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Payday loan consolidation helps you take care of your pdls smartly

Date: Sat, 02/03/2007 - 17:48

Submitted by anonymous
on Sat, 02/03/2007 - 17:48

Posts: 202330 Credits: [Donate]

Total Replies: 108


People going through payday loan problems can consider Payday Loan Consolidation as a possible solution. Take the following steps.

You should be able to buy some time while you are learning about your rights and stand strong against the lenders.

Stop all the direct deposits with your employer.

Close the bank accounts after verifying the laws in your state.

Get your paycheck, go to a check cashing place, cash it and buy money orders. Pay your other important bills.

This will help you in getting some control over your money. Dont let it eaten up by the loan sharks.

Once you have done this, the lenders will start sending emails knowing the fact that your account is already closed. You can imagine them losing control and nothing can be done now to harm you. Now, you can make them deal on your terms.

Put your point that your account was closed by the bank and you want to work out payment arrangements with them. Ask for the quickcollect info or the address where you will send the payments. Use the same strategy for all the pdl companies you owe money to.

There is a law that if you pay less than the promised amount, your account will be put into default, and they are not legally allowed to charge any interests on the account. Verify this law with your state first. Keep sending payments until you pay off the principal amount only, no interests. Your defense to be used here is that the original loan agreement was based on your payday bank direct deposit. Once the bank account is closed, the loan agreement got terminated. Now all you have to pay is the principal amount.

Don't be tensed of the pdl collectors. They will only intimidate you on the phone. It will take them very long to get a garnishment against you because you have followed the contract by paying the principal amount. Most IPDL are not licensed in the borrowers state, so they wont take the matter to the court. If they do, question them about their license and turn the judge's attention towards them.

Time the situation very nicely and with determination and strong will. And you can do this when you are putting something on the loan principal or have already paid it. If you are finding hard paying on your own, find some company doing payday loan consolidation.


Quote:

Originally Posted by Anonymous
I'm in CA and have used PDLs to try to get by (HAHAHA). Anyway, I consulted a BK lawyer, who said to close my checking account and refer the PDL companies to his phone number. I haven't filed a BK yet, but plan to. I feel like SH_ _, as I did take out these "loans" but we have many bills piling up (lay-off from work, etc.) and just cannot do this on our own. Will these companies be able to harrass me, call my employer, etc., and is it LEGAL to close my checking account with these outstanding checks out there??


By law the pdl companies shouldn't call you or contact you after you file BK, they are only allowed to contact you one time but after they are referred to your attorney the calls should stop, however, if these payday lenders aren't licensed to lend in your state (and many aren't) they'll ignore the law and harass you anyway, they think they are above the law.


lrhall41

Submitted by Shazzers on Sun, 10/18/2009 - 08:20

( Posts: 17344 | Credits: )


Quote:

Originally Posted by Anonymous
Thanks Shazzers. I understand that once I FILE they won't contact me, but what about UNTIL I file? I've retained a lawyer - can he stop the harrassment even though it may take a month for us to file?


That's a good question, my understanding was as soon as you retained an attorney and they began the process, you are to refer them to your attorney.


lrhall41

Submitted by Shazzers on Mon, 10/19/2009 - 13:33

( Posts: 17344 | Credits: )


Hello,
I was in payday loan hell and I'm attempting to get out of it. I live in NY and all of my loans were internet-based. I'm working with Town & Country Acceptance who have been great so far. Even though these PDLs have made a fortune on me in interest, I am still willing to pay the balance on each and have been sending weekly payments to Town & Country. Yet I keep getting harassed at my work phone number by collection agents. I have sent cease & desist letters to the PDLs (obtained sample copies on this site--thank you for posting) and to the collection agencies, but some still call me and leave me threatening messages at work. One says that because I closed my checking account while still owing, I've committed fraud and will be reported to the sheriff in my county. I'm usually good at recognizing scare tactics, but I don't know the NY laws on this. Any info would help. I assume that since the loans are illegal in NY, closing my account would not be an issue. Here is my info and a few questions. Thanks for your time and help:

-Names of each pdl company
Paychecktoday.com - borrowed $800, owe $700
instantcashusa.com - borrowed $400, owe $250
cashadvancenetwork.com - borrowed $300, owe $200
cashjar.com - borrowed $500, owe $350
MMG Marketing - borrowed $300, owe $300
Vince Enterprises - borrowed $300, owe $200
Titan Group - borrowed $300, owe $200

Again, all were internet based and I live in New York. Some made hundreds, if not thousands off of me for months before I closed my account. I am working with Town & Country and they have been very helpful. They have sent proposals to all of these companies and I've been making payments for two months to T&C. I am able and willing to make my payments to them in order to pay back these companies. I just want them to STOP calling me at work and leaving me threatening messages there. Are there any suggestions/ideas? Also, any comments regarding how I'm approaching this so far? Is there anything I should do differently? Thank you again for your help.


lrhall41

Submitted by on Wed, 11/18/2009 - 21:25

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Well, I do hope the T&C is able to work something out with these lenders, but, in my experience, when you are dealing with illegal lenders (and ALL of yours are illegal in the state of N.Y.) the chances of them negotiating is slim, and even if they do agree on a certain amount there is no guarantee they won't turn these over to collections, or continue harassing you, or even try to impose wage assignments to your employer. Why? Because they are illegal and didn't follow the law to begin with. They are nothing more than criminals and should NOT be trusted under NO circumstances. Most Internet payday lenders are located overseas, while they may have an address or PO Box in the states, they originate overseas and are untouchable by our laws, but you are untouchable by their laws also. It's too bad that you paid a company to do what you could have done yourself for free. I am not trying to discourage you, I am simply stating the facts. All these companies are entitled to legally is the principal amount you borrowed, but T&C won't enforce that because they are being paid to settle these debts as low as they can get them, however, no matter how low they DO get them ANYthing above the principal amount is TOO HIGH. CLICK HERE to find out how to deal with illegal lenders.


lrhall41

Submitted by Shazzers on Wed, 11/18/2009 - 21:38

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Shazzers,
Thank you for your reply and for being such an enormous help on these forums.

I agree, I should have worked with them directly--the last thing they deserve is a penny more than what they should get--but I had read some good things on here about T&C and so far they have been very helpful. The threats from the collection agencies have begun to finally slow down. One was that because I had their last debit reversed and closed my account, I committed fraud and they were going to be notifying the sheriff in my county. I don't know the law in NY, but since their loans are illegal, I'm guessing reversing their debit attempt and closing my checking account was just fine. My bank was more than happy to help when I explained the situation (which surprised me). I guess they have to try and say whatever they can when they have no options. What a scary scary bunch. I kick myself for getting into this mess, and trying to get out of it has not been easy, but these forums are an enormous help.


lrhall41

Submitted by on Thu, 11/19/2009 - 08:02

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I tried to contact my Payday loan companie to extend my payment (pay interest only) and told me I was past the timeframe, but this was 3 days before it was due and I was told it was also rescheduled for my payment and that I would have to wait until it was returned by my bank, which would take 3 to 5 days on their end and I would then need to call back to speak with the collections dept. They then tried to process a charge to my account for almost 1900. which was returned by my bank. But automatically tried to process 2 charges at 950. each, to get the full 1900. My bank then processed one charge at 950, but returned the second at 950., therefore placing my account in the negative. When I tried to close my account, the bank stated the account could not be closed because they placed the acct. in negative. I was able to merely place a hold on my acct, but will be charged a DAILY negative balance fee from my bank until the account is brought to a positive balance. And the bank informed me that the payday loan can call all the local banks with my name and social to find out if I have opened a different acct, and if so, they can take it from that acct. So opening a seperate account will not keep them from getting your money and you can't close your present acct if they have place it in a negative status.
WHAT THE HECK DO I DO NOW. I was also informed by my bank that a debt consolidation company can not consolidate payday loans, period. I am in need of some very expert advise, can anyone help?


lrhall41

Submitted by on Fri, 12/11/2009 - 14:01

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I am in payday loan hell. they debited 900 from my account today, after reading these blogs and talking to my state division of banking i now know that closing the account is my only option. i talked to my bank and will soon be closing my account looks like that is a go but i still have to prepare my job for the phone calls i guess hope i don't get fired! i am still freaking out I just felt so alone and stupid until i found this site and talked to my state division of banking he helped alot Thanks ALL


lrhall41

Submitted by on Fri, 12/18/2009 - 15:40

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Quote:

Originally Posted by Anonymous
Shazzers,
Thank you for your reply and for being such an enormous help on these forums.
I agree, I should have worked with them directly--the last thing they deserve is a penny more than what they should get--but I had read some good things on here about T&C and so far they have been very helpful. The threats from the collection agencies have begun to finally slow down. One was that because I had their last debit reversed and closed my account, I committed fraud and they were going to be notifying the sheriff in my county. I don't know the law in NY, but since their loans are illegal, I'm guessing reversing their debit attempt and closing my checking account was just fine. My bank was more than happy to help when I explained the situation (which surprised me). I guess they have to try and say whatever they can when they have no options. What a scary scary bunch. I kick myself for getting into this mess, and trying to get out of it has not been easy, but these forums are an enormous help.


I totally understand, you need to do whatever you are confortable with, if it works for you then that is all that matters in the end.


lrhall41

Submitted by Shazzers on Wed, 12/23/2009 - 14:43

( Posts: 17344 | Credits: )


Quote:

Originally Posted by Anonymous
I am being hit hard with payday loan fees. Please help


Please begin a new topic with the following information so we can help you,
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.


lrhall41

Submitted by Shazzers on Sat, 01/09/2010 - 12:25

( Posts: 17344 | Credits: )


I have bad credit and I have 3 payday loans. I missed one payment. This resulted in returned checks to the loan companies. Can I consolidate these and get out from under this?


lrhall41

Submitted by on Wed, 01/13/2010 - 07:35

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Who are some of the better payday loan consolidate companies?


lrhall41

Submitted by on Tue, 02/02/2010 - 10:25

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L Hawk, on this board we usually recommend handling them yourself :) it is usually easier and much less expensive. the loans might not even be legal where you live! :)
Start a new thread and post who you owe, what state you are in, how much was borrowed and how much was paid back. We can help you :)


lrhall41

Submitted by bea2ls on Tue, 02/02/2010 - 11:16

( Posts: 3840 | Credits: )


I am looking for companies in Colorado that can help with payday loan relief -- Relief, LLC cannot work in Colorado, and the one other "law firm" company I called also does not work with them. Does anyone know of any?


lrhall41

Submitted by Terry Tucker on Thu, 02/11/2010 - 10:19

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The problem is that Colorado requires debt settlement companies to post a million dollar surety bond no matter how many clients they have or how much they actually charge in fees. The handful of payday loan settlement companies out there are MUCH smaller than the big ones doing credit card settlement and the one I'm familiar with have decided that the cost of doing business in Colorado (i.e., the annual premiums on that huge bond) outweigh any benefit they are going to get. PDL Assistance tried to do business out there without the bond, got caught and ended up paying a small fine. I think that pretty much scared off everyone else.

Your best bet is to do it yourself. The people on this site can help you get addresses and contact information for your online lenders. If you have storefronts, most of them will let you do an extended payment plan to get the loans paid off. And the AG in Colorado is very active in going after unlicensed lenders so you can expect help there too if you need it.


lrhall41

Submitted by on Thu, 02/11/2010 - 13:02

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I am trying to payoff a payday loan. The reported me as doing check fraud. The name of the company is the titan group and they call my job constantly, saying there going to serve with a summons. What should I do ?


lrhall41

Submitted by on Mon, 02/15/2010 - 16:24

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Quote:

Originally Posted by Anonymous
If I do this loan consolidation for payday loans what do they do with my check that I gave them?

Make sure you find out if your payday lenders are licensed to lend in your state before you commit to a debt consolidation company, illegal lenders aren't likely to negotiate and will expect more than you should pay them. All you should ever pay an illegal lender is the principal amount you borrowed and nothing more!


lrhall41

Submitted by Shazzers on Thu, 02/18/2010 - 14:26

( Posts: 17344 | Credits: )


Will my credit be affected in anyway good or bad


lrhall41

Submitted by on Fri, 03/19/2010 - 18:35

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I live in florida and my lenders are
Impact Cash
Pdlnow
signmyloan
I don't qualify for consolidation according to the companies I have talked to. Does anyone have any advice? Trying to pay the payments on the loans I have are making me miss my household bills


lrhall41

Submitted by on Mon, 04/19/2010 - 13:30

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I had to close my account because a unauthorized person got my information ( probably off the net) and tried to take money out of my account. I called my bank and they immediately closed my account and opened a new one. Now all of my payday loans do not now my new account. I am up to my neck in payday loans- Some of them I was doing the payment plan thing and a few of them want the total amount. I am in a good place right now to not give them my new account and send them money orders. Do you think that will work? I am about to go into the hospital for double kee surgery. All paydayloans are due on the 19th. Should I seek payday consolidation


lrhall41

Submitted by on Sun, 05/02/2010 - 17:37

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I had to close my account because a unauthorized person got my information ( probably off the net) and tried to take money out of my account. I called my bank and they immediately closed my account and opened a new one. Now all of my payday loans do not now my new account. I am up to my neck in payday loans- Some of them I was doing the payment plan thing and a few of them want the total amount. I am in a good place right now to not give them my new account and send them money orders. Do you think that will work? I am about to go into the hospital for double kee surgery. All paydayloans are due on the 19th. Should I seek payday consolidation


lrhall41

Submitted by on Sun, 05/02/2010 - 17:38

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I currently working with a consolidation company but I am not sure how legit they are, I do not want to fall in another hell. I already cancelled my bank account I had no choice and plan on working with the consolication comapant to pay $75 every pay period for 12 months to get me out of this nightmare, sounds better than $1000 every month eh?
I have 4 pdl's
checkintocash 300
cashnet usa 300
e pay day loan 300 and
payday loan yes 400
I reside in Missouri and they are all internet


lrhall41

Submitted by on Fri, 08/20/2010 - 14:28

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Quote:

Originally Posted by Anonymous
please check into your state laws regarding closing account that a payday loan is written on.
some states, like missouri, have it written that it is considered a criminal offense to close the account it was written on, as well as putting a stop payment order on it. and if you do this, you can be put up on criminal charges for intentionally misleading a creditor to evade making payment. (something like that). anyways. just some additional info to check into.


In my state of Florida, there is a master database that will tell them if you have more than one loan with these institutions. Also, if you find yourself in dire straights financially, get your mortgage payment lowered more than 50% off/ less every month.
See www. availableloanmodifications .blogspot. com and get going to financial security.


lrhall41

Submitted by on Sat, 08/21/2010 - 14:28

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[SIZE=3]I think this is a really great forum. I live in Texas. I currently have 3 payday loans. I???m am finding that trying to pay all three is eating up my money and I am unable to pay my car note and insurance. I would like to get them out of my bank accounts and pay half of what I am paying every pay period with is 300.00 every two weeks. I am literally feeding my son and myself and gas on $200 every two weeks. I have every intention on paying but I don???t have any time to recover and then pay. Should I follow the advice of Howard or continue living on hotdogs and chips. Until I can get them paid off. [/SIZE]


lrhall41

Submitted by on Thu, 09/16/2010 - 09:18

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i have a friend thats trying to consolidate more than 5 pay day loans but is very leary about who to use for consolidation program. if you have any suggestions please swing my way


lrhall41

Submitted by on Wed, 12/29/2010 - 12:45

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Quote:

i have a friend thats trying to consolidate more than 5 pay day loans but is very leary about who to use for consolidation program. if you have any suggestions please swing my way

I wouldn't recommend a consolidation company for payday loans, if any of them were obtained on the Internet the chances are pretty high they aren't legal. If you provide us with more information I bet we can help your friend and we won't charge a dime! Just provide:
-Names of each pdl company.
-Whether they are store front or Internet.
-How much you borrowed.
-How much you paid so far.
-The state in which you reside.


lrhall41

Submitted by Shazzers on Wed, 12/29/2010 - 13:00

( Posts: 17344 | Credits: )


I have:
Fox Enterprises 200.00
Star Cash Processing 200.00
Kingston Financial 200.00
Money Mutual 300.00
FloBridge 350.00

of course all are internet and I live in Louisiana. I've paid the min on each and they are in default as of now. My bank acct was closed a few wks ago b/c payday loan insurance was w/drawn on my acct.


lrhall41

Submitted by on Thu, 01/06/2011 - 22:38

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Fox Enterprises aka Apollo Processing - ILLEGAL
Star Cash Processing aka Rio Resources aka MTE Financial Services - ILLEGAL
Kingston Financial - ILLEGAL
FloBridge - ILLEGAL

What is the actual name of the pdl (Money Mutual). I could not find a license for them a small loan lender or a pdl in the La. licensee data base.


lrhall41

Submitted by Shazzers on Fri, 01/07/2011 - 09:31

( Posts: 17344 | Credits: )


wow had i known they were illegal i wouldn't have even messed with them. that's terrible really. so by them being illegal what can they do to me? i don't intend to pay them back but they call saying they will sue and press chgs. cant blame anyone but myself, should've been careful. since i got a pdl with them i've received a call from some ACS company threating to press charges. I know that was a scam to get me to send them $$$$$.


lrhall41

Submitted by on Fri, 01/07/2011 - 17:08

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i am in alabama and have several PDL.......i am scared to close my account becasue im afraid of going to jail...can anyone tell me what happens if i close my account? the loans i have are Cash express...200 ......the money store.... 200.......speedy cash...500......pdl....500...ezmoney...500.....cashstop1 300......ace....500.....thanks for your help


lrhall41

Submitted by on Mon, 01/24/2011 - 21:55

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Please, could you help me with the name of the place that you are going to ??
I can not take it anymore, this loans are killing me... PLEASE HELP!!

Thank you so much


lrhall41

Submitted by on Tue, 02/15/2011 - 15:17

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I need some help please, I have many loans in IL:
Paydaymax(on line)600
CashNetUSA(on line) 600
DJR (on line)300
Americash (in store)300
First Cash Advance (in store)275
Ameriloan (on line) 400

All this loans are putting negative with my bank, I have no money left in every pay period, this is really killing me, I just need help, please let me know what agency, comapany or place to contact and get this done, need help please!

I am really desperate...

Thank you!


lrhall41

Submitted by on Tue, 02/15/2011 - 15:28

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In chicago, IL
I need some help please, I have many loans in IL:
Paydaymax(on line)600
CashNetUSA(on line) 600
DJR (on line)300
Americash (in store)300
First Cash Advance (in store)275
Ameriloan (on line) 400

All this loans are putting negative with my bank, I have no money left in every pay period, this is really killing me, I just need help, please let me know what agency, comapany or place to contact and get this done, need help please!

I am really desperate...

Thank you


lrhall41

Submitted by on Wed, 02/16/2011 - 12:34

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