Getting payday loans under control
Date: Tue, 04/07/2009 - 13:02
This site has been invaluable to me as I have tried to get my payday loans under control. I have 14(!!) payday loans--like many people, it started with one or two and has ballooned out of control. After reading about extended payment plans here, I was able to negotiate payment plans with 5 of the lenders. I have 7 loans for which the lenders would not negotiate a payment plan. I plan to pay off the remaining two loans.
My question has to do with the 7 loans for which I have no payment plan. I intend to block the debit the next pay period and then hope to negotiate payment plans with the companies, which are listed below. In my conversations and emails with these companies, they all said they couldn't negotiate a settlement unless I was in collections. I have no problem paying back the principal and interest--I just can't keep paying just the renewal fee. Does anyone have experience with these companies and have a sense of whether they would accept a 6 or 8 payment plan? Are there any tips I could use to help my case?
Thanks so much!
I'm in Maryland:
Payday services: owe 800 principal, 200 interest
VIP Loan: owe 500 principal, 150 interest
Bahamas Marketing Group: owe 300 principal, 90 interest
Kenwood Services: owe 350 principal, 105 interest
One Click Cash: owe 450 principal, 135 interest
E payday loans: owe 350 principal, 105 interest
Outback Bucks (Red River): owe 300 principal, 90 interest
Have you paid any of thesecompanies what you legally owe them un
Have you paid any of thesecompanies what you legally owe them under the laws of your state. Their is a link on my blog to an article that may be helpful but please do not click on any payday loan ads that google placed there.
My total paid is noted below: Payday services: owe 800 princi
My total paid is noted below:
Payday services: owe 800 principal, 200 interest; paid 2000
VIP Loan: owe 500 principal, 150 interest; paid 75
Bahamas Marketing Group: owe 300 principal, 90 interest; paid 0
Kenwood Services: owe 350 principal, 105 interest; paid 525
One Click Cash: owe 450 principal, 135 interest; paid 350
E payday loans: owe 350 principal, 105 interest; paid 210
Outback Bucks (Red River): owe 300 principal, 90 interest; paid 360
PDL are prohibited in MD. All of those loans are illegal. You
PDL are prohibited in MD. All of those loans are illegal.
You only owe what you borrowed. Any fees or rollover charges go towards that amount.
You really need to close you account ASAP and stop them all from debiting.
You should go here and read up on the steps to take when dealing with illegal lenders.
Some you have already paid off and others you are close. That first one you have way over paid.
Here are the laws of your state.
Thank you for this helpful advice. I am not able to close my ac
Thank you for this helpful advice. I am not able to close my account right now for various reasons, and I really need to keep the fact that I have these payday loans quiet. So, I guess I'm looking for the quietest way to settle these problems. Has anyone had success negotiating with the above-named companies regarding an extended payment plan? Will they accept something beyond a 4 payment plan?