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help! payday loan overload and cannot pay...what to do next

Date: Thu, 04/22/2010 - 10:33

Submitted by Kalei
on Thu, 04/22/2010 - 10:33

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Total Replies: 2


My husband and I live in Texas and are in some deep pay day advance trouble. We are not in default yet, but checks will be goin to account in a week or so...and we are unable to pay. Here is what we have: Advance America $1200 and $1020, First Cash Advance $650, and ACE $1200. I have done a lot of reading on this site and have come up with a plan. Let me know if you think this is the best way to handle our issue: Go to bank and close account (and open new one?). Take copies of letters sent to each lender stating that they hault checks deposit. Discuss options with bank manager, ie. if and when checks do come in will that force account to reopen? should I stop payment? After all that is settled and loans are in collections I plan to use care one credit to handle this debt. I have reserached them and have talked with a representative. They have an A with BBB.


These are all legal lenders. I disagree with the way you want to handle this. Instead why don't you go into the stores and request an extended payment plan, Advance America and Ace Cash Express are both members of the CFSA ( Community Financial Services Association of America) see the link below. First Cash Advance may also be a member.
http://www.cfsa.net/MemberList.aspx
This means if you sign up for the EPP they will hold your check and not deposit it, you will then be able to pay off these loans in 4 separate payments and the interest stops as soon as you sign up. Read about the EPP below:
http://www.cfsa.net/public_education_campaign/guidelines/guidelines_extended_payment_plans.html

I am moving this to the payday loan help section so more people will see it.


lrhall41

Submitted by Shazzers on Thu, 04/22/2010 - 10:40

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