PDL Problem

Hi BlackHole. Missouri has some pretty lenient payday loan laws.

find your state info here http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

You HAVE to pay these loans back and you are going to have to communicate with these places and make arrangements to do so. You did the right thing by opening another bank account. I am assuming that you have your paycheck going to your new account, right? If not, do that immediately. You will need to check and see if either one of these companies are licensed in MO, which is doubtful to say the least. Do not give anyone your new account information. Is your new account at a different bank? You are legally responsible for paying back the principle amount of these loans, as well as the legal interest for your state. Perhaps someone can help me calculate the interest that you owe.

I was original poster. I got an account. Yes, the new bank account is with the same bank - Bank of America. I see that they are not allowed to make multiple ACH transactions and they both have (both companies make three attempts in one day for varying amounts).

Hi Warren......when did you default on these loans? Yeah these companies will definitely do everything they can to try to debit money out of your account and will stop at nothing. They will try to take money out using other dba's, use paper checks, and like you said, do debits under varying amounts. I would be very cautious with that new bank account. Some of the pdl's do a search by social security number and it has happened before-if you are with the same bank, the bank will allow them access to your new account. I would recommend opening a new account at a different bank and having your money deposited there because I am afraid they might debit your new account then you would really have some problems. Hang in there until someone can come along and help me with the interest and we will go from there on dealing with them as far as repayment goes.

Hi. I defaulted about a month ago. They haven't gotten to my other account (yet). Considering the mess I'm in, I'm thinking of giving T&C Acceptance a call.

Seeing as you only have these two loans and you have not paid them anything yet, a phone call to T and C might be worthwhile!! Do you need contact info for them?

Thank you, that would be great.

Warren, I am sending you contact info for them in pm. The only thing is, you owe $750 in principal for these payday loans, and T and C charges $210 to get started in the program so i guess you would have to decide if it is worth the $210 to hire T and C or if you want to take care of these on your own. Others will be here in a couple hours and they will have some advice as well!!

Thanks (Lucy?). The problem is, the payday loans aren't my only problem. I'm behind on my car payment, I have credit cards I need to pay off... too much to list. Maybe a consumer credit counseling org would be better?

You are welcome! You can call me Sass, or Lucy, Sassnlucy, Sassy, whichever you prefer!!! Fill out this form if you haven't already done so. http://www.debtconsolidationcare.com/signup/availcounselling.php
A debt counselor will call you to discuss your bills and your options. That will help you make a decision on which route you need to go. I do know that T and C can help consolidate on the things you have listed. They are one of the few consolidation companies that deal with the payday loans. I had a hard time finding any other companies that would help me with them. Just talk to the counselor first and find out what all your options are and whatever you do, make sure you check out the company you decide to go with, with the BBB and find out if they are reputable. There are a lot of companies that will scam you out of your money and make things even worse for you!

As a side note, my neighbor is using T and C solely for her credit card debt and they got the interest lowered for her on all of them. She had one that was charging her 33% interest and T and C got it lowered under 10% for her!!!!!

Good advice from Sass! :D
If u have other debt that u'd like to also put into consolidation do as Sass suggest and register with this site and someone will call ya and give u ur best options on ur situation... Just make sure to check out any company before hiring them... I know when hubby did his there were NO upfront charges and only charged him 10 bux a month plus 5 extra to pay electronically...
Good Luck and keep us informed,
Ang