My payday loan issues and payment plan. Your thoughts please

I'm sorry, but the "we have 30 clients with you and we would like to settle them all together?"? How is that benefiting you and working for you the paying client? Something just doesn't sound right with that method. Your settlement should be based on your case as an individual and not lumped with 29 others. Just doesn't sound right to me.

i agree . . . . It doesn't seem like that takes into account how much you may have already paid on the account. I didn't know they operated that way. Do they just wait until they have enough clients with the same pdl to act?

Did you mention what state you are in? That could be an issue you want to consider in this . . . .

I wasnt even logged on....Sorry

I guess Langhorne uses the "power in numbers" philosophy..I dont know..but I havent been able to gather further information from them, and they want my wife and I to have seperate accounts. T&C will combine both of our payday loans.

Wow, Im looking at a consumer report on a local tv station talking about the cost of taking care of a baby. Baby food, diapers, wipes, clothes, etc....we normally spend about $1200 a month, and that includes day care....babies are beautiful, but expensive!!

Wait til they are college age . . . .

We have a 17 yr old too...he' going to college in five months....we already know that side of the equation too. I see under my name it says guest. How can I log in and have it show my post?

Somewhere near the top of the page on the right hand side (looking at the screen) you should see a login link.

What state are you in?

Im in Texas.

I too checked into Langhorne and have not made my decision on them yet...They sound good but I dont want to sinke all this money into them and find out they are not legit although they do not have a bad record according to the BBB....

I found this website by using a google link on payday loan issues...Im very thankful for all the information that has been provided, good and bad. I plan to use some of the information in regards to my situation, and I already have by telling some IPL (internet payday lenders) that I am going to consolidate my debt. Here is the sad story of my payday loan issues and what I am going to do to get out of it:

I was in payday loan hell about 10 years ago, at a number of store fronts here in Texas. I was in my 20's and was making good money, around $40k, but I also liked to travel, and take trips to Miami, Cancun, New York and Las Vegas. I was financing my trips with my paychecks and with payday loans. At that time, I had about $5000k in payday loans. I couldnt keep up with paying the interest payments, along with my regular bills. I defaulted. I had to borrow money off of my 401k to pay them back. Luckily they made arrangements with me.


You'd think I would have learned my lesson. I see now how it is so easy for a former drug abuser to relaspe. I relasped numerous times over and over again. In '98..in 99 and 2000. I even went to jail on a bad check charge because I was too lazy/embarrassed to pay the storefront company the $500 I owed them. Spent nearly 18 hours in jail, which was embarassing. My first time too. Now I have a class A misdemeanor record on file for hot check.

I still didnt learn my lesson...I got married in 2000. Money got tight, we would just let the banks charge us NSF fees...eventually, I had to hit the pipe(payday loans) again....if felt good to walk in with my documents, and walk out with anywhere from $500 to $1200. I always paid them back, even if it took a month to a month and a half.

However, this last time, the payday loans came back to haunt me....to make a very long story short, I ended up getting one payday loan after another to catch up on my past due mortgage, car notes and other bills because we werent budgeting our money. We were just spending and having a good time, buying new stuff for the baby,eating out, and taking road trips thinking our two huge paychecks every two weeks would cover everything. At least thats what we thought. you know it didnt happen like that.

Starting in December:
I borrowed $1000 from cash america storefront
I borrowed $800 from big city finance storefront
I borrowed $500 from freeway finance storefront
I borrowed $1200 from cash transfer centers (every two weeks since Dec 15th, of course I had to get it back every payperiod)
I borrowed $700 from Magnum cash advance
I borrowed $600 from my cash now
I borrowed $600 from CashNet Usa
I borrowed $300 from Arrowhead

just paying the fees every two weeks was taking all of my paycheck, and I couldnt even catch up. My wife eventually had to get some payday loans, and she ended up with:

$700 from cash america
300 from MTE
$300 from CMG
$300 from 500fastcash
$500 from CashNetUsa
$500 from PayDay Avenue
$400 from PayDay Now
$400 from PayDay Today(I think)
and two more $300.

We have paid more than $5k on all of these loans just to roll them over. Cash transfer centers and payday avenue take their money the very next payday, and it would cost me $1524($1200 principal plus $324 interest, and my wife $680 ($500 prinicipal, plus $180 interest)...that total of $2204 was a killer and it forced us to reloan with them over and over).

After reading this site, we decided enough was enough. We closed both of our checking accounts that were linked to pay day lenders and opened new ones. We tried to inform all of the companies of what was about to happen, but they informed us that it has to go to collections first before anything can happen.

We are fully aware we put ourselves into this hell hole by making poor financial decisions, but I couldnt take the stress of seeing our entire paychecks being eaten up every two weeks with payday loan fees, and still knowing we had to pay the mortgage, carnotes, insurance, utilities, buy food, and we had to pay daycare, pay the babysitter, needed gas for the cars...you get the idea.

We had the first use of our full paychecks this year when we got paid on the 15th and 16th of March, Sad but true! After all of my late payments for things like the gym, life insurance and others clear the bank, we will at least have some comfort, and wont have to worry about interest fees or nsf charges right now.

I called town and country and langhorne to get informating from both of them. T&C wants to pay the original prinicipal, but can take up to 20 months, while Langhorne would like to settle with the IPL companies, but only takes six months. Langhorne told me that they like to present a proposal to a company like arrowhead for instance, saying they have 30 clients they represent who have payday loans with you, and we want to settle all of them together. Thats how they are able to negiogate a better rate.

I have read some people saying they didnt get any help from Langhorne. T&C looks like a better deal to me, but I dont want to pay these people over 20 months. Cash Transfer Centers told me today that they dont deal with debt consolidators, and that If i didnt make arrangements by next week, they would send paperwork to my payroll dept to garnish wages...I informed them that garnishment was illegial without a court order, and they couldnt get any money from my employer.....non the less, I think I will go ahead and pay those fukks, along with the storefronts too, since they have signed checks from us on accounts that are now closed. I already informed them of that, and that we werent paying any additional interest.

Im wondering what to do with the rest of them? any expertise in this situation would be helpful. should we let T&C handle all of them and just roll with them for as long as it takes to pay off the principal amounts? Should we try to offer X amount to everyone in exchange for a Paid off in full/account closed letter?

Langhorne hasn't been in business long enough, and my understanding is that businesses pay a "membership" fee and are listed with the BBB, or something like that. I still have a bad feeling about a company that is supposed to settle debts waiting for something that sounds more like a class action suit. I have never heard of a debt settlement company waiting to settle people's accounts until they have a sufficient number of clients to do so. Something is just bothering me about that situation.

Make sure you contact the storefronts. Those are the ones that can really give you trouble. See if you can work something out with them. More than likely, they're operating legally, so they would be able to take you to court. Check your state laws at this site:

www.paydayloaninfo.org.

You should be able to check, too, to see if these companies are licensed.

Also, while these companies cannot garnish your wages without a court order, if you signed a wage assignment, they may try to send that through to your payroll dept. Make sure you contact your employer and let them know you revoke any and all voluntary wage assignments. Also, write a letter to each of the PDLs, informing them, as well.

The best of luck to you.

Vee, Once again I find someone that is in great need of the Attorney Generals office. You have rolled over and paid on these loans and I am sure you have paid back the principal. PLEASE contact your Attorney Generals office Consumer Division and see what advice they can give. The storefronts will have to be dealt with first. Best of Wishes to You. KYSIDE38

When Langhorne has a number of clients that have the same pdl creditor, they do submit the settlements together; however, each person's settlement offer is based on what they have already paid. I know. I am client and I asked the same question. I am more than satisfied with Langhorne. They've given me my life back. I actually completed their program a week ago and I am PDL FREE!!!!!!!!!!!!!!! Langhorne has proven to me through their actions that they are LEGIT and do exactly what they say they are going to.

Vee, follow kyside's advice. Get your complaints in to your Attorney General and state's banking dept.