Need to negotiate help myself to get out of pay day loan debt.
Date: Wed, 02/11/2009 - 06:08
One of them has been rolled over three times, three others twice, and Check into Cash once.
I know that in Wisconsin they can not charge me criminally. I have talked to my credit union and State Financial Institution and I am thinking of closing my account. In three weeks when they come due, I am thinking of going into the stores to see the managers and tell them that I have 5 loans. I am hoping to make payment arrangements. Has anyone ever been successful.
At this point I am not behind on my household bills because I am getting a small amount of taxes back, but by the beginning of the month, I am in serious trouble.
I looked into consolidating the pay day debt, but shelling out an extra couple thousand to one of those companies seems like another step backward.
I appreciate any help you can offer.
You will need to get with each of these companies to work out ar
You will need to get with each of these companies to work out arrangements. It would be my suggestion to go straight to Corp and bypass the store. When you call, be straight forward and honest about your situation. This is you best option for arrangements.
As for reprecussions of default:
ChecknGo - I have not heard of them using small claims lately.
The Cash Store - Will sue
PLS - May sue
EZ Money - New to my area, not sure of courts
CIC - Will not sue, only go to internal collections
Though the threat of legal action is real, you may be able to ge
Though the threat of legal action is real, you may be able to get them paid off before a court date can be set. Also keep in mind debt is a civil matter not criminal. Displaying an effort to negotiate and payoff your debt would show any judge your intentions to resolve the matter are genuine and a payment plan, one you could afford, would most likely be established in your favor.
Agreed with KFSTAFF24, small affordable payments monthly are bet
Agreed with KFSTAFF24, small affordable payments monthly are better than no payment at all. The judge would most likely agree to continue your payment proposal to the PDL if he sees a pattern your establishing to resolve the debt. Best of Luck!
Thank you
Thank you for all the advice you have given so far.
I have changed my direct deposit to another bank to make sure they can't take it without giving me a chance.
They have already made a great deal of money off of me. I definitely want to honor the debt, I just can't do the roll overs anymore.
My credit union thought I should contact them stores immediately, but I am waiting until I can get the original account cleared of checks already out there to my bills. Also, my loans aren't due until 3/4-3/6.
Part of me is fearful that they will start the collection immediately (today) and I only get paid once a month (the 6th). I would be going in to negotiate with nothing to give them yet.
Does this approach make sense?
It does not hurt to try. Besides if these are store fronts they
It does not hurt to try. Besides if these are store fronts they are most likely all LEGAL. So you want to stay in constant communication to keep them abreast of your intentions. You can make your proposal to them and let them know your first payment will be availible to them in the near future.
Protect yourself, make sure your communication and negotiating i
Protect yourself, make sure your communication and negotiating is in written form. Ask for their email address, or send via USPS certified return receipt.
