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Posted: Thu Jun 19, 2008 8:20 am Subject: My first PDL settlement success story

First of all, thank you to all of you for your help.

Just last week I closed my bank account (which was scary) and now the PDL's are starting to contact me. My first dealing with ameriloan was extrememly painless. They called me and I told them I would need to call them back at a more convenient time (which was fine with them). I called them this morning and told them that I recently found out that my loan was illegal and I needed to make payment arrangements. At first they wanted me to pay $720 on a balance due of $450. I told them that I wouldn't do that and that I have a letter that I need to e-mail to them and the Attorney General of my state. She then said that I could either pay only what I actually received from them, or I could pay that and an additional $135 if I want to borrow again from them someday (are they kidding me??!?!) I told her that just what I actually owe them is fine and we split it up into 3 payments over the next 6 weeks. I was then told that in 24-48 hours after my last payment, I will get a PIF letter.

Thank you all again and I will keep you posted on all of my others....they don't seem to be going as smoothly...I have already e-mailed Paycheck today 7 times with not much of a response except that the person they assigned to me told me to stop e-mailing him and someone else would contact me.

Posted: Thu Jun 19, 2008 8:30 am Subject:

Did you get this agreement in writing? If you did make sure you save that and if you didn't contact her again an request this arrangement with them in writing so you have something for your records.

Posted: Thu Jun 19, 2008 8:52 am Subject:

Ladybug is right - You need to get it in writing. Amerlioan is not an easy company to deal with, and odds are they will not honor the agreement.

Posted: Thu Jun 19, 2008 8:57 am Subject:

Thanks! Yes, she sent it over via e-mail as soon as I got off the phone with her.

Posted: Thu Jun 19, 2008 9:05 am Subject:

Great Job!

Posted: Thu Jun 19, 2008 12:47 pm Subject:

Glad to hear your great news! I don't feel that much credit has been given to the inclusion of the processors in these success stories but for me it was the beginning of the end of the PDL world as I knew it. I came here in February, prior to any of us being "turned on" to the processors. Thank you James. . .again. I jumped at the chance to "make it work" and I really do think that they phone calls to them has opened up a whole new scenario in how the PDLs are reacting to our requests. PIFs are coming in relatively quickly, refunds are showing up in our accounts and the PDLs themselves are becoming "more kind" in many instances. I feel that credit needs to be given where credit is due. I would continue to encourage those who can use the processors to do so. It could save a lot of time and stress in your life.

Posted: Thu Jun 19, 2008 1:42 pm Subject:

I agree llw1995, I got a settlement with ameriloan through calling their processor mysteriously the next day..lol Laughing

Posted: Thu Jun 19, 2008 1:46 pm Subject:

I agree that contacting the processor helps, but I don't think there have been any more PIF's and refunds then normal because of it - Maybe results faster.

You have to take a lot of things into account. Not everyone that gets a PIF posts. In fact, most people just read the info and never post, or post their summary, get the info, and never come back. Plus, if you look back, at this time last year a ton of people were getting PIF's too. It depends on many factors, a lot of it being during christmas time more people take out payday loans, and it's about this time that it starts ruining their finances. More people with problems, more PIFs. It's kind of cyclical.

Posted: Thu Jun 19, 2008 6:08 pm Subject:

goudah. . .perhaps the correct term would be "faster". All I know is I went through all the channels which I was advised to go through and some of the PDLs really didn't care all that much what I said. I contacted their processors and their banks, in some instances, and within hours I had my PIFs. I really do think that the extra "heat" has given them something to think about as far as their future is concerned. If the processors are giving them grief about their asking them to debit on revoked accounts I would think that they are trying to straighten up and fly right. The bottom line is people are now seeing the fruits of their labor and that is what it is really all about. Getting from point A to point B is the ultimate goal. If the processors have "helped" the PDLs to do the right thing for their "customers" then I say keep the contacts with the processors going. I don't think it can hurt the situation.

Posted: Thu Jun 19, 2008 9:41 pm Subject:

How do I find out who their processors are? Is there someplace that lists them?

Posted: Fri Jun 20, 2008 12:49 pm Subject:

There is no "official" list of the processors and who they process for. I can only tell you that ameriloan and UsFastCash use Intercept EFT and PayDayMax and MyCashNow use ACHC. Perhaps someone else has additional information on others.

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