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HELP! How to get out of payday loan trap FAST?

Date: Tue, 09/11/2007 - 11:10

Submitted by TMBL
on Tue, 09/11/2007 - 11:10

Posts: 115 Credits: [Donate]

Total Replies: 19


I currently have 5 payday loans. I know one is legit and follows the laws of my state. The others I am not sure, I don't think they are. I live in Illinois.


You need to give us a little more information, like how much have you borrowed and paid back in just principal and list the company names and if they are store front or internet. Someone will more experience than I will be along to assist you. Hold on..we are here to help you.

ladybug


lrhall41

Submitted by ladybug on Tue, 09/11/2007 - 11:15

( Posts: 2753 | Credits: )


I'm going to post Illinois state pdl law for you. However, as ladybug stated, we need more information. We need to know are these 5 pld's store front or internet? Who are they with? How much have you borrowed (principle only) and how much have you paid back so far (total)? We can help you with once you post the needed information. :D


lrhall41

Submitted by cannr on Tue, 09/11/2007 - 19:37

( Posts: 9317 | Credits: )


Like Suebee said, there really isn't a fast way to get out, but can be done. But you have come to the right place for help in getting out of that trap.

Please list the names of the companies you have loans with.

How much have you borrowed from each one.

The total amount you have paid each one.

And if they are store front or internet.

With this information, we can point you in the right direction to help you get out of this payday loan mess.

Hang in there though, it can be done!


lrhall41

Submitted by 2nband on Wed, 09/12/2007 - 07:42

( Posts: 2277 | Credits: )


Sorry it has taken so long to get back! I appreciate the help! I feel lost and like i am just going in circles. i did fill out my sheet of info to speak with someone at this site. Can they help with the payday loans?

All my loans are internet based. I will double check what I have paid on each one etc and get back to you! Those of you that have been through this how long does it take to get back on your feet? I feel so stupid for getting caught in this irresponsibile trap!


lrhall41

Submitted by TMBL on Mon, 11/05/2007 - 14:02

( Posts: 115 | Credits: )


tmbla....Hi and welcome back. Time frames really depend on what we are dealing with. All 10 of my internet loans were illegal and I had over paid 8 of them...so for me it was about 4 months of phone calls and letter writing before things calmed and were more normal. However in that time I had closed my account and had control of my money again so that made a huge difference. This is why we keep asking you for a list of your pdls and how much you borrowed and how much has been paid back including fee's. This way we can see what you really have and can give you some suggestions to help you.


lrhall41

Submitted by Morningstarr430 on Mon, 11/05/2007 - 14:15

( Posts: 2329 | Credits: )


This is a viscious cycle but once you close your checking account and have your paycheck back it is almost like a sense of relief. I know the phone calls will start soon, but I am taking control of the situation. You can too, just hang in there and follow the advice given, It really does help.


lrhall41

Submitted by tlmjcj on Tue, 11/06/2007 - 01:36

( Posts: 84 | Credits: )


Wow. what a mess. here is what i can come up with. i want to thank you for your time and help! i am very scared of what will happen once I actually try and take control over the situation!

my cash now borrowed 500.00
paid 176.47

The loan shop borrowed 300.00
first payment of 75.00 on 5/25/07 and have paid that every two weeks since.

The loan shop borrowed 200.00
Not exactly sure about start date, but I know I have paid 60 every two weeks since August

United Cash Loans borrowed 350.00
not sure of exact start date maybe Aug 4 2007 paid 50 every two weeks until
9/28-155.00
10/12-140.00
10/26-125.00
and i am still paying.

Cashnet usa borrowed 500.00
pay off 569. must pay off entire amount. I believe this site follows guidelines of my state.

USA payday loan new loan 300.00- have not paid anything yet.

this is when i realized i need help! I cannot get out of the cycle. I am scared my bank won't even help me with closing/opening an account i am very ashamed!


lrhall41

Submitted by TMBL on Tue, 11/06/2007 - 05:10

( Posts: 115 | Credits: )


I hate to be a pest but could you clarify this for us. You have The Loan Shop listed twice...is this 2 separate loans?? Also....is there a way you can figure out the total paid on each one....if full not the dates you paid. You can look over your bank statements to add that up. I am assuming these are all internet.
The bank thing has to be taken care of first..have you read the info on that yet?? I know there have been a couple of threads for you, I'm not sure now what info you have or not....sorry.


lrhall41

Submitted by Morningstarr430 on Tue, 11/06/2007 - 05:37

( Posts: 2329 | Credits: )


The Loan shop is 2 separate loans.

You are correct, these are all internet based.

I will try and pull all of my statements to add up to double check the second loan shop loan-when i add up the first one wow i have paid 900.00 on that one-how stupid of me-now wonder they gave me another one!

I have read a little on banks, but I am still confused if on what trouble I can get into by closing my account.


lrhall41

Submitted by TMBL on Tue, 11/06/2007 - 05:56

( Posts: 115 | Credits: )


The Loan Shop
2207 Concord Pike Ste 505
Wilmington, DE 19803


lrhall41

Submitted by cannr on Tue, 11/06/2007 - 13:57

( Posts: 9317 | Credits: )


I am not sure exactly how things will go, but yesterday I sent 2 emails(using info. from this site) to the loan shop(i have 2 loans with them) I have not had a response, I just pray they don't attempt to debit my account since i have revoked this right from them-it seems like lots of pdl companies ignore that part. I also sent one to united cash loans-these are ones that I know i have paid well over the principle on. I am not sure what to do with the others which i have yet to actually pay back the principle amount. Cashnet usa is one I called and they gave me a courtesy extension until 11/23 which at least gives me more time-i other household bills that have to be paid(already late ont them and i am at the point they have to be taken care of) I have not made it to my bank yet, i did email them yesterday explaining the situation and asking about blocking certain companies from debiting by account-I have not heard back from them yet. I couldn't close the account yet-mainly because it was too late in the week when i finally go the nerve to start all of this to stop my direct deposit. I did open up a new account at another bank online, I just need to stop by drop off my signature card and money to deposit into the account. I am just so scared and this place has been great, I have done a lot of reading on this site and I am very thankful i found it. this is very hard to go through and it is one of those things that no one knows i have gotten myself into, not even my husband so it is sooo hard going through this alone.


lrhall41

Submitted by TMBL on Thu, 11/08/2007 - 05:07

( Posts: 115 | Credits: )