcc Points: 18243
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| Posted: Fri Dec 08, 2006 11:56 am Subject: |
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I live in Indiana as well. Here is a copy of Indiana law
| Quote: | Indiana State Information
Legal Status: Legal
Citation:
Ind. Code Ann. § 24-4.5-7-101 et seq.
Loan Terms:
Maximum Loan Amount: $500 (not to exceed 15% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 6 consecutive loans, lender must impose a 7 day cooling off period or convert to an installment loan payable in more than 4 installments at a rate no greater than 36% APR
Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Indiana Department of Financial Institutions
Address: 30 South Meri dian Street, Suite 300 Indianapolis, IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit
http://www.in.gov/dfi/
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shellparks
Joined: 01 Nov 2006
Posts: 73
Debtcc Points: 1930
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| Posted: Fri Dec 08, 2006 12:14 pm Subject: |
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valkary---whatever you are don't be ashamed! You were in a bind and fell into the same trap as the rest of us. Hang tight, keep focused on the right now and you will eventually be feeling better and doing better financially. It won't be easy, but it is do-able.
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Lorri
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Joined: 27 Apr 2006
Posts: 1730
Debtcc Points: 20984
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