Consolodation

I know there are a few out there . . . . Someone will come around with more experience in consolidation and answer your question.

grisceli -

welcome! We're glad you're here.

If you signed up for the free counseling when you registered for this site, a consultant will be contacting you soon to discuss your options for debt consolidation or settlement. You are under no obligation to use their program, but they will give you an idea of what type of help is available.

Some consolidation or settlement agencies work with PDL's, some do not. You will need to ask the consultant when they call if they will work with your PDL's as well as your other debt.

If you have not pulled a recent copy of your credit report, I would highly recommend going to http://annualcreditreport.com to obtain a report from all three reporting agencies. You are allowed to obtain a free report once per year at this site, or any time you are denied credit. Your credit report will give you a better idea of what your situation truly is, and you will be better armed to discuss your situation with a debt consolidation or settlement company.

Keep us posted on your situation! :D

Thanks! I hope I can really get out of this!

You will! You've come to the right place :)

Also, there is a ton of info about payday loans here . . . . Depending on your state and situation, you may be able to handle them yourself . . . .

What state are you in?

Utah

Unfortunatly, Utah doesn't have very good laws about pdl's. But they do have to be licensed to do business in Utah. Go to paydayloaninfo.org, click on Utah, then go to the regulators website. You can do a search there and find out if the companies you borrowed from have a license.

I hate to say it, but Utah is one of the worst state laws I have seen regarding payday loans. There's basically no consumer protection in that law at all - it almost appears to be geared to help the lender, not the consumer.

So is there any hope? Will there be any point in speaking to a debt management company?

There is always hope. They do still require pdl's to be licensed, so if they don't have a license you have an way to go at them.

A lot of pdl's are based in Utah because of the lax laws there.

I would contact your banking dept and see what advice they have.

These are the whom I have my loans with:
CASHNETUSA
LITTLELOANSHOPPE
LOANBYPHONE
PAYDAYLOANYES
CASHCENTRAL

cashnetusa and cash central are usually pretty by the book. I'd suggest giving them a call, explaining your situation, and see if maybe you can make some sort of settlement or payment arrangements. Actually, I'd do that for all of them. You never know, it may work.

If I remember correctly littleloanshoppe is hard to deal with. I haven't personally dealt with them, but other's here have.

You may want to consider closing your bank account. This way the pdl's can't keep taking money out. You have to be careful though because some banks will force an account back open. I would go into the bank, tell them your situation, tell them that you've done some research and found that these places regularly fraudulantly debit people's accounts, and you want to make sure this doesn't happen to you. Stress to them that these places will try to debit the closed account. Ask them if they have a policy about that. To some banks a closed account is a closed account, but some other banks will force it back open and you will go in the negative.

I have not closed my account yet, but have stopped my direct deposit. I will talk to my bank and hopefully we can get that closed so I don't have the never ending NSF. I am very eager to get back on track. Thanks to all who have responded. This has been great help and already I feel alleviated and know that I will get passed this.

Thanks!

If you have any other questions just let us know! We will do our best to help you.

Glad we could help you MOMMY :)