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 Posted: Sun Mar 16, 2008 1:19 pm Post subject: |
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| rob, that's what I was wondering. Because what you stated is possible. To carry them over (I hate to say that) for just a bit longer. The only reason I say to carry them over for a bit longer (and you have the right mind set - reloan for less and less until you can pay them in full) is because you have so many storefronts. Now, it's almost impossible to pay all these guys off at once. I can totally understand that. Unless you win the lottery here real soon! So, I've done it and advised others to do it. To try to pay off maybe one or two at a time. If you have to carry over some, then you have to carry them over (it kills me to even say that). But I'm being realistic. There's no way you can pay all of them off at once. I wish to God you could! But I see that we're on the same page here. You can ask the storefronts if they can hold them and if you can make small payments on them until you are in the position to pay them in full. If they refuse, you can just do what we're talking about. You can pay a couple, carry over the others. Slowly you'll get them paid off. Once one or two are paid in full, move on to two more, etc. It's a slow process and it hurts in the meantime (because you're out money), but eventually they will all be gone. I'm just not wanting to see anything bad happen regarding your house. That's your priority. I don't want to see rob out on the curb! If you can get results from your mortgage company, wonderful! However, if you have to tackle these things one at a time, carry the others over (oh, it kills me!) for a bit, then that's okay. Eventually, within a few months, you should be okay. You'll have some or all paid in full. It's up to you what you want to say to the storefronts. Some will be understanding and others will be real jerks. If they're jerks, then carry those ones over (for less money). If they are understanding, take them up on a payment arrangement. I know it's going to hurt for awhile money-wise. I lived it. But, damn, now that they're gone, it feels so good. It was kind of worth "suffering" for a few months. |
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cannr
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| Posted: Sun Mar 16, 2008 6:27 pm Post subject: |
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That's my plan, cannr. I know all too well that I have to reloan to repay, but just making the amount that I reloan each time smaller and smaller until it hits the magic $0.00 is the best course of action. cannr, the reason I was considering switching to internet loans was because I already have an alternate checking account (although it is with the same bank: BOA) so I would give all the internet PDL companies that routing number to keep my primary account safe, as all I use this secondary account for is for my wife to have joint account access. I would then shut down this bank account and then repay the Internet loans on my own terms instead of giving them all the power to debit my account. Plus, wouldn't I have the added advantage of the internet PDL companies not being licensed in my state if I chose the right ones?
also, according to this website, criminal action is prohibited in Washington state regarding PDL's:
http://www.paydayloaninfo.org/state_detail.cfm?id=WA |
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rob8od
Joined: 12 Mar 2008
Posts: 33
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| Posted: Sun Mar 16, 2008 7:59 pm Post subject: |
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| You're correct, rob. And I do understand what you're saying. However, it's MUCH worse to have internet pdls than storefronts (believe it or not). I see there is a way "around the system", but actually it's not a good thing to do. It's like getting all these pdls on the internet knowing that they're not licensed and taking advantage of the fact that they're not licensed to lend to you. I mean, I understand it's a way out of your mess, but in the end, it would be a bigger mess. These guys can be ruthless. They can haunt you for years. There is always the chance of them tracking down your "real" bank account (and I know this for a fact!). The hassle of dealing with the letters, the phone calls, the complaints.... Oh, the agony of it all! I swear, I see what you're saying. Honestly, I do. But, in my opinion, it's better to deal with the storefronts. It's up to you, rob. But, me personally, I wouldn't do it. I would just stick with the problem I already had, try to deal with it slowly but surely, and get them done and over with. Once you're done with a storefront, you are honestly done. When dealing with internets, it's almost never over. |
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cannr
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| Posted: Sun Mar 16, 2008 9:58 pm Post subject: |
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| Well I guess that makes sense. My wife's 30th birthday is in 2 months, and her parents always give their kids a big check on their 30th birthday, so I am hoping that this "big" check is big enough to recover from this mess. The thing I can't believe is how I dug myself out of this same mess awhile back and then jumped right back in...it's like I am insane or something. Or are payday loans like an addiction or something?? Either way, I will never do this again!! |
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rob8od
Joined: 12 Mar 2008
Posts: 33
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| Posted: Wed Mar 19, 2008 12:49 pm Post subject: |
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Just wanted to give a quick update on my issues. I spoke with a debt consolidation counselor (the company’s name is “Springboardâ€) and the gentleman on the phone suggested I contact the company who handles my 401k plan, and he suggested that I withdraw money from my 401k plan. I can’t believe I never considered this, but I thought that I had to quit my job before I could get into those funds. I contacted my retirement brokerage company and they are going to try to give me a hardship withdrawal which would incur no fees or taxes. If they finalize the agreement, I will be able to withdraw up to $10,000 from this account!
Another idea I wanted to give to people which got me out of this mess (so I thought) last time was I obtained a loan through the website prosper.com Prosper has a system where people bid on your loan, so your loan is split amongst a certain amount of people. If your credit score is about 600ish, I would say you have a good chance of getting a loan through that site, but below that, I doubt it. It’s just something to consider. I will keep you posted as to whether my withdrawal from my retirement account works out! |
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rob8od
Joined: 12 Mar 2008
Posts: 33
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| Posted: Wed Mar 19, 2008 1:11 pm Post subject: |
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rob, oh, I just hate to see you have to use your 401K money. However, if this is the way out for you, then you do whatever is best for you. So, you got one of those Prosper Loans? I've read about them. Some people on here had gotten one and it did help them out. Now, as for getting stuck back in they cycle, I honestly don't believe that pdls are "addictive" (my personal opinion). I just think that they are just so easy to get and they are a quick answer. Hell, you're out of money? Drive 5 minutes away and walk out the door with cash! That's what's awful about them. They're too easy and they're too tempting. Whatever you decide to do, rob, just let us know. We are behind you no matter what. I just want to see you escape from this dark hole and be "normal" again! Please let us know the outcome!  |
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cannr
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| Posted: Wed Mar 19, 2008 2:19 pm Post subject: |
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well crap, I just got off the phone with my 401k people and they said they don't allow taking out money until you either quit working at the employer the plan is under, or until I turn 59. So that sucks. And I am getting really nervous about missing any mortgage payments, so I don't know what I'm gonna do now...
The prosper loan helped me out at the time because it allowed me to pay off the amount I owed on payday loans and pay it off over time with a much lower interest rate. I got one at 25% interest rate, and I'm still paying $158.00 a month on it until next year. So it did help me out at the time and I would be fine right now had I not gone back into the PDL trap! If I could get another prosper loan right now I don't think it would help me because I would just incur another monthly bill, although it would be far less than the $575.00/month in fees I am currenltly paying. |
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rob8od
Joined: 12 Mar 2008
Posts: 33
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| Posted: Wed Mar 19, 2008 3:37 pm Post subject: |
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| Well this has been eating away at me. I can't figure out what to do. I think instead of not paying my mortgage, I am going to not pay these payday loans (for right now). I am going to reloan one more time and then starting next month I am not going to repay them at my own pace. I just can't risk getting foreclosed on over some stupid payday loans. Or maybe I won't reloan one more time, because that means I will have to reloan at one additional place to cover the fees. Ugh! what do I do? |
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rob8od
Joined: 12 Mar 2008
Posts: 33
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| Posted: Wed Mar 19, 2008 6:40 pm Post subject: |
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| Okay, rob. I totally know where you're coming from. I'm sorry, but your home comes first. Sorry about everyone's luck. You need a friggin place to live and food on your table and gas in your car to get to work to make some money. Crap! Now, is there a way that you can try paying ONE off? I know it'll hurt. Maybe just do one at a time? I honestly understand that there is no way you can pay them all off at once. No one can. Can you do one? If you can do one, that's one off your list. Then do one more. Let me look at your laws again. Hang on. |
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cannr
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| Posted: Wed Mar 19, 2008 6:47 pm Post subject: |
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Okay, I'll be honest - I don't like your state pdl law!  It's got too many "unspecified" things on it. I was wanting to see if there was a limit to the number of loans you can have (unspecified). I was wanting to know if any kind of criminal action can be taken against you if you defaulted on your loans (unspecified). Drives me crazy! I do know that quite a few of your pdls are members of the CFSA. Can you MAYBE try doing the EPP with one or two of them and carrying the others over? At least this way you're working on one or two at getting them paid in full. Carry the others over again (hate to say that). Then when those EPP ones are done, do another one or two with the EPP, carry over the remaining ones until those EPP ones are done. Can you try that? Other than that, if it's not possible money-wise for you to do this (and I understand completely), we need to find out what kind of "action" could be taken against you if you default on your loans. In the states where it is specified that criminal action is prohibited, it's a bit easier. At least they know they will not be criminally prosecuted. They can go to CIVIL court if it comes down to that, but not CRIMINAL court. Let me know where you stand regarding any type of repayment plan (if it's possible). Maybe we can get some help in finding out what happens in your particular state when a person defaults on a pdl. I mean, like it's never happened! You know it has. We just need to know how far they can pursue action against a person who does. |
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cannr
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| Posted: Wed Mar 19, 2008 9:03 pm Post subject: |
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doesn't this site:
http://www.paydayloaninfo.org/state_detail.cfm?id=WA
state that criminal action is prohibited? I was in court on an unrelated civil matter and I saw a payday loan company rep. at the court with a huge file. I think they can only pursue civil action. If they all went to collections I could repay them over time, or they could garnish my wages one at a time, which would be better than the situation I'm in right now! |
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rob8od
Joined: 12 Mar 2008
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| Posted: Thu Mar 20, 2008 7:33 am Post subject: |
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| rob, oh my God! I was looking at the laws for DC! You are absolutely correct! You do know that this is good news! Okay, you're thinking right here. I know it sucks to say "Default on your loans." However, in some cases that's the only way to get them paid. And, of course, they're going to get paid. I had to default on a few of my storefronts just so that I could get them taken care of. You're so right though. If they turn you over to collections, you can make payments. If they do decide to go so far as civil court, then you can show up, sit down, and make payment arrangments. I don't know about you, but I'm feeling some relief here. How do you feel about the whole defaulting thing? |
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cannr
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| Posted: Thu Mar 20, 2008 9:04 am Post subject: |
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| I feel much better defaulting on my payday loans than I do about defaulting on my mortgage, that's for sure. But I am worried about closing my bank account. I don't have all the check numbers from the loans I recently did, so I'm afraid when I close my bank account, all 7 of these checks are going to bounce, which my bank charges $35.00 a peice, and then each PDL place can charge an extra $25.00 apiece. So that would add on an extra $420.00, and then if they do take me to court, I would have to pay up to $200.00 in attorney fees for each of them. Is there any ammo I can use when I go to court to fight these that a judge may take into consideration? Should I send a letter to each PDL company requesting a payment plan? I think if I request a repayment plan, no matter how small, it would go a long way in court. I could find out exactly how much money I have paid the PDL branches over the past year and bring those figures to court, but how does that play into my state's PDL laws? I'm sure on a few of them I have paid back more than the principal I have borrowed, but I really didn't keep that good of records. |
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rob8od
Joined: 12 Mar 2008
Posts: 33
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| Posted: Thu Mar 20, 2008 9:14 am Post subject: |
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| rob, why are you afraid of closing your bank account? If you don't close the account, you would have to do a stop payment on each check (and you don't know the check numbers) and you would still have to pay their stop payment fee for each one. If you close the account, the checks will be turned in to the bank and returned to the pdl as NSF/CLOSED ACCOUNT or something along those lines. I think mine said account closed. However, I wasn't worried because they can't pursue criminal action. So, you can close the account. This way, if it's possible for you to do, even if the storefronts do put the checks through, it's closed. No bank fees, no nothing. It's just closed. The checks will be returned to the storefronts. Honestly, that's your cheapest option. Just close it and open a new one. Deny your head off to the pdls that you have a bank account or they will try to force you to re-write. Deny, deny, deny. You do NOT have a bank account. And, yes, write them each a letter. I would say call them; however, there would be no documentation. You want all the documentation you can possibly have. Write them each a letter, acknowledge your debt, tell them you've fallen on hard times, tell them you lost your job, tell them whatever you want. Tell them YOUR BANK closed your account and you no longer have a bank account. Tell them that you need to set up payments as you can not pay them in full, have no bank account, etc. Then maybe even slip in a "payment plan" to see if they will agree to it. Hell, go for it! Keep copies of everything. And, if you do find records for your loans, drag all that out. Just keep it handy. Make sense here??? |
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cannr
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| Posted: Thu Mar 20, 2008 9:50 am Post subject: |
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| Oh, that makes sense. I was afraid if I closed my bank account I would have to still pay the bank NSF fees when the checks started rolling in. I do have a separate checking account, but with the same bank. Will those be able to be linked in any way? Should I open up a bank account with a completely separate bank, or will my other account with the same bank be safe? |
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rob8od
Joined: 12 Mar 2008
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| Posted: Thu Mar 20, 2008 11:10 am Post subject: |
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You need to just have a talk with your bank customer relations person or manager. They will expel any reservations you have about closing your account. I found that out. I am still mopping up the mess and suspect I will be for sometime...but NSF charges with the bank over the PDL's are not one of them.
Those internet PDL's will charge you an arm and a leg...$30 per $100 you borrow every debit...not a good trade off. Forget that. Please.
I fear you will have to be like me, just taking things one step at a time.
I opened another account with the same bank. No problem so far. |
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egyptcrossarabs
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