Help needed in Texas...4 pls's are killing us
Date: Thu, 01/22/2009 - 13:13
storefront loans
Advance America 1204.23 with fees( about 2 years at this amount but about 4 1/2 years with lower amounts)
Check n go 770.45 with fees (this amount or higher for 4 years)
Cash express 602.52 with fees( renewed once)
Online
Ace 423.09 with fees (renewed once so far this time, but we've had another loan with them so in total we've been using them around 4 months)
We pay $298 in fees one week and then $240 the next week. Around $1100 a month and we have to stop. The two newer loans were taken to catch up on bills that had fallen behind because of the first two pdls.
We have an appt with an attorney next week to look into bankruptcy because we can't live like this any more. Is this the right move? I'm not sure. Check n go and cash express are due this week, I've closed our bank account down and opened a new one because we just can't pay them.
How long until these pdl places will set payments up with you? I've heard 60 days. For those of you that have done this, are the payments reasonable? Do you take them one at a time? I have no clue where to start here. I just know that I feel impowered in a way because we're taking control back and trying to repair some stupid choices. Any advice will help.
Thanks from Texas:)
Hang tight. I'm sure that someone will be along that can help.
Hang tight. I'm sure that someone will be along that can help. Have you inquired with them about an EPP?
not yet, we just decided to stop this cycle a few days ago. It l
not yet, we just decided to stop this cycle a few days ago. It looks like three of these companies are cfsa companies so an epp is possible with them.
My problem is that having walked this tightrope for as long as we have we have some other expenses to catch up on. It's looking like an epp is the amount owed divided over 4 paydays and that would be a hard commitment to make right now. I know getting out of this debt isn't going to be easy, but if I could be assured that these would be written off instead of going to civil court I'd much prefer to get caught up on our household bills for a couple of months and then work with a collection company to come up with payments that will work for us.
Am I understanding an epp? It is divided up over 4 paydays right? I also don't know if it is principal only or interest and any returned check fees as well.
So confusing! :)
All interest stops. For example if you borrowed $500 and to rep
All interest stops. For example if you borrowed $500 and to repay it you owed $580, divide $580 by 4 and you would make 4 payments of $145. If you go to the store the day before you are due they will set you up on the plan. You should not have to pay anything that day and they will extend you out to your next payday so basically from the last time you paid them until you start your payment plan it is almost 4 weeks which gives you a breather.
how long on average do these storefront and online companies kee
how long on average do these storefront and online companies keep these loans in house? I can't afford to pay them all off with epps at one time, but could do maybe two at a time. Does anyone know what the policy is at these companies? Or which ones are most likely to take you to civil court?
Does anyone know how long these companies keep these loans in ho
Does anyone know how long these companies keep these loans in house after default? I would love to do epps with them, but I can't afford to do them all at once. I could maybe do two at a time. Do you know what the policy is with these guys? Or which ones are most likely to take you to civil court over sending you to collections?
didn't mean to post twice, had computer trouble and I wasn't sur
didn't mean to post twice, had computer trouble and I wasn't sure it sent the first time. Oooops:)
You can check to see if your online loan with Ace is legal or no
You can check to see if your online loan with Ace is legal or not. If not, you only owe them the principal and maybe have that one to not worry about any longer. I started by setting up an EPP with one loan and when I finish it, I will contact the next company and start paying them off. In the meantime I have been re-loaning with my storefront lenders until I can afford to setup an EPP with each of them. I'm not sure if it is the best solution but I am paying the final payment on my online loans today and will start on the storefront loans in two weeks.
I know it is extremely overwhelming to look at all the loans and wonder how you will ever get them paid off but I want to tell you that you will get there. Just prioritize and work at them one by one. Good Luck!
Thanks for the info so far;) We have, as of yesterday, default
Thanks for the info so far;)
We have, as of yesterday, defaulted on our check n go and our cash express loans. Cash express offered us a larger loan to cover our interest and get us through another two weeks. So kind of them. LOL We declined. She said that when the checks came back to them she'd let us know and we could see where we were then.
Check n go just called to see what happened, but I wasn't near the phone so it went to voice mail.
I'm not in a position to keep up the interest on 3 while paying off one and then move on to another, so I'm at a loss here.
I'm guessing it's done on a case by case basis, but does anyone know which companies send to collections vs. which are more likely to file civil suit?