Help with PDL
Date: Thu, 05/07/2009 - 06:46
I live in the state of PA and here is where I am at with my current loans:
My Cash Now: On current loan, borrowed $1,000 – paid 250.00 This loan is in collections because I stopped a payment. They are demanding a pay back of $250 for my next 8 pay cycles. I have probably paid back at least 3 other loans with them – all this size.
US Fast Cash: On current loan, borrowed $400, paid back $360 (all interest – none to principal). This is probably my 4 or 5 loan of this size with them.
Ameriloan: On current loan borrowed $350, paid back $210 (interest only). This is probably my 4 or 5 loan of this size with them.
I am wanting to call up and asked for payoff or for loan forgiveness of remaining balance, but am unsure how to handle. Are these legal payday lenders for my state. Also, these are all internet lending sites.
I have been in this business for a long time and based on the in
I have been in this business for a long time and based on the information that you have provided, the PDL's do not appear to be the reason for your financial problems. You have 3 loans listed and based on my experience, the fees on these amounts would not be enough to cause you not to be able to pay your mortgage and utilities.
You need to sit down and list all of your debts and monthly payments, then list where you are spending your unaccounted money (this is the 3,4,5 dollars that we all spend without thinking). I would be pretty confident that if you are honest with yourself, you will see where you are wasting money. As for the PDL's, I believe that all 3 are unlicensed in PA let alone in any state. You can dictate the terms, but you MUST stick to your agreed upon terms.
Actually, I reread your post and I'm really confused. You state your home is "pre-foreclosure", are you not paying anything? Your utilities are close to being shut off. Are you not paying them? You are only paying on 2 PDL's and they are the small ones! Where is all of your money going? On the surface, it would seem that you should be "cash rich" due to not paying your mortgage, utilities and the big PDL.
Am I missing something? If you can clarify, I can give you additional advice.
PDL Help
These are the only ones I have left. I was up to 12 payday loans. At that point I had no money left to pay anything. So I got behind on everything. On May 1, I made last payment with CashNet. Magnum Cash actually forgave my last payment scheduled for May 8 because of my loan and payment history. I wish I would have known about this forum 8 - 9 months ago. Even though these seem small, it is still Over $500 a pay and will increase once the US Fast Cash and Ameriloan start taking paydown funds out. Bottom line is that I want out of this mess and feel that I have probably overpaid these last three lenders but need advice on how to approach it.
Regarding my payment obligations. I am paying a $1400 mortgage payment on a pre-foreclosure payment arrangement. Once that is satisfied I am due for a loan modification to get that back on track. I am making current payments on utilities, but not paying the overdue amounts which is what causing me the problem. Plus I have a car payment and 2 children.
I will be the first to acknowledge I did get into this mess because of money management issues and a separation. I have dealing with it for over a year and stress wise I just handle much more. I just want out the quickest way I can. I am working with credit counseling, but they don't get involved in payday loans unless they are in collections. It is hard to get into collections when they just take the money out of you account and leave you with little left.
Sounds like you have made a TON of headway!!! What is your mont
Sounds like you have made a TON of headway!!! What is your monthly income? From what you have stated in the last post, I bet this is totally doable. If yu do not want to post on the board, send me a PM with your monthly income and what you owe each month. I see if I can put someting together for you.