payday hell

Welcome Betsy

I don't know much about payday loans but I do know about debt and how horrible it can be. Just keep focused and you can get out of this mess.

I can't really answer your questions but I do know that it would be easier if you listed where your loans came from, how much you borrowed, how much you paid back for each so far, and what state you live in. This way it will be easier to give you advice.

With determination and focus you can get out of this mess.

Many store fronts are members of CFSA. If they are members then they offer an EPP, extended payment plan that lets you break the loan in to four equal paymetns over four paydays.

If you list them we can help determine if they are members.

Hi! Thanks so much for your responses! I really appreciate your input and help with my mess.
Here are the names of my store front loans:
1) Payday Express~loan amt $400~paid $70 in fees every 2 wks
2) Advance America~ loan amt $500~paid $75 in fees every 2 wks
3) Paycheck Advance~loan amt $500~paid $75 in fees every 2 wks
4) Check into Cash~loan amount $500~paid $75 in fees every 2 wks
5) Ez Payday~Loan amt $500~paid $75 in fees every 2 wks
6) Ez Money~loan amt $500~paid $75 in fees every 2 wks
7) Ez Money~Loan amt $500~paid $55 in fees every 2 wks
8) Ace Cash Express~Loan amt $500~paid $75 in fees every 2 wks
9) Check n go~Loan amount $500~paid $75 in fees every 2 wks
I've had all of theseloans forever except Check into cash and ez payday and check n go which i got in December.
I feel like I've paid them all 100 x's over.
Thanks for your help! I appreciate the advice and you taking the time to read my post.

Betsy

Oh my, all of these are storefronts so the EPP option is a way to settle the accounts without defaulting as nohiogal suggested.

You listed "Ez Money" twice do you have 2 loans with them? I know Ace Cash Express is not a CFSA member. However, they offer an one time yearly payment plan. It basically is the same as an EPP.

Just by calculating an EPP plan for all nine lenders this seems to be quite exspensive every two weeks. The EPP will include the principal and finance charge broken down equally, so this will total roughly $1256 in payments every two weeks to pay off all the loans. :?

Maybe it may be best to set up half the loans on the EPP and rollover or paydown the other half untill you can pay them off. Worst case scenario, if this is not affordable at all. I suggest you call the corporate offices ASAP and try to work out a more affordable repayment plan. Just be honest and let them know you are financially overexteded and really want to keep in good standing with them and payoff you loan balance wisely.

Thank you so very much for your input. I will try my best to get this resolved. I feel really sad that I did this.
Thanks again for your support.

Anytime Best of luck to ya :)

I have several payday loans online I need help getting out of this mess.
Speedycash/online/ amount 600. - I rolled it over twice 126.50
Mycash now / I made settlement arrangement /amt 600.00
paydayone /600.00 rolled over 3 times
loanpoint 400/ rolled over 4 times
cashnetusa 1300/ rolled 325.00 once
eastsider lender 300/ paid 90.00 three times
check N go 600/ rolled over once pd 172.92
Thinkcash 750/ made several payment

What state are you in?

Betsy

You have $4400 in principal listed, when you add that to the fees and other bills (I'll go out on a limb and guess that you are buried with CC, car and house debt), I don't see too many viable options. You can explore the EPP or CCCS, but I think that you really need to speak to an atty and consider bankruptcy. I have been in this business a long time and you can wish all that you want, but unless there is a HUGE increase in your income, you are going to faight a battle that I don't see you getting out of.

Good luck...

I think BK is pretty extreme. She may end up defaulting, but sometimes that may be the only option. If this happens, I hope she stays in contact with the lenders and work out an reasonable payment arrangment.

Bankruptcy should be her last alternitave. Maybe she can get a loan from a family or friend to pay off her principals. IMO, I would do anything that keeps me from damaging my credit any further :?

The odds are that if she is in this far with legal PDL's her credit is already passed being damaged. This is not like having a bunch of illegal loans, they are all legal and have the state on their side. Without knowing how her other bills stand, it is only a suggestion. As I stated, I have seen people in this far due to stealing from Peter to pay Paul and this may be the only option.

I think the legality of the loans were established up above.

Quote:

Regarding your first point, if the OP is in as bad of a situation as she states, the BK will stop everything upon filing and basically give a date when the BK will "fall off" their credit report. If they do not file, an item can stay on indefinately as the 7 year period restarts with each "verification" by the creditor. Is a BK the best way to go? Depends on the situation and the income of the debtor.

As for your second question, there are 2 main data bases, Teletrack and Veritec. The data base is created by the merchant adding or updating the consumer information. Based on this process, if you have not attempted a transaction with a participating vendor, you would not be in the data base. In a few states, they have thier own data base and I do not know much about them as I have not run stores in a state with an internal data base.

Well if the OP keeps us posted we will find out the final outcome. I know about Teletrack, never heard of Veritec. Thanks!

Ace Cash Services here in VA has a database that uses your DL# to verify current loans. Also Fast Cash Loans here in VA uses the same system. I had a friend who applied back in January for a PDL, but they were declined due to this database. They provided her with a number to call if she wanted to inquire about their decision.

IMO, this saved her a big financial disaster, she had 7 storefronts. The madness had to end somewhere :shock: