PayDay Loan Companies That Will Work With You?

synergy

You don't have to close your checking account. You can simply ask to just change your account number, and your paycheck will be protected. This will be a good way to save, and perhaps get some of these payday loans paid off.

I would also recommend paying off the one that has the higest interest rate, as some may charge that fee every payday.

Talk with your bank about changing your account number. By closing the account all togehter, it may be hard to get a new one later down the road.

Also, read over all the loan agreements. It may state something about a wage assignment. If you're not prepared to lose an entire payecheck to the loan companies, you may need to revoke the assignment by mailing or faxing them a letter. Although unvoluntary wage assignments were done away with by the FTC in 1984, you may have unknowlingly agreed to one in the agreement. Some attorneys will tell you that these need to be signed in person. A digigital signature, stamped ssn#, or even faxed copies may not be accepted.

And remember that payday loans are only for the extreme emergencies and need to be paid back the following payday. In come cases these can even be avoided by speaking with some government agencies willing to help with essential needs.

Accidents happen even with payday loans, and sometimes they're not able to be paid back. But the sooner they get paid, the better. Harassment can follow and agravation.

Regards-
Mike

Synergy,
I too got caught up in the payday loans and found myself with 7 of them also. I had my account number changed at my bank, and have worked it out with three of them, MyCashTime and QuickPayDay. However, Sonic Payday WILL NOT work with you, they want either all of it at once, or half now and half next payday. I have now been working with United christian debt consolidation, and have included these as they are turned over to collections now.

They did not try to contact my employer.

i also was in the same situation. Quikpayday, clearly works with you, and are actually very kind. I just finished paying that one off last month. I did 50.00 every 2 weeks. Sonic, worked with me, but in big large sums. They are the most aggressive of the names I saw on your sheet, I would try to resolve that one first. Those are the only two I have worked with on your list

Good luck, work out plans you can stick with, don't agree to something you cannot do.

What is the web address for United christian debt consolidation?

Hi synergy

Welcome to the forums.

While you are on your way to erase all the past debt, smart negotiation with your creditors is the key to keep your credit file in safe mode.

The lenders want to get their money back and because of this fact they will try every possible way to recover money from you. If you are willing to pay the debt, they will mostly co-operate with you. Get everything in written before you give your words to them.

During this negotiation, you can also insist to get the total debt amount reduced by eliminating all the financial charges, late fees, etc. Thus, they will offer you the amount that will be easier for you to pay.

While you have agreed to the terms and conditions with your creditors, you need to ensure that you should not miss the monthly payments. They will offer all benefits to you on the grounds that you will be finishing the payment plan within a fixed period of time. If you miss the monthly payments, you might be deprived of the benefits given to you.

Also, do all the correspondence in written through certified mail with return receipt requested. A copy of each and every correspondence from both the sides can be used for later proof.

Regards
Roxette

I am about to loose everything because of payday loans and I need some help or advice on how i can get rid of them

deeply frustrated

Welcome to the forums. The first step you've made is asking for help. We'll try to provide as much information as possible to help you back out of debt.

My recommendation would be to change your account number. Call your bank and they can do all this over the phone. This will stop any unwanted ACH's (electronic debits) coming through your account.

Next step--read over all your loan agreements. If you've signed a wage assignment, you may want to revoke this. Although wage assignments (unvoluntary) were done away with by the FTC in 1984, voluntary ones still exsist. So you have every right to take this back, and to not allow it. Not only that, but in some cases it could be void anyway. These are suppose to be signed in person.

Next--find out which loan has the highest interest. Remember that most loan companies will renew your loan each payday. They'll tack on that pesky fee each time payday rolls around. Pay the one with the highest interest off first. It'd be best if you could pay one off each payday. This may take a large sum of your paycheck, but remember the quicker you these paid off, the quicker you'll be out of debt.

The payday loans aren't like a credit card bill and you'll have months to pay it off. The fees will add up each payday.

Remember, taking another payday loan out to pay off is the wrong decesion.

If you have to penny pinch for a few months, then there are ways to survive. Check out thread on "How to stop living paycheck to paycheck" in the 'Pubs Forum'. This will give you some ideas on how to live reasonably cheap for the period you're paying off the loans.

It is possible to become debt free. If you have any other questions, please let us know.

You also might want to consider debt counceling. Although this one does not work with payday loans, there are others out there that might work with them. (Not all payday loans work with debt councelors.)

Regards-
Mike

Hi deeply frustrated

Welcome to the forums.

Now that you are realizing the aftermaths of taking payday loans, you need to work on a realistic budget and figure out your monthly expenses. You should try to avoid any unnecessary expense that can be avoided by all means. To begin with, look into the daily items that you use.

You have to build a fixed saving and include small deposits if at all it is possible. This will help you in meeting the cash requirements during emergencies or unexpected expenses or any other items. Just imagine the fee that you will pay on a loan of $400 in a saving account for six months. I hope that thought is enough to buff against financial emergencies.

Do you have overdraft protection in your checking account? If you use all the funds in your account and if there is a mistake in your accounts ledger or records, overdraft protection will help you in solving your credit problems. Check the terms and conditions before you use the overdraft protection.

You can also take the help of a consumer credit counseling service available in each and every state. They will help you in setting a budget and plan a debt repayment structure for you. You can also take the help of your employer, credit union or housing authority.

Regards
Roxette

Synergy,

I cannot believe these places allowed you to take out so many with having some outstanding. Trust me I tried I thought I would take on out to pay off one I had already taken out and kept on getting denied. I have 3 out right now, and I am so happy I did get denied because I am so regreting the 3 I have outstanding. Good luck. Hope you are able to close your account. These payday people seem very shady!!!

Daniella

I also have a loan with quick payday that I can't keep paying. I don't want to change banking account numbers because my paycheck is direct deposit. If I stop payment on them will they work with me on paying it back in smaller amounts?

dfg,

What you should do is close your checking account and open a new one. That way they stop debiting you weekly. From there call the payday loan place and set up a payment plan. Just explain your account is closed you do not have any other open accounts. They should work with you.

dfg

You financial institution should be able to accept the direct deposit. However you also need to tell your payroll that you're changing account numbers. You might receive a paper check one week, but it's a lot better then losing your check to the interest of payday loans. You might want to consider, and your financial institution will be glad to do this for you.

Regards-
Mike

AS you have found out the Best way to deal with Pay Day loans is to not take them in the first place.

A little research on your list of companies and this is what I found:

Discount Advances: Transactions take place in Granada. According to the FTC you will not be protected under US Law if you default on this loan.

Quick Payday:Based in Logan, UT, you will be protected under US laws and any applicable Utah stte laws.

Sonic Payday:Transactions take place in MALTA. According to the FTC you will not be protected under US Law if you default on this loan.

A little conversation with one of their Reps:
Chat InformationPlease wait for a site operator to respond.
Chat InformationYou are now chatting with 'Floricel'
Floricel: Thank you for visiting Customer Care. How may I help you?
Jim Jones: hello
Jim Jones: If I were to apply for and be approved for a loan, what jurisdiction does it fall under?? United States? or another country..
Floricel: Our head office is in Malta.
Floricel: Have you filled up an application online?
Jim Jones: so if anythign were to happen , it would be in accordance with the laws of malta?
Jim Jones: no, just thinking about it...
Jim Jones: if something were to happen and I got caught short, how willing are you to work with someone if they default?
Floricel: Yes.
Floricel: You will need to make a payment arrangement with our Payment Services.
Jim Jones: but you would make arrangements?
Floricel: And you should initiate the call, or else we will need to contact you.
Floricel: I apologize but you will need to call them regarding this matter, that is once if you are went nsf.
Jim Jones: ok, thank you very much for the information so I can make an informed decision!!
Floricel: Kindly check back with us once your are done with the application.
Jim Jones: i will , thanks again.

(my name was changed to protect the innocent!)

Does Not loan in AR/CT/GA/NJ/NY/PA/PR/VT.
Pay Day OK:Based in New Mexico. You will be protected under Fedeal laws and any applicable New Mexico state laws.

Payday1:Does not list their location. I would stay away from them at all costs.

Mypaydayloan.com Transactions take place in Costa Rica. You are not protected under US law.

Paychectoday Also does not list their location, and sttes they place spy ware and ad ware on your computer. Definatly stay away from this one.

I did stop payments on several payday loans at my bank, Quick Pay would not stop debiting until I did. Then I worked out a payment plan of $50 per week with no new interest. I didn't want to change my account either. Hope this helps.

I understand closing your checking account may be a huge hassle but think of how much money you will be saving by doing so! It may take a few hours to call everyone and let them know you have changed your account numbers, but look at this way by doing so you will not be spending as much money and you will stop these payday people from wining!!!

You have to be careful with stop payments. Stop payments will only stop that particular ACH. Come next time it's due, the can run another one through, since there is not check number associated with the transacation. Stop payments are usually $25, and since most payday companies run the payment through twice (they do this so they can get at least 1/2 their payment if it isn't all there)...so that would be two $25 stop pays. Or just one account number change.

They're tricking on gettting their money back. Even though the money is due to them...sometimes you have to change account numbers to rebuild back up the funds to repay them...instead of getting NSFs.

Regards-
Mike

Thank Clay for some extensive research on the payday loan companies. Payday loans should be avoided at all circumstances. These are not only the most expensive cash available but are also full of risks. They sound very helpful in the beginning but when the time to file a dispute comes, they keep changing places.

My suggestion to all of you is to avoid these loans to the maximum. Those who have taken it should contact their lenders and try to get a pay down plan. You will be able to keep this agreed plan in the best of your interests if you do not default in it. The lenders will stop calling you as long as they are getting money from you. Do not stretch your loans to the extent they don't suit you otherwise it will turn to defaults. The crux of the matter from your point of view is to keep it current so that negative information doest not get reported in your credit file.

Regards
Roxette

At my bank with an ACH they just left the amount blank, which stopped all attempted withdrawals from them. It did cost me a stop payment fee.

How do you revoke a wage assignment?

Wage assignments are illegal unless they are signed by a judge. By doing so you will also have to be presant in a court room. Not only that but all of these payday companies need an original signature not a faxed copy or an electronic signature to garnish your wages... I hope this helps

Actually my bank allowed me to do a stop payment on the automatic withdrawals. They simply did a stop payment using the debitors information and left the amount blank. I did have to pay a stop payment fee for each one, but it has stoped all automatic withdrawals from the debitors for 6 months.

To follow up. I paid 1 stop payment fee of $24 for each debitor. This will prevent the debitor from being able to take any money from my account. I did this so that I did not have to change my checking account number. If I changed my account number I would have had to change my payroll information at work and several other items, so I choose the stop payment route.

Hi Mac

Welcome to the forums

You just have to send a letter to your creditor revoking the wage assignment. This is done when the creditors are found guilty of unfair credit practices by forcing a consumer to sign the wage assignment unless it states that it can be revoked at any time and for any reason by the consumer.

Regards
Roxette

I have every intention on paying the debts but i want them to stop contacting my job. They are not just calling me they are contacting my supervisor telling her that i have a loan with them what can i do to get Sonic to stop calling my employer.

You can send a cease and desist letter to your creditors and inform them that you refuse to be contacted at your place of work.

As per the fdcpa and FCRA laws, the creditors are required to stop calling you after receiving your letter. Hopefully, this move will be helpful.

Ben is right write them a cease and desist letter. Unfortionatly that does not always work. I had problems with Cash Today Limited and when they called I told them I no longer work for this company they verified some info and I never received a call again. Maybe you could speak with your supervisor and ask if he or she will do that for you

I am going to call my bank to have my account number changed. Do I need to give them a reason for this?

Hi Linda,

Explain the matter to your bank before you close your checking account.

Sometimes problems occur while opening a new account with the banks. This is because they report to the Chexsystem when you have failed to make a payment towards your account or if you have closed the account.

You need to take some active steps in removing this entry otherwise it will stay on your record for the next 5 years from the date of report. You might also have difficulties in opening a new account if you have a negative entry in the records of the ChexSystems.
If the item is disputed, write a letter to the ChexSystems and ask them to validate the information. They are required to provide you documentation associated with these charges. If they are unable to provide any info, you can get it deleted from the file under which your social security number is maintained.

ChexSystems
Attn: Consumer Relations
7805 Hudson Road, Suite 100.
Woodbury, MN 55125
FAX 602-659-2197

If the debt is proven as per the records of the ChexSystems, you will have to pay it to the bank or the credit union directly unless the ChexSystems collection department serves you any notice.

I called my bank yesterday and got a really nice women who understood the whole ordeal. She said she sees this type of thing alot (wachovia). She put a stop payment on all of them and waved my fee for 3 of them which was really nice of her. I am in a hugh negative right now and this is why she could not give me a new account number. She was very understanding and went through each creditor with me. She put a stop payment on their name and left the ach amount blank. When I get my account to a positive, I am still changing account numbers though. I want to play it safe. I to, have direct deposit but I can have my entire paycheck put in my savings for now and then switch it over to my new account number with my visa check card or on line transfer.. I can use the mac maching and get money out for food and such right from my savings while I am fixing this mess. I have had my account at wachovia for 12 plus years and did not want to wait around for them to close it or something stupid due to these payday loans. I just opened my savings account so I don't think I will run into problems changing my checking account number at the end of December. Word to the wise, Please try to borrow elsewhere. Never, never use a payday loan and if you do, only ONE. And, only if you know you can pay it off. I almost lost my vehicle over this mess and I will live in a carboard box and eat hotdogs before I go to a payday loan center again. Try to reach out to family and friends for a short loan if you can. Live and learn. Good luck to everyone. My thoughts are with you. I will check back to see how everyone is doing and report my progress or set backs since this experience could help someone else out there.

Linda

Im glad to here things are working out for you Linda,I too opened a new account with wachovia,my account was not in the negatives yet,so they did it right over the phone.I am now in a consolidation program and payments are being made to all my creditors,and the relief I feel is wonderful.

I heard again from my bank today. They said even though they placed a stop payment on the names of the payday loan companies, they could still try to send through ach's with a different company name. Can they do that? Is that legal? Good Grief! What next!

Linda,

Good to hear about your move. Now your prime concern should be to get out of this payday loan trap as soon as possible. Contact your lenders and work out a payment plan. Live on a tight budget for some time and get a second job. All this will help you in transferring money towards your debt account and you will be out of this mess very soon.

I know that you have learnt from your past experience and now you will always refrain yourself from a payday loan. These loans do not help people in anyway. They just destroy the financial system and often lead to many emotional and mental problems.

Linda,

Quote:

I seem to be fine now with my bank account, they have helped me quite a bit over the past week. I am preparing letters for all my creditors explaining my financial hardship and that I have every intent to pay my debts to them. I am looking into a debt management program to lower the high, high interest fees that I might have a hard time getting them to do on my own. Has anyone out there gone through an agency to lower your payments on payday loans? If so, can you suggest someone to me to contact. I have a few more things I would like to take care of so getting a program together might just suit me best. I want a clean slate from here on out.

Linda

Hi Linda

Is it only payday loans or do you have any other unsecured debts that you wish to put in the consolidation program?

This site does not take payday loans but you can consolidate all other unsecured debts in this program.

Take a free discussion from the consultants in this website. Hopefully, you will be satisfied with the counseling and will be interested in taking the program.

Regards
Roxette

I pulled my credit report and really no surprises which was good. But I was pretty sick about a year and half ago and messed up on a few bills that are now on my credit report in collection. I want them paid of course. It's the only right thing to do. I will bring my report to work and maybe we can work on it.

thanks

Linda,

You can put all those accounts that are in collections. The consultant will work out a good negotiation and a better payment plan for you.

Regards
Roxette

I wanted to give them a call today but was curious of what they were like and what kind of fees are involved

Linda,

I have heard T&C to be quite good with payday loan consolidation. Get in details about their program and read the agreement contract very carefully. You should be clear with each point specified in it.

They charge a small fee that is combined in the monthly payments. But I suggest you to confirm it with their rep.

Request the consultant to send you the monthly statements. That way, you will be sure that your money is going to the debt account without fail.

does anyone have a contace phone number of any kind to 500 fast cash and one click payday?

I already called t&C. She faxed me the paperwork and I already filled it out, ready to go. I need two phone numbers, that is all I am waiting for. I can't wait to get this going!

When I first came to this forum on 12/2 I was in a panic. I have almost done a 360 in less than a week. Thank you so much for the help

Linda,

Thanks for appreciating the forum. Will you like to join this community as a registered member here? Trust me, you will have a good time here and enjoy many other benefits. Your membership is absolutely free here.

Register yourself in the sign up page and join this group.

Regards
Roxette

I would love to be a part of the forum. I will register now.

Linda,

If you place a search at the BBB website, you will find three different locations of 500 fast cash based at NV and OK. Please pick the address of the company you are specifically looking for.

You can locate the address of one click payday also in the BBB website.

well isn't that interesting. I looked up both and they have the same address. Thanks Ben, I am sure that t&C will help me out on these

Wow Linda, good to have you aboard!

Discuss with T&C. They might have done business with them in the past.

I only gave them two of my payday loans over the phone, I did not have all the info with me at that time. The specialist was really nice stating that they work with payday loans all the time and they basically know what they will "settle for".

$155 to set up - a retainer fee and the contract is real basic with no threatening statements in it. Just stick with the program and you get your $155 back at the end of the program.

So, long story short, this would be well worth the time if someone out there was in a jam like me. I am very willing to pay off my debt but working with payday loans without a mediator, you can get slammed with fees. This will give me peace of mind. Not to mention as I said before, I BIG learning lesson.

I forgot to mention that you can chose when to pay also, every week, two weeks, once a month and if you have extra $ you can send that and they will take care of it for you. You can request invoices at any time to see how things are going too.

Sounds to be a good deal. Congrats!