| Message
| Author
|
 Posted: Wed Mar 12, 2008 11:54 am Post subject: I am in the same situation! |
|
|
I feel that PDL's are basically a horrible horrible addiction. I was in the same situation 1 year ago, and the way I got out of it was to obtain a loan through a company. I used this loan to pay off the 4 PDL's I had out (a total of $3000). So something else came up, (I don’t even remember what started it) and I got another PDL. This one PDL turned into another one, and then another one, until now when I have 7 of the dang things out, for a total of $4675! These are all store front loans, and located in the state of Washington. I have tried everything now to get out of this, and then my adjustable rate mortgage adjusts to make my loan payment go up $300.00 more for my mortgage a month! I feel like I am literally drowning in debt right now and my stupidity of going to all these PDL places only compounded my situation. Any suggestions will be greatly appreciated…next I am doing a garage sale to try to raise at least a little of the money…then I’ll sell my van, but I can only do so much with a huge load of monthly payments every month!!
(email removed for your safety. cannr) |
|
rob8od guest
Guest
Debtcc Points: 100
|
 |
| Posted: Wed Mar 12, 2008 5:39 pm Post subject: |
|
|
| Quote: | D.C. State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
D.C. Code Ann. § 26-301 et seq.
Loan Terms:
Maximum Loan Amount: $1000
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 10% of face amount + fee of $5: $0- $250; $10: $251-$500; $15: $501- $750; $20:$751-$1000
Finance Charge for 14-day $100 loan: $16.10
apr for 14-day $100 loan: 419%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: Not Specified
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: D.C. Department of Insurance, Securities and Banking
Address: 810 First Street, NE, Suite 701 Washington DC 20002
Phone: (202) 727- 8000
Fax: (202) 535-1197
Regulatory Contact: Howard Amer,, Director, Banking Bureau |
|
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
|
|
| Posted: Wed Mar 12, 2008 5:41 pm Post subject: |
|
|
| rob, can you list out for us who the storefronts are? We can check the CFSA member list and see if any of them are members. If they are, you can invoke the EPP (extended payment plan) and pay these loans off in 4 equal payments coinciding with your paydates. They may not all be members, but maybe some are. It might help. |
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
|
|
| Posted: Wed Mar 12, 2008 8:13 pm Post subject: |
|
|
Here they are:
Check into Cash Olympia, WA $575.00/
Express Financial Center Olympia, WA $575.00/ CheckMate, Olympia, WA $795.00/ Advance Til Payday,Shelton, WA $795.00/ Loans 4 U, Shelton, WA $795.00/ Money Depot,Shelton, WA $345.00/ Advance America, Shelton, WA $795.00/ Total owed to all: $4,675.00
Thanks so much for responding...I will do anything (legal) to get myself out of this mess, my family is suffering 
Even if I did get them to agree to a 4 payday payoff, I don't think I could get any of them to agree to hold my check for the months that it takes to pay them all off! I've thought of doing that and because I have 7 of them outstanding, it will still kill me financially, so how would that work? |
|
rob8od
Joined: 12 Mar 2008
Posts: 33
Debtcc Points: 1033
|
|
| Posted: Thu Mar 13, 2008 4:30 am Post subject: |
|
|
Advance America, Check Mate, Check Into Cash, and Advance Til Payday are all showing as members of the CFSA.
Express Financial Center - is that the same as Express Cash Advance? Or no?
rob, if you can do even one or two of the checks with the EPP (you have to go to the storefront at least one day BEFORE the loan is due), it might help. It's not like you have to do all of your loans at once. It's a process trying to get out from under pdls. We all know that! Can you try doing one or two with the EPP? And, I know this sounds insane, but you can keep carrying over a couple (I know, I know!) until you're in a position to pay them either in full or with the EPP. Or you could contact each one of the storefronts, speak with the manager, and swear up and down you lost your job (whatever) and can not pay these in full and tell them that you need to be put on a payment plan. I'm just trying to give you all the options I can think of to try to slowly get you out of this mess. If you can work a couple with the EPP, great! If you have to carry a couple over again, then oh well. You gotta do what you gotta do. If you can contact the storefronts managers and get them to put you on a payment plan and they agree, great! If you try that approach and it gets you nowhere or the manager is a jerk, call the corporate office. They are usually much nicer to deal with and will usually work with you regarding making payments. I hope this all makes sense to you. If not, just post any questions. I understand you can't pay all of these at once. Hell, I've been there. If you can do like two at a time, that's good. It's going to take awhile to get them all paid off. Please post if you have any questions. |
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
|
|
| Posted: Thu Mar 13, 2008 12:30 pm Post subject: |
|
|
Thanks cannr:
What’s really killing me is my mortgage payment, combined with a car payment, a personal loan, and another loan my brother got for me which I pay him monthly.
My mortgage is 1300 per month, my car 300 a month, personal loan # 1 is 158 a month, and my brother’s loan is 400 per month, and then $460.00 in just fees for the pdl’s! I tried to refinance my house to cover the car payment and personal loans, but each one was turned down because my previous refinance over-valued my home, so now when I get an appraisal it comes in lower than what I owe on the loan. So refinance as a way out was nixed.
Next I thought ok, a repayment play through the pdl’s. However, what happens with a repayment plan is I would first pay the fees for the loans the first month, then they would split the remainder into 3 equal amounts.
So I would still have to pay the fees the first month, and then my repayment of the loans would even be higher the next months. So if I did 2 of them, say the 575’s, that would be 150 in fees the first month (they make you pay just the fees the 1st month and then split the principal over 3 months), then 3 payments of 166.00 each ($333.00 per month) plus the remaining fees on the others while I paid off the 2 575 loans. So then my total per month 75+75+95+95+95+95+45 for the first repayment month (480 per month) and then the remaining 3 months of the repayment period would be $333+425. ($768 per month!). That would leave 5 loans left, 795+795+795+795+345. Repeating the process to pay off 2 of them for the next 4 months, say paying the 795 and 345 loan off, would mean paying the fees of 95 + 45, and then splitting it into 3 equal payments (700/3=233 per month and 300/3 =100 per month ( $333.00 per month for 3 months, plus the remaining 3 795 loans would be 95+95+95=for a total of $618 per month for 3 more months). So far that would rid me of the two $575 loans, and one $795 loan and the one $345 loan, leaving me with three 795 loans to repay. So next I would start a repayment of two of those loans. Month one I would pay $95 fees X 3, for a total of $285. Month two, three and four would be 700/2 ($350.00) + 95 for a total for 3 months of $445 per month. That would leave me with just the one $795.00 loan to repay, which I would pay $95 in fees the first month and then $700/3 the next 3 months ($233.00 per month) and then finally after 24 months of repayment I would be free.
The problem with that is I would be paying such a huge amount in fees over the repayment periods that it would be impossible to fit into my budget. I am considering getting a paper route, have my wife do child care, sell my stuff, anything to get out of this mess, but the easiest route would be to have one low interest loan to cover the $4675.00 total of loans, or even like $3,000 would help. I am going to call my mortgage company and ask them if I can restructure my mortgage to avoid foreclosure, perhaps skipping 2 payments. That would free up $1100.00 (not including my taxes and insurance) for 2 months to pay off a few of the loans. Then the Federal tax rebate stimulus check of $1500.00 should come in May or June which I would apply to the other ones. You can see by the novel I wrote above that this is a huge mess! I hope you can decipher what I wrote! |
|
rob8od
Joined: 12 Mar 2008
Posts: 33
Debtcc Points: 1033
|
|
| Posted: Thu Mar 13, 2008 1:30 pm Post subject: |
|
|
| rob, I can understand it just fine! Now, I understand what you're saying. Your money situation is to the point to where you have too much going out each month (as many of us do). Okay, when I'm talking about doing the EPP with the storefronts, what happens is no further fees are added on/no collection efforts will be taken. Say you owe $575 to a storefront that is a member of the CFSA. You go in and invoke the EPP. What would happen is the amount remains $575. You will be set up on 4 equal payments coinciding with your paydates of $143.75. I don't know if you can swing this either with all your other payments. But I wanted to explain that CFSA members will not charge you added fees/interest/etc. Nor will collection efforts start if you are making your payments. Now, on the flip side, with so much debt, have you considered calling the debtcc phone number? You can tell them about all your debts, and they can point you in the right direction that might be able to help you out. It never hurts to just call and see what someone has to say. If you want to call, the number is 1-800-601-1579. They might be able to give you some insight as to alternatives that you have. Also, there are a couple of companies that deal with pdls. I know you have to pay them money to handle them for you; however, many members here have used them for pdls. I'm just trying to give you all the options I can think of to help you out! |
| | |
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
|
|
| Posted: Thu Mar 13, 2008 3:34 pm Post subject: |
|
|
| Thanks! I will call that number and try to find these companies that deal with PDL's. I'll keep ya posted. |
|
rob8od
Joined: 12 Mar 2008
Posts: 33
Debtcc Points: 1033
|
|
| Posted: Thu Mar 13, 2008 6:32 pm Post subject: |
|
|
rob, thanks! Please do let us know what's going on. There might be many options out there for you. I have my fingers crossed and wishing you only luck! Let us know!  |
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
|
|
| Posted: Thu Mar 13, 2008 9:08 pm Post subject: |
|
|
| Well I called a debt counselor and they recommended calling my Mortgage company to request a forbearance. I'm calling them tomorrow and going to ask them to let me skip 5 monthly payments and add the interest to my loan balance. That will free up $5500.00 to pay off the PDL's I hope they agree to do this, it's my best chance! |
|
rob8od
Joined: 12 Mar 2008
Posts: 33
Debtcc Points: 1033
|
|
| Posted: Fri Mar 14, 2008 4:38 am Post subject: |
|
|
| Oh, rob! At least they gave you advice and pointed you in a direction to go! I hope so much that your mortgage company will agree to this. You said it's your best chance, so I'm going to cross my fingers and pray to God that they agree. If this will help you out, then I'm certainly all for it! Please, please keep me posted as to how it goes. |
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
|
|
| Posted: Fri Mar 14, 2008 7:28 pm Post subject: |
|
|
| Well I called my mortgage company and they basically told me that I need to be behind in my mortgage before they can offer a forbearance. If I skip 2 mortgage payments ($1300) each, they will send a demand letter, after which I need to contact them to work out a forbearance or they would proceed into foreclosure. I told them I would rather not miss any mortgage payments, and begged them to offer a forbearance without me resorting to missing mortgage payments. They wouldn't budge. If I skipped only 3 months mortgage payments, I would be able to pay $3900.00 on these loans, and then the stimulous check should come in May or June, which would be another $1500.00 to apply toward the PDL's. So that would be more than enough to pay off the $4675. But after another 3 months, wouldn't the amount I owe be more? trying to budget out how to go about the circus of paying these off one at a time gave me a huge headache!! I would reduce over 3 months the amount I borrow until it hits 0, but the math is insane!! |
|
rob8od
Joined: 12 Mar 2008
Posts: 33
Debtcc Points: 1033
|
|
| Posted: Sat Mar 15, 2008 6:24 pm Post subject: |
|
|
| rob, here's what's bothering me about your pdls - will they even hold the checks for that long? That's a long time for a storefront. They might go ape sh** and send you off to collections or where ever. Here's my concern, if you can't pay these for months, what can they do? When I'm reading your state pdl law it says "not specified" under criminal action. I don't even want to think about them taking any kind of criminal action against you! Where do you stand with the storefronts? I mean, would they be willing to hold them and you make small payments to them as you can? Or are you thinking of just paying and rewriting until you have the entire amount to pay them off? I hope you can understand what I'm asking here. It's hard to type what you're thinking! |
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
|
|
| Posted: Sun Mar 16, 2008 12:29 am Post subject: |
|
|
| What I am considering is not paying my mortgage for 3 months. my mortgage is $1300.00 and that X 3 is $3600.00, and in May or June I will get the IRS Stimulus check of $1500.00 since I filed a joint return with 1 child. All of this money I would use to pay off the PDL's. So I would be 3 months behind on my mortgage, but then I would ask them for a forbearance because they would lose money if they foreclosed on my house, and foreclosure takes about 6 months if I am not mistaken. My other alternative would be to switch my storefront PDL's to internet loans using my alternate bank account, but then I would still be stuck in PDL's unless I defaulted and the loans I took out didn't comply with my state laws. |
| | |
rob8od
Joined: 12 Mar 2008
Posts: 33
Debtcc Points: 1033
|
|
| Posted: Sun Mar 16, 2008 8:29 am Post subject: |
|
|
AAARRRGGUUUHHH!! Don't switch the storefronts to internets! Oh Lord have mercy! I think you just gave me a heart attack!  You're trying to get out of this mess, not just turn it around! Okay, rob, I understand where you're coming from. You won't get into trouble for not paying your mortgage for 3 months? It just sounds pretty darn scary to me. And, again,my point being with the storefronts, will they hold them for that long? I know what you're trying to do. You're trying to pay everyone off. So, are you going to pay a couple a month? Instead of paying your mortgage? Is that your plan? Like pay 2 or 3 off a month? Please don't get into any trouble by not paying your mortgage payments. That's your house. You need a place to live! |
|
cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
|
|
| Posted: Sun Mar 16, 2008 9:36 am Post subject: |
|
|
| I agree cannr, so should I go to the store fronts and tell them the whole story, or just the part where I need them to hold my check for a few months to get caught up? I am going to call back my mortgage company one more time to try to escalate to higher management before I skip my payments as well. What I would do when I skip my mortgage payment is pay off each of them over the course of 3 months. I would reloan less and less each of the 3 months until I owed $0.00 on all of them. |
|
rob8od
Joined: 12 Mar 2008
Posts: 33
Debtcc Points: 1033
|
|
Previous 1 2 3 4 5 Next 
