Ok, I need some advice here
Date: Wed, 09/26/2007 - 10:48
State of Residence: Nebraska
Payday Loans: 10
Payday Lenders (all internet based):
ASAP - 300 (paid 180 in interest)
Arrowhead - 300 (paid 270 in interest)
United - 350 (paid 105 in interest)
CashWink - 300 (paid 420 with 4 ro's)
CashSupply - 600 (paid 300)
Discount Cash - 1000 (Paid 320 in interest)
Magnum - 950 (paid 400 in interest with one payment)
ameriloan - 300 (paid 180)
Paychecktoday - 400 (none yet)
Cashtransfercenters - 900 (no rollover, owe 250 in interest)
if you add all of those up, I owe about $5,400 without interest. While it may look like I owe most of that, 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).
I recently contacted Langhore and T&C and they have both agreed to help. T&C will pay all of the amounts owed over a couple of years, and take $1,500 for their time (equaling about 7,000). Langhorne will pay reduced amounts, but take more for their efforts (about 6,000 total).
So here is the issue. I was originally going to go with one of the above companies because I didn't have the time to do it on my own, and also didn't want to deal with the harrassment on a daily basis. But, I have recently been able to obtain some regular financing(about $5,000, which i will get next week) that I could use to pay these people off. I have already closed my bank account, so all the PDL's will know I am defaulting this Friday (note - I could pay everyone off, but I won't get the money until next week and I don't want to pay another $1,700 on interest for this pay period). So the way I see it, I could go one of a couple different ways.
First, I can continue my plan to go with T&C so I don't have to deal with the creditors. Obviously more expensive, but more convenient (my biggest issue with this is that the PDL's will get more than what is owed to them).
Second, I could just independently work out settlements with the PDL's since I will have the money to pay them off. Several of questions about this option. First, will the PDL's generally work with me regarding settlements? Second, will the PDL's try to say I owe them a substantial amount more since I am in default? Again, most of these PDL's aren't owed a dime since I have paid so much in interest to them over the course of several loans. Finally, how big of a pain in the ass will it be to try to work out settlements with these people (realize that I will have the money to pay them off)? What can I expect to be able to settle with these guys for?
All of your help is appreciated. This place is a wonderful tool.
Thanks!
I am dealing with them myself. It is more of a headache but I wo
I am dealing with them myself. It is more of a headache but I would prefer to save the money. Some pdls will work with you, others are going to be difficult. All you can do is call them and tell them you are defaulting this week but will be able to pay xxx on whatever date you decide. And go from there.
It is a personal decision which way to go. I have read reviews of people who used T&C and Langhorne and were very happy with their service.
You have to decide whether you want to save a headache or save money.
I have also read good things on T&C but decided against them, si
I have also read good things on T&C but decided against them, since I only had a couple of pdl's. I was able to handle them on my own.
However, if you feel comfortable with dealing with them on your own maybe that is what you could do. But then again how much do you NOT WANT TO deal with them. That is the question you really need to ask yourself. I read previously in your other post that you are in kind of a high level position. Are you willing to risk them contacting your employer.
ladybug
p.s. I sent you a quick message
Hey ladybug - Yeah, I could really care less if I have to deal w
Hey ladybug - Yeah, I could really care less if I have to deal with them. But if they did start contacting my employer, etc., it could be a really bad deal for me. So that is what I am more concerned about than anything. If I knew I could work with these people without them contacting my employer (especially since I have the money to settle with them) then I would do that. If I knew they would be totally unreasonable and not work with me, harrass me, call my employer, etc., then I would think about doing something else. Thoughts? Never been in this position before.
bigr, Just a thought, going through T&C is no guarentee the pdl
bigr, Just a thought, going through T&C is no guarentee the pdl will not call your employer. There are several members who are with a company and are still being contacted. I do not know if the employer has been contacted but these companies do not play by the rules.
I totally agree with you. I would defintely try to contact them
I totally agree with you. I would defintely try to contact them first and also send them a cease and desist letter so that you are assured that they don't contact you at work, also that lets them know that you are acknowledging that you owe them money. It's better to contact them before it gets to the point where they have to contact you. It sounds like you are ready to get them out of your hair.
ladybug
My first thought was to go with T&C for sure, but the more I've
My first thought was to go with T&C for sure, but the more I've read on this site, it seems like some of the folks I am dealing with don't exactly cooperate with them. So that might not help me. I guess if I knew all of these people would work with me and settle for the principal only (no interest and NSF fees), I would do that in a heartbeat. Based on what you know and what you have learned from this site, does that seem like something that could happen? And if so, what do I need to do? I will default on Friday, shoudl I call them tomorrow and tell them what is coming (I've already closed my bank account)? Should i wait until they call me and tell them that I will give them "x"? I am just such an amateur when it comes to this stuff?
bigr, Just by looking at your list, United, Cash Transfer Cente
bigr, Just by looking at your list, United, Cash Transfer Centers, Paycheck Today and Magnum are difficult to deal with. Of my nine, only two settled without any trouble. One finally did with the help of the BBB. It is possible but I would say not probable. IF you decide to go with T&C, you tell them when they call to contact T&C as that is what you are paying for. If you call them tomorrow and tell them what you are doing, they more than likely will try to debit your account early. You need to decide which way you want to deal with this. Me, I am with pyb, I did not want to spend the money and I overpaid mine and I decided I could handle this myself. You have to do what is best for you.