My Story of Debt
Date: Wed, 04/02/2008 - 13:53
My story is similar to many people on here.
I started getting into debt in college, with those so-easy-to-get student credit cards. Before I knew it, I had $7,000 in credit. And then I had $7,000 in debt, and no income to pay it off with. And then I had a credit report full of collections and charge-offs and other black marks.
Not to mention almost $100,000 in student loans.
It didn't get better when I entered the working world. I managed to get a couple of high-interest "bad credit" cards, and got into trouble, and charge-offs, etc. with them, too.
And then about four years ago, I discovered payday loans. I've been in trouble with them ever since. I've had as many as 10 at one time, defaulted on some, paid some, ran up God only knows how many NSF/overdraft fees, and had to close three checking accounts.
And then, worst of all, CashCall last year and Americash Loans this year for $2,500 each. I'm in default with CashCall, having paid $1,600 to them which reduced my balance not a penny. I'm current with Americash, and I've made 3 payments out of 18.
A few weeks ago I discovered this community. I lurked, and learned, and I believe that I've got some hope now. I found some tools that I could use to fight back against the payday lenders who were eating my paycheck and charging me fees far higher than my state law allows. I learned that I could confront the PDLs who aren't legally allowed to lend in my state.
And now of the 5 PDLs I had a few weeks ago, two are settled paid in full, one I've got a legitimate, non-debiting-my-account payment plan with to pay back remaining balance I owe, and two I'm still waiting to hear from.
I've still got the student loans, and Americash and CashCall, but now that I've got control of my paycheck again, I see hope. I can prepay at least some of the Americash loan and clear that up. CashCall has offered me a settlement at 60% of the balance they claim I owe; maybe I can get a better offer.
Thanks to this community, I'm not nearly as afraid, and things are looking up.
I started getting into debt in college, with those so-easy-to-get student credit cards. Before I knew it, I had $7,000 in credit. And then I had $7,000 in debt, and no income to pay it off with. And then I had a credit report full of collections and charge-offs and other black marks.
Not to mention almost $100,000 in student loans.
It didn't get better when I entered the working world. I managed to get a couple of high-interest "bad credit" cards, and got into trouble, and charge-offs, etc. with them, too.
And then about four years ago, I discovered payday loans. I've been in trouble with them ever since. I've had as many as 10 at one time, defaulted on some, paid some, ran up God only knows how many NSF/overdraft fees, and had to close three checking accounts.
And then, worst of all, CashCall last year and Americash Loans this year for $2,500 each. I'm in default with CashCall, having paid $1,600 to them which reduced my balance not a penny. I'm current with Americash, and I've made 3 payments out of 18.
A few weeks ago I discovered this community. I lurked, and learned, and I believe that I've got some hope now. I found some tools that I could use to fight back against the payday lenders who were eating my paycheck and charging me fees far higher than my state law allows. I learned that I could confront the PDLs who aren't legally allowed to lend in my state.
And now of the 5 PDLs I had a few weeks ago, two are settled paid in full, one I've got a legitimate, non-debiting-my-account payment plan with to pay back remaining balance I owe, and two I'm still waiting to hear from.
I've still got the student loans, and Americash and CashCall, but now that I've got control of my paycheck again, I see hope. I can prepay at least some of the Americash loan and clear that up. CashCall has offered me a settlement at 60% of the balance they claim I owe; maybe I can get a better offer.
Thanks to this community, I'm not nearly as afraid, and things are looking up.
I am glad to hear that you have some help and hope! It does tak
I am glad to hear that you have some help and hope! It does take some time and effort, but it can be done.
Don't be afraid to ask questions as you go through the process, it can get rather confusing and overwhelming at times.
Keep up the good work and keep us posted..Karen :D
Wow, congratulations on getting Cashcall to work with you! I kn
Wow, congratulations on getting Cashcall to work with you! I know how difficult they can be.
Glad to hear that you finally have some hope. I know I had no hope left when I first stumbled across these forums. I have since been able to sleep at night again and for the first time in a long time, I feel confident that I will actually get through this somehow....
