Payday Loan Problem???

Did you receive a call from a counselor when you signed up?

Hi Teddybear,

Call the customer care and inquire about your counseling status. I think they can check their records and give you the name of the consolidation company in your area. The number is 800-601-1579. Hope this helps.

I missed your original post. What state do you live in, and what companies are you dealing with?

Oh my gosh!!!! Welcome back! We missed you so much!

What is your situation with payday loans? There's a lot of advice to be had in this forum, but everybody's situation is a little bit different. For example, internet lenders have a lot less recourse than their storefront counterparts, so even if you put together a plan to pay off everybody you would want to put them at the head of the line.

Another issue might be whether your in default and getting collections calls. A collection agency, like PD Recovery, has to follow the Fair Debt Collection Practices Act. But if the lender is doing their own collections most of the fdcpa doesn't apply. But state laws might, and you need to look at them to.

Still another issue to consider is just who the lenders are. Some companies settle easily and you don't even need to go through T&C. But you might need to get aggressive with others. And even then, there are some that won't negotiate unless you hold a gun to their head . . .

Finally, I will say this for T&C . . . if you do hook up with them, they are as reputable as it gets in consolidating these loans. My experience with them has pretty much been on lender's side, but it looks to me that when they tell you they are going to use your payments to pay off your debt that's what they do. Unlike a lot of other companies that seem to eat up your payments in "administrative costs" they appear to me meticulous in documenting everything, getting the checks out and getting the balances paid off.

Good luck with it.

When I wrote, "For example, internet lenders have a lot less recourse than their storefront counterparts, so even if you put together a plan to pay off everybody you would want to put them at the head of the line." I wasn't exactly clear, was I? It looks like I said to put the internet folks first. I meant put the storefront guys ahead. They have the license, your personal check and the benefit of the bad check laws. A lot of internet guys don't even have a license, let alone your check. And even if they had both . . . is your outstanding balance worth the trouble of hiring a local lawyer to sue you or taking you to arbitration? (The storefront guy, on the other hand, is in your town and can go to small claims court and do it himself.)

Pinklady... As far as I know, nobody has called me from this forum.

I live in Alabama and I have four loans...
GFSIL
Cash Transfer Centers
Payday Select
CashNet USA

I am default on all of them as of this past payday. I was doing good but then something happened and my account ended up in the negative and these folks like to debit debit debit... causing more NSF fees... its a big mess.. wish I would have found this forum before taking out the loans.

Cash Transfer Centers is Sonic. They are not licensed anywhere in the United States. They have violated many state laws and usury laws. They are well known for sending a wage assignments to employers. You need to get a wage revocation letter to them ASAP. Then give a copy of the letter to your employer. My suggestion would be to close your account and open a new one and not give them your account number. I have heard that these companies love to keep debiting accounts for more than what the person borrowed. Someone will be along shortly that has dealt with the other pdls on your list and I'm sure they will give you advise on how to handle them.

Marcia Brady's Lovechile:

What loan companies are easy to deal with? I just went in default last week. I also just started with T&C last week as well. I have loans with:
GFSIL
ameriloan
500FastCash
1000-Easy-Payday-Loan.com (Xtra Cash)
ASAP
Payday OK
Payday Select
I have been in contact with all of them and they have been nice. I have not told them that I am consolidating and I am very uncomfortable with T&C now because they told me they have contacted all the lenders but 1 and when I have speoken with the lenders, none of them mentioned anything about being contacted by T&C. I guess my question is, which companies that I listed above will make deals with me? I really feel lost in this whole subject. These are all internet lenders and I am in Florida. Any help that anyone can offer would be appreciated. I am really stressing over this.

P.S. Do you know anything about chapter 7 debts that were discharged and collection agencies?

Hi teddybear12

Quote:

I had loans with Payday OK, Payday Select & ASAP. I had paid well over the loan amount and the allowable interest charges for my state, and all 3 of them marked my account paid in full when I sent a letter requesting them to do so. I don't know how much you have paid to them or what your state laws are, but it seems that they might be pretty easy to work with.

How did you do that with ASAP? I have paid them over $900 in interest. I need the address for ASAP, don't have it. I would like to send them a letter if you could pm me a sample letter of what you wrote I would appreciate it. Thanks

Amy, see this link for ASAP

http://www.debtconsolidationcare.com/creditors-information/asaploan.html

Thanks Christina!

I actually contacted them via email and fax; I don't have their address. Here is the info that I have:
ASAP Processing
(ASAP Fee)
info@ dmsmktg.com
Phone #: 866-910-4521
Fax #: 866-910-5768

If you go into the Blogs section, Polly has a template for the letter that I sent. You will just need to insert the information for you state (allowable interest, whether rollovers are allowed, etc.).

I just got off the phone with them, (they called me) and wanted to settle. I've sent a few of these guys my letters I wrote by e-mail as well. So far two have responded Cash Supply isn't willing to work with me. ASAP wants to but only after I fax a letter from my bank that the acct. is closed. I told the lady from ASAP that if she understood my e-mail, it was telling her that due to the laws of the state I live in they owe me $275 for illegally charging excessive interest rates and fees. She said she wasn't sure what the laws were in my state, I told her I know exactly what they are.

Here's there address if anybody needs it:
ASAP
2114 20th St.
Bakersfield, CA 93301

I still look at all these problems with the payday loans. Looking back I remember needing some money for an electric deposit and had exhausted all our small loan company's. After talking to the last loan company we have we mentioned going to get a payday loan since they were just right down the sidewalk. Needless to say the manager at the loan company called one other place and told them what we needed how good of a customer we were and asked her to get us the money we needed thus coming in the 4th small loan. I truely believe if it were not for this certain manager we would be in as much trouble with these pdl's as everyone else is. I must remind myself to thank her very much for keeping us from this mess next time I see her.

Thanks to this spam I found an earlier post that had the ASAP e-mail. Thanks spam, I knew I had seen it somewhere before. Thanks to you Christina!