logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Negotiating repayment??

Date: Wed, 04/01/2009 - 07:43

Submitted by anonymous
on Wed, 04/01/2009 - 07:43

Posts: 202330 Credits: [Donate]

Total Replies: 13


I have 3 payday loans that I want to set up on a repayment plan.  What is a fair amount to state to each of them.  I want  to get them paid off, but don't want to be late on living expenses and other necessary bills.  Through experience, is there a minimum amount they will accept?  I have one for $600, $500 and $400> 


None of those lenders are in the IN license database.
That means the loans are unlicensed/illegal.
??
How much have you paid them so far?
??
For illegal loans you only owe the amount you borrowed and all fees or rollover charges go towards that amount.
??
You can go here and read the steps to take when dealing with illegal/unlicensed lenders.


lrhall41

Submitted by nohiogal on Wed, 04/01/2009 - 08:08

( Posts: 2582 | Credits: )


And since they are illegal, they are not going to be able to sue. My advice to you is to sit down and figure out a reasonable budget for yourself and your monthly expenses.?? Figure out what you can comfortably afford to pay these companies and then do so in the manner suggested by nohiogal. Although they may demand higher payments and payment of the interest fees, don't be intimidated.?? Pay back what you borrowed at a monthly amount that you can afford so you don't find yourself stuck back in this horrible PDL cycle, having to borrow more money to pay off high interest rates. Best of luck to you, you can do this!


lrhall41

Submitted by Sonja.Jansen on Wed, 04/01/2009 - 08:38

( Posts: 53 | Credits: )


Thank you for the good advise.?? One more question.?? Do I send the repayment proposal by mail or email??? Do these places really apply the payments to the amount borrowed so I can track my balance on line through their websites.?? Don't want it to haunt me 2 years from now with them saying I still owe them money.?? When all is said and done, will they send a notice of some sort that my account is paid in full?
??
One more question. When I close my account, I won't get in trouble with my bank when the payday places try to withdrawal money will I?


lrhall41

Submitted by on Wed, 04/01/2009 - 09:04

( Posts: | Credits: )


From what I understand by being on this forum, it is very important to clarify with your bank how that process works.?? I've read stories where companies were able to debit $ after the account was closed bc the debit reopened their account for that payment bc it posted within a certain time frame of the account closing.?? I would talk to the bank manager and explain the situation and figure out how the bank procedures work.?? Another suggestion is to put a hard block on your account, which will only allow deposits (I believe you can withdraw money from your account by appearing in person at the bank). A hard block will block all checks and other debits, too, so make sure you understand how that works.
Personally, I emailed and faxed each PDL company the revocation of my authorization for them to withdraw money from my account and I emailed them my payment proposal.?? I don't want to say that I didn't care what they thought (my companies were legal) about my payment arrangements, but I knew they wanted more money than I could afford. But I had to stick to my budget or I'd never get out of this cycle.
I'm not sure if/how you'll be able to track your payments on the websites.?? Haven't gotten that far yet.


lrhall41

Submitted by Sonja.Jansen on Wed, 04/01/2009 - 09:15

( Posts: 53 | Credits: )