Ok experts - Weigh in on these options please!
Date: Thu, 09/20/2007 - 09:56
State of Residence: Nebraska
Payday Loans: 10
Payday Lenders (all internet based):
ASAP - 300 (paid 180 in interest with two rollovers)
Arrowhead - 300 (paid 270 in interest with 3 ro's)
United - 350 (105 with one ro)
CashWink - 300 (paid 420 with 4 ro's)
CashSupply - 600 (paid 300 with two ro's)
Discount Cash - 1000 (paid 320 with 1 ro)
Magnum - 900 (paid 400 in interest with one payment)
ameriloan - 300 (paid 180 with two ro's)
Paychecktoday - 400 (none yet)
Cashtransfercenters - 900 (no rollover, pay 250 in interest)
Again, I have had multiple loans with many of these lenders so over the course of my relationship with them, I have paid them way more than they have ever loaned me (despite having these relatively new loans).
So option 1: Go to battle with them with the State of Nebraska laws on my side (not the most consumer-friendly, but they are still being violated). Doing this option leaves the potential for some stuicky situations with my employer.
Option 2: I have called Town and Country Associates and they have agreed to take over the handling of all of these (note, after speaking with them I have learned that it is not debt consolidation, rather debt settlement). They will do that for the low cost of $300 a month (still high, but better than $1,700 a month!!!!). At the end of the day, I will pay all of these companies back, plus a $1,000 fee for T&C, but at $300 a month, that will be easy to do (especially when I've been paying these ridiculous fees for 6 months).
Option 2 seems like the cleanest, while Option 1 seems like the cheapest.
Please give me your thoughts.
Much appreciation in advance.
You will find the Payday loan laws for Nebraska here (just selec
You will find the Payday loan laws for Nebraska here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
The good thing about Nebraska is that they have recently been ta
The good thing about Nebraska is that they have recently been taking a lot of action aganist unlicensed payday lenders. And it looks to me like all of your companies are unlicensed.
Either way you go is a good option. One way is cheaper, but you have moer headaches. The other way is more expensive, but you don't have to deal with so much crap from these companies. It's really a choice you will have to make which is best for you.
If you have overpaid these people why in the world would you wan
If you have overpaid these people why in the world would you want to pay them more.
I am a bit confused as to your post When you say you paid 105.00 with two rollovers, do you mean you paid 105.00 plus 2 more rollovers. If you could, without breaking it down, just list the amounts you borrowed and the total amount paid on these loans
Kashzan - The amount in the parentheses is the total amount of i
Kashzan - The amount in the parentheses is the total amount of interest that I have paid on each of these current loans. Howeverm, many of these are repeat loans with the same companies, so if you accrue all of the payment I have made to each company, it exceeds the total amount of loans I have received from them.
To answer your other question, I don't want to pay these people another penny. However, some of the money is rightfully owed (i.e. loans where I have made no interest payment yet, or loans that do not have rollovers). While I understand that many of these companies are operating illegally, and are unlicensed, I am weighing the choice whether to not pay them another dime of money that is not owed and going through the battle that will ensue (and the harrassment, threats, etc.) or having someone else handle this quietly and paying a little more.
Hope I answered your questions.
Thanks
As Goudah said it is your call. Only you know the situation wit
As Goudah said it is your call. Only you know the situation with your job. I sign a morality statement at my job and I was worried about defaulting but I figured it was either default or go banrupt either way I was "outta luck" Suprisingly my employer took it well and was very cooperative and understanding.
Most of us here have been right where you are now. We do advocat
Most of us here have been right where you are now. We do advocate paying the principle back. Morally it seems to be the correct thing to do. It is a fight, but I believe it it well worth the time and energy. I started with 7 internet loans
and because of the amounts i had already paid in fees , so far 4 have been marked Paid in Full.
This is something that you can do on your own . We will all be here to help.
I had 10 internet pdls and I weighed my options also between doi
I had 10 internet pdls and I weighed my options also between doing it myself, using T&C, or using Langhorne. Well I decided to do it myself and started last week. I have got refunds from some and settled for my amount with others and on a payment plan now. I have 2 left Interim Cash and Paychecktoday that don't want to settle for my amount. So far I am glad I decided to do on my own. But it is solely up to what you are up for.
Yes - The things to think about are: How much harrassment can
Yes - The things to think about are:
How much harrassment can you deal with? Are you strong enough to stand up to these evil collectors? They can get very nasty.
Is it worth it to pay someone to do this for you?
I know it can be embarssing if you get calls at work but if you
I know it can be embarssing if you get calls at work but if you want to kick these pdls in the a** I would go with option 1. I don't care what other people think of me. I know I am a good person and I try my best and everyone and I mean EVERYONE gets into a bind every now and again. Just hang in there and go with what you feel would be the right choice.
reply
Let me just jump in here (as usual!). It seems to me that the main concern of this member is his/her job. Not the fact that these are legal/illegal, paid/overpaid/underpaid, right, wrong, or whatever. This member obviously knows that once you take the fight on yourself, you are going to be up for a hell of a lot of harrassment. The member is aware that there will be telephone calls, letters, possible wage assignments, collection agencies, etc. His/her concern is the harrassment in regards to his/her high profile job and possible termination from that job resulting from all of this. It doesn't seem as though he/she is "not up for the fight". I believe this member is. However, as he/she posted - the part that jumped out at me is - "have it settled quietly". In other words, this member does not want their dirty laundry aired out for everyone to catch on to at thier job. Which is completely understandable. I've gone through hell and high water fielding off phone calls, faxes, letters, etc. from my employer. Can you imagine having a high profile job and the threat of possible termination? I personally did choose to fight it on my own. Number one reason being I was pissed off. Number two being I really didn't have the money to pay someone to take it over for me. Now, of course, it's up to the individual to make the decision as to give it up and let someone else handle it or do it yourself. I just want to point out that I can see where this member is "coming from". It would be no stress to this member regarding their job, their job would most likely never even catch wind of the whole situation, they would be paying less than the fees they've been paying. Of course it would be a good option. However, it's also a good option to fight on your own & cheaper since it's free. But I'm taking into consideration that this member is mainly concerned about the job issue. Which I completely understand.
Thank you cannr. You pretty much nailed my issue right on the he
Thank you cannr. You pretty much nailed my issue right on the head. It is going to cost more to let someone else handle it, but I just don't need the aggravation in my life that would come from dealing with these people on a daily basis (which might happen anyway in the short term). I think I am going to go with T&C or Langhorne... which one is now the question.
A big thanks to everyone for your advice and thoughts. This is an extremely helpful place to get information and help from this type of mess!
Before you decide to go with any company please do the following
Before you decide to go with any company please do the following:
Check them out with the BBB
Check them out with others who have used them successfully, and through completetion.
Lastly, there is a Ranking Chart tab thig, at the top of your screen to look at. You can also search them on this forum in the search box, to see what others' have experienced..Good Luck- keep us posted on your progress..Karen
The main difference between T&C and Langhorn is this: T&C pay
The main difference between T&C and Langhorn is this:
T&C pays your creditors monthly. They are a debt consolidation company. You can also include other unsecured debts, not just pdl's. T&C is a good option if you have other debts. They will pay monthly all your creditors until each account is paid in full.
Langhorn requires you to save x amount of money in a special account every month. Once you have a decent amount saved up, they start negotiating with your pdl's to settle the account. They are a debt settlement company. But they only work with pdl's. This is a good option if you don't have a lot of other debt, and you don't want to pay your pdl's as much money as they say you owe.