I need help. Can you guys help with payday loan debt?

Ok Smy, we can help you. Please list for us who you have loans with, how much you have borrowed, how much have you already paid back to each lender(add fees and principle to get one total for each), are these internet or store front, and the state in which you live. When we get this we can begin to get you out of this mess

Welcome to the Community :D Alot of us have been where you have! Like was mentioned, if you supply some more info- we can put you in the right direction.

Your state may prohibit these types of loans, they may not be licensed, you may have paid back more than you owe, etc.-there are many ways to approach this type of situation.

Hang in there-we are here to hep you!..Karen

I am moving this to the Pay Day Loan Forum

Thank you guys for responding to my question. I don't have all the information that you guys are requesting off hand right now. However, I will give you guys what info I do have on me right now. I will try to get on here later to give further info. None of them are internet payday loans. I got all of them from actual stores here in Bellevue, NE.

This is just one big mess. I can't believe that I've made such a stupid mistake. I am so stressed out. Sometimes I feel like what's the point in living. PLEASE HELP ME!! :( I have to pay back each of these loans by 10/19/07. This is an ongoing cycle. Every two weeks, I pay back and renew b/c I can't afford to just pay back. If I don't renew, I won't have cash to pay bills & get groceries.

Check N Go $425.00 $75.00 fee
Advance America $425.00 $75.00 fee
Paycheck Advance $425.00 $75.00 fee
Check into Cash $425.00 $75.00 fee

So basically, I am $2,000.00 in debt with these places.

Since these are all storefront loans, you will need to handle them very carefully.

All your loan companies but Paycheck Advance are members of the CFSA. This means that their policy is this:

[quote]CFSA Best Practices and Guidelines for Extended Payment Plans
Subject to applicable state laws, each member shall provide an Extended Payment Plan (???????EPP???????) for customers who are unable to repay a loan. The member shall adopt a plan that offers the customer at least the following provisions:

You [the customer] may opt into an EPP to pay an outstanding loan if you are unable to repay your loan when due. Any outstanding fee will be included in the amount subject to EPP.

You must invoke the EPP by close of business on the last business day before the loan due date by returning to the office where you obtained the loan or by using whatever method you used to obtain the loan. To invoke the EPP, you must sign an amendment to your loan agreement reflecting the new payment schedule.

You may pay the transaction balance in four equal payments coinciding with your periodic pay dates.

We will not begin collection activities while you are under an EPP as long as you meet all obligations under the EPP.

There is no charge for you to enter into an EPP. However, if you default on an EPP, we may charge you an EPP fee and accelerate payment on the balance remaining, as authorized by applicable law.[/quote]

Go into those stores and mention this. They should be able to set you up with more affordable payments, and stop the madness of renewing each payday.

I would also call or stop by Paycheck Advance and see if they would set you up with a payment plan too.

Okay. Thank you for this. So, just to recap, go into each of these stores and ask them about EPP. EPP will allow me to set up a more workable payment plan? Also, call or go into Paycheck Advance to see if they will set me up on a payment plan as well. Correct?

I have to be honest. I am scared to do this, but I will give it a try. I hope that they will work with me. Thank you so much for the information.

What do you think Paycheck Advances problem is? I wonder why they are not a member. Thanks again.

If I have more questions, can I come back to the forum?

Smy, its ok to be scared. We all went thru this , or things very similar. Good luck, please register with us. Its free , and we would love to have you as a member.Also please keep us up dated as to your progress

Yes, that is what you should do. If any of the 3 CFSA members refuse, there is a complaint process you can use to make them cooperate.

Don't be scared. This is the first step you must take to clear your life of these loans.

Of course you can come back and ask any question you have! And as Kashzan said, register here and become a member. It's free, and then you will have access to some other features.

Thank you guys so very much. You guys are sooooooooooo knowledgeable. Well, I will start tomorrow. I will go to these places tomorrow and Monday. I pray to God that they will cooperate. I can't take this burden anymore.

OH,and I thought that I was registered. :) LOL I have a password and everything. :)

I will definately let you guys know how things go. Any advice on what I should do if Paycheck advance won't allow me to set up a payment plan with them? Should I mention to them that I know that they are not a member of CFSA? Thanks.

Now you are registered.Welcome

Yes, now I am registered. LOL :)

I am sorry that I keep asking questions over and over again, but you mentioned the if any of the CFSA member refuse, I could file a complaint???

So, if they act like they don't want to work with me, I just need to mention that I will make a complaint thru the CFSA?

Oh and, if I what should I do if Paycheck Advance won't work out a payment arrangement with me? Would me mentioning the fact that they are not a member of CFSA help me get them to cooperate?

I wouldn't mention that they aren't a member of the CFSA. Since they aren't a member they probably don't care about it. It's not required for them to join.

If they won't allow you to make payment arrangements, they will probably send through your check. Once it bounces at least that will mean that your loan is in default and they can't keep adding the refi fees onto it. If they have a coprorate office, I would try to contact them and ask about payment arrangements. Also, when you go into the store to talk to them, try to speak with a manager if possible.

Okay. Thanks so much for all your help. I really really appreciate it. I will be sure to let you guys know how everything goes. Thanks again!

Anytime! And be sure to come back and let us know how it went. If they don't want to cooperate maybe we can come up with another plan of attack for you. Good luck! :D

Okay!! Great! :) I sure hope that they cooperate, though. I am going to try to take care of all of this tomorrow. I have a lot going on tomorrow, though. So, it may be Monday by the time I tackle. I will let you know guys know the verdict on Monday evening. :)

Sounds like a plan! Good luck! :D

You guys are awesome!! I decided to do some more research on EPP's through CFSA, and I found out that under CFSA's regulations, the members CANNOT refuse me an EPP. I am a little less nervous now. I can't wait to tackle these payday loans. Guys, I thank you in advance. I believe that God with His big merciful self directed me to this site. Thank you so much!

Hey people!! I had something come up yesterday, so I didn't get a chance to take care of this payday loan mess. However, I am leaving work early tomorrow so that I can take care of it. I let you guys know what happens either Wednesday night or Thursday morning. I just wanted to keep you guys posted. Thanks!!!

Hello people. Well, today is the big day. I am going in!! I am a little nervous, but knowledge is power. Thank you guys for the information about CFSA. Pray for me. :)

SMY, Best of luck. We know you can do it.

Good morning everyone. I am a little sad today. I took your guys advice. Well, I've come to find out that EPP is NOT available in the state of Nebraska. :( I don't know what I am going to do. I am sooo stressed out. I have a light bill that I HAVE to pay tomorrow if I want to keep my electricity, and I don't really know how I am going to pay it. I won't really have money for groceries or anything else. Do you guys have any other advice that you can offer me?

Not Available? I thought that theyhad to offer EPP. I don't know too much about the CFSA so I won't presume to advse on that. About your electricity. Is it already late? Is there any chance of calling them and asking for an extension?

Yeah, it's already. Friday is my payment arrangment date. I am sooooooooo stressed. I just don't know anymore. Do you think that I should see if I can find a corporate number for CFSA? The lady said that until Nebrask changes it's laws the EPP isn't available in this state. Do you guys know of any debt consolidation companies that work with payday loans?

I need help with this situation. :) Is anyone out there? :oops:

I have heard that Langhorne and I believe the other one is T&C help with PDL consolidation. I do not have any experience with them though. Have you trie calling the 800 number on the side to see if they could help?

I just pulled what I printed out before regarding CFSA. The first paragraph does state "Subject to applicable state law..." So maybe this means that even though the company is a member of the CFSA, some states laws don't apply? I'm just guessing here. Now, you have a cut-off notice for your electric bill. You need to pay your electric bill. You can not live without electric. I'm sorry, but having power to live like a normal person is a bit more important than Mr. Manager at a storefront pdl company. What is the state law for you regarding criminal action with pdl loans? No one posted your state law. I'm wondering if it says prohibited. pyb, if you're on, can you post the state law? My computer keeps messing up if I try to pull up another site.

I will have it to you in less than 2 minutes

Here it is the Payday loan laws for Nebraska (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

It does not say specifically what criminal action can or can't be taken. I hate those.

Crap! :shock: It's totally blank! I was going to suggest letting the checks (or just one) go through and be returned for NSF. However, without knowing what kind of law they have regarding criminal action, I'm at a loss here! My personal opinion, and this is just my opinion, the utility bills come first. I'm sorry. I know this is a legal debt owed, but a person must be able to live a normal life with electricity, gas, and food.

Smy...someone once told me ...in dealing with paying off these unsecured debts to take care of yourself first. Pay your electric, buy your groceries...if you can't live normal you won't be able to function to take care of anything else.

Have you tried just talking to these store fronts and telling them you are in way over your head and need to make other arrangements?? Also I would call AG office for your state of the Dept. of Financial Institutions for NE and ask just what exactly would occur if you stopped paying...and tried to make other arrangements.

Morning is right. If you don't have electricity and you don't eat, you aren't going to be able to pay them anyways. Call your AG like she said and put your promise to pay to these companies in writing. Even if it is only $25.oo with the promise to pay more when you can.

Thank you guys so much for the information. I will talk to each store again today --then I will contact the financial department here in Nebraska. I am just so tired of this mess.

It is tiring, but you will get through it and we will help in anyway that we can.

I tried to find a number for the Nebraska financial department in Nebraska online. I am having trouble finding how to contact someone. Can you guys helpe me find this information please?

(402) 471-2171

OH my!! That was quick! Thanks a lot.

I also pm'd you the web address for them and the web address for filing a complaint online.

This is exactly what I did on Wednesday. After I found out from you guys that there was something called EPP that I could get from them, I went into Check N Go, and the rep there told me that EPP is not available in the state of Nebraska until & if the law changes. They weren't willing to give me a payment arrangement. I got so discouraged, I didn't even bother going to the other three stores. :(

Don't give up. Just because one won't work with you doesn't mean all of them won't. You can only give what you got. If you don't have it you can't give it.

Well, today, while I am on my lunch break, I am going to call the other stores and talk to them and just see if they will work with me. If they don't, then I will have no choice but to contact the Nebraska financial department. I hope that they can help me. I was thinking about filing bankruptcy. I really don't want to do that, though.

I already closed the bank account that the checks were written of off, but I read on this site that some of these places can cause your account to be reopened. I don't want that to happen. Should I go and talk to my bank, if these places won't work with me?

Call and ask your bank if it will be forced back open. Explain that you absolutely don't want that to happen.

Okay --I will do that. Thanks.

Smyrna...I would call the financial dept. anyway...if nothing else you can make them aware of the situation and ask for advice on what to do legally if they refuse to make payment arrangements for you. It might help to out your mind at ease that you are doing all you can...take care of yourself...

Okay. I will do that then. I will call the financial department and explain my situation. Thank you so much for trying to help me. I just want to get out of this mess as soon as possible.

smy, call and find out from your state agency what kind of "action" can be taken regarding defaulted storefront pdls. Since it does not specify it in the pdl law for your state, we need to know this. Can you close your account? What will happen if you have a check turned in from a storefront? Etc? Ask them what would be the result of a defaulted storefront pdl? I would hate for you to think of filing BK just because of storefront pdls. Find out what the worst is that can happen. If the worst is that the store front can send you to collections, well, then you'd be able to make payments. However, some states have laws regarding criminal action if they have checks out and the account is closed, etc. Please just call them and find out this much at least. Then we can go from there knowing what the state law is regarding this.

Hey people!!! How is everyone doing? I have wonderful news for you guys.

I found out that the rep @ Check N Go lied about EPP not being availabe in the state of Nebraska!!!!!!! It is available!!!!! So far, I worked out payment arrangements with two of the payday loan places I owe. I am going to make negotiations with the other two early next week. I am sooo excited. Thank you guys for all your help. You guys have no idea how much I appreciate your help. I have electricty and I have groceries!!! :)

smyrna! :D YAY! Such great news! I'm soooo glad to hear this! Now you can make payments and not be poor! And you have food and electricity! How awesome are you? VERY! Great job!

Congrats Smyrna!
It's a great feeling to have control over your money again, isn't it? These guys on this forum are awesome!

That's great smyrna. I am very happy for you.

My husband and I have over 12 payday loans, one being through our bank and one on the internet, We have 2 on payment plans and only 2 other will allow us to make arangments, We can't afford to pay them all off. Its really bad, we can't pay our bills.