checkbook loans (pdl loans)

Talk with a debt counselor. He will figure out an easy payment plan for you. The interest rate will be brought down and most of the fees added on this account will be waived off. The total debt will reduce and you will afford payments in the program.

In case, debt consolidation is not the option for you, look into debt settlement also. The repayment in this plan is lower than consolidation. The accounts will remain in default for few months before the settlement company calls your creditors and tells them about your inability to pay the debts. He will do all negotiations to settle the debt.

do i continue to allow these payments to be taken out of my checking...they total $800.00 a month and my rent is $2700.00 past due...????

Candice are these internet pdls or storefronts? Here is a link to look up your state laws regarding pdls. If you took these out over the internet, chances are the companies aren't licensed and if you have already paid the principal and legal interest rate back in "roll over"/"refinancing" fees you could demand they mark your account paid in full and file a complaint with your state's Attorney General's Office. Also, if they are internet pdls, you should block them from your account, or you may have to close the old and open a new one to gain control of your finances back. If they are storefronts, they are licensed and you will need to arrange a payment plan to pay them back. Good Luck.

http://www.paydayloaninfo.org/state_detail.cfm?id=IL

americash loans was a storefront loan for $1500.00 taken out on 10/28/06

all credit lenders is a internet loan for $1500.00 taken out on 12/13/06

thanks steelers....i see criminal action is prohibited in illinois(contrary to doug's statement) and that they have to accept repayment plans.

Yes. You should work out a payment plan with the storefronts, and you should block the internet pdls from your account or just close and open a new one, sometimes they go by different names and will hit your account that way or they will present with a paper check. And if you have already paid the ipdls back the principal and legal interest your state allows then demand they mark your account paid in full. You should really get those complaints in to your AG's office regarding the internet pdls.

what is the AG's office....sorry i'm new at this

as if lifes not rough enough...just opened mail that i have been dreading from the irs....owe $4000.00 back taxes....would someone just shoot me? no, i plan to make it through this i cant give up....i just got off the phone with consumer cred counseling in massachussets...they can consolidate the $2300.00 pdls, and the $4000.00 for payments of $191.00 a month for 30 months....has anyone worked with them?

AG stands for Attorney General. Try looking the company up with the BBB. That can be done online. It will tell you if they are a member and what if any complaints have been filed against them.

i've got to hand it to you...your quite knowlegeable...i'm glad i found this site....it's hard to talk to anyone about these types of problems...and i'm feeling some sparks of hope of getting thru this nightmare.

Relax candice, you will get through this nitemare. A couple of months ago, I felt like there was no hope, then I found this site and it's helped me out a bunch :D

i hope your right....i just received a call from consumer credit counseling the lady said to close my checking and reopen under a new acct number, she also said she could combine the irs bill of $4000.00, and the 2 pdls of $2300.00...and my payment would be $191.00 a month...this doesn't solve my eviction problem but it sure is a start...has anyone worked with this agency before?

Did the lady from consumer credit counseling say the name of the company that you would be working with?

no...i just called to ask them....got voicemail...what questions should i be asking?

I was just gonna tell you that whatever company Consumer credit counseling says you will be working with, check the company's record out on the BBB just to make sure they are a legitimate company.

You might want to consider changing your bank account to keep the pdl collectors from dipping. They can't refuse a monthly payment of $100. THey have no right to starve you or put you on the street. Don't be intimidated by them.

as soon as she calls me back with the info...i will do that...thx...

here is the plan so far, tomorrow i am going to close my checking and open up new one under new acct number, then i need to decide whether to use a company to consolidate and settle the pdls and the back irs, or to try and do it on my own....not sure which route....i want to make an educated decision...and not make more of a mess....any suggestions?

Candice---I suggest opening your new account at a totally different bank just to be safe.

We can help you do the PDL's yourself if you like...And save you a bit of money. I also hear that the IRS can ACTUALLY be easy to work with as long as you stick with your payment plan.....

Jessi is right- I paid the IRS payments for years, with no problem. I spoke with them and we came to a very reasonable payment, just make sure they get paid on time every month! Good Luck,let us know what happens...KAren

The IRS is quite resonable with repayment. I owe something like $1000 and the monthly payment was only $25 a month. I was to pay them off in no time. I would go to a different bank if possible. I don't think banks are suppose to link checking accounts, but you never know.

And Candace, one more thing about the IRS:
They have two options you might want to look at. The first one is called an Offer in Compromise, where if you don't dispute you owe the taxes, you make one flat settlement offer (that you can afford) to them, which they have the option of accepting or not. The only drawback with this is that you can't make monthly payments, it does have to be one lump sum. If you call them at 1-800-1040 or go to IRS.gov, you can get info on that.
The second one is one that I learned about through personal experience. I also owe back taxes and at the time, I was faced with either paying them or being on the street, as you are. If you tell the IRS this, there is a program they have where they take financial information from you to see if they can lower payments or defer the debt for a time. The drawback with this one is that interest does keep building on the debt. Either way, it's probably something you should look at until your rent situation is taken care of. And they will tell you that the IRS doesn't want you evicted, because they know their chances of getting paid get reduced at that point!
Let us know what happens, OK?

The IRS is the easiest to work with..Just call and dont hide.. they will set up what ever works for you...

well i owe about $4000.00 and i figure to get a refund of about $1000.00 which i'm sure they'll take...so i'm going to call in the morning to see if i can work out a arrangement that i can afford. BUT right now my big question is do this all myself, or have a debt consolidation company do it for me? Will i benefit from doing it myself?

The IRS will only speak with you or a representative who has your power of attorney--so you would have to call them. Good luck!!

aa

I currently have 3 check book loans totaling $3,000.00. I am paying $150.00 for each one, every payday for a total of $450.00 every 2 weeks. This is $900.00 a month! My mortagage and other bills are now behind. I feel like a junkie each pay day because I have vist these loan companies and pay the interest. Help ! What can I do?

Bea - you have written your post to another post that is almost 2 years old.

You might want to initiate you own post so that it will be new and fresh and will get a better response.

I am working with this debt management company called Care One and I only pay $127.00 a month and i owe $2,500 in credit cards... they also help out with loans like that.