Please someone help!

Here is your state law regarding payday loans (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html


It looks like all of your lenders are legal.

Can you enter into a payment arrangement with them? Explain to them that you got in over your head, and are trying to get out, but that you need a payment arrangement to do so.

When you say you haven't rolled the loans over enough times to enter into a formal payment agreement, what do you mean by that? Rollovers are not allowed in your state - meaning you can't take another loan out with the same lender to pay back the original loan. I don't see any provision in the law above that says you have to rollover the loans a certain number of times in order to qualify for a payment plan.

Since you only have 4 loans, it might be better for you to try and set up a payment arrangment with the lenders themselves, than to pay addtional fees to a consolidation company. The amount of your loans may seem huge right now, but if you work out an affordable payment arrangement, you could be out of this cycle in a short time.

Dear Jordan,

I really sympathize with you in your current situation. But you are not alone in this mess. There are thousands of people suffering due to PDL problem. There are person whose condition was far worse than yours but still managed to get out of the hardship. So, don????????t hit the panic button and let this forum guide you to become debt free.

According to me, debt consolidation of the payday loans will be the best solution in your case. Through this you will be able to consolidate your different payday loans into one loan so that you don????????t have to pay different payday loans on different dates. The ultimate payment you will make will be much less than the existing amount.

You can also get free payday loan debt counseling from financial experts through this community https://www.debtconsolidationcare.com/signup/ .

Regards,

Phoenix

To answer your question Sue, by "formal payment plan" I mean that if you get 4 successive loans through them, within 2 weeks of your past loan they eventually let you do a plan but as it stands I havn't gotten to that point. Even if I had made it that far, they all want to take too much at one time which would leave me without money to pay my bills for approx. 6 weeks. Some of them only allow a max of 4 payments, so for a $350 total at one place it's like $86/week just for one of them. Thanks for the support so far guys!

I understand your point of view - however, I would suggest going with a company called Town & Country instead of Langhorne. Langhorne has had many unfavorable reviews here, so I would be cautious.

So none of the lenders will work with you at all, in terms of a payment agreement??

Can you start with one of them - like the one that you only owe $50 (unless that was a typo?) - pay that one off and start working on the others?

I'm not trying to be stubborn here, just trying to help you find the best way through this without having to pay more than is actually necessary. Do you have the ability to borrow from a family member or friend to pay these off, and then pay them back on a more agreeable schedule for you? I know that means having to tell that family member or friend that you got into this situation - but trust me, we've pretty much all been there, and had to "come clean" in some manner or other, in order to get out of the endless cycle of payday loans.

I couldn't find anything about Town & Country online, could you be more specific? Ya, all the places are pretty corporate so they are very set on not bending the rules. 4 equal payments with the first one being due when your loan is going to be due. So $86 for one place and so on every week. And yes like I said on that $50 on it''s not really a problem if I paid it first (in full with no plan $57.50) but then I wouldn't have any money for anyone else. Again,I am thankful for all the help so far. I moved out when I was young and so I don''t have any relative/friends(with moeny to spare) I can borrow from. It wouldn't be a problem of coming clean. I am at the point where I admit I am young and stupid and made a huge mistake. I never wanna see a pdl place again and if a friend ever was going to go to one I would loan them the money they needed. I still don't know what to do with my bank account. I already opened another one so it won''t be a problem with not having one. My bank is closed Sat, Sun and I think Monday for the holday so I don't think I have to worry about any of them bouncing before I can react. Thanks again for all the help so far guys! I never thought people would really respond to me.

Hey Jordan - don't ever think that you don't matter to us on this site - you do! We try to help everyone who comes here asking for help - because that's how we first came here ourselves. Many of us came here with payday loan problems - to varying degrees. We've seen people with up to 15 loans out at one time, and some were at the point of suicide (seriously - no kidding) when they found this site. I'm not saying we're "savior of all" or anything...but we do try to offer realistic solutions to a very real problem.

I found some info on T&C for you:

Town and Country Acceptance Corporation
400 Century Park S
Hoover, AL 35226
(205) 823-4930

You probably won't reach anyone there until Tuesday, being it's a holiday weekend. I don't know for certain if they can help you - I think they may have a minimum dollar amount in loans before you qualify for their program - but it doesn't hurt to check them out. If they can't help, maybe one of the others you've checked out can.

Again, I'm sorry you're having a hard time right now - but trust me, getting out is not impossible, and now that you know what a trap these loans really are, you can take a different path in the future when hard times come around!

Thanks again so much guys. I just have one more question. If I decided not to go with any of the companies to consolidate it. And just told the places flat out that I've closed my checking account in an attempt to regain my footing with intentions of paying them back (Basically by doing the same thing any of the companies would do for me i.e. put money in an account on the side and settle when the oprotunities come up. What are my legal rights as far as harassing phone calls and garnished wages and so forth? Will it hurt me a whole lot more in the end to just let it go to collections if they are too stubborn and then set up something with them? I care about my credit but if it wouldn't be a whole lot more with the bounce/collection fees etc I wouldn't care. In the end they couldn't possibly garnish me for more than what I am paying out to them now in fees right? (About 1/2 of my check) I don't really know the laws on garnishment. And if it were possible having all the money saved in an account once it came around wouldn't be so bad. Thanks again!

A couple of your lenders are member of the CFSA and are supposed to offer you a payment plan. Here is the website for the CFSA it will tell you about the best practices and how their members are supposed to be "helping" people who get in trouble with pdl. I really feel for your situation. We have all been there so you have come to the right place. I am not sure about consolidation. If you can get the pdl to work with you it would be cheaper in the long run. Good Luck and just remember there is a light at the end of the tunnel

Oops here is the link

http://www.cfsa.net/

Jordan, I hope that you will take the advice of the members of the panel. I understand the working student part. I am in graduate school and work two jobs. Also I have issues with payday loans. All of mine are internet.

I'm reading Jordan's concerns about 'oweing' monies to 4 different places. My question is, "Why would you put yourself in such a position to begin with?" You knew from the first pdl that repayment was mandatory, but you still went to 3 other places. I'm not trying to be rude but I've been in debt to the tune of $47,000. I can only blame myself and my irresponsibility not to put my financial matters in control sooner. Instead I lived as most do nowadays with the theory of "run to pdl, quick cash" only to realize later it's just a bandaid for a short time. Yet most people continue to run to these places as a quick fix to a long term problem which puts them in more dire straits. Jordan, I truly hope you get your affairs in order since it's definately not the way to live.

Your message makes no sense...sorry. First you say you don't understand and then you say you do and then you wrap it up with some self-righteousness. Ultimately saying nothing helpful. This whole section of the site is dedicated to this (payday loan debt) so you would have had to post that on every thread. So, if you don't know what you're talking about and you have no helpful advice then put it on myspace or something. "Melly", I truly hope you get your judgemental affairs in order since that is certainly no way to live. Try to write a post that makes sense next time and doesn't flip-flop your position 2 or more times.