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Stressed & Depressed over pdl's....need advice desperately

Date: Wed, 05/12/2010 - 13:06

Submitted by aggiemom1013
on Wed, 05/12/2010 - 13:06

Posts: 34 Credits: [Donate]

Total Replies: 8


Hello all,

First of all, thank you to anyone that is reading this post, and for any advise you can give me.

I am in way over my head with payday loans. Due to alot of medical bills and college tuition bills, I stupidly have taken out 8 pdl's in the past few months. I am now stretched beyond my paycheck, and do not know what to do.

Here is my info:

I live in Texas. All of these are internet loans.

ThinkCash (I know this is an installment loan, not payday loan) - Original loan $1200 - bi-weekly payments of $98.71 (have made 4 payments, totaling $394.84 to date) - owe $1174

First America Credit ($1100 line of credit) - original amount taken out $1000 - have paid $747.64 over 7 payments (bi-weekly amount is now $110; portion of payment goes towards principal) - have received $351 in additional cash advances as I made payments and freed up money in my credit line - owe $1093

Elastic - original loan $500 - paid $112.50 & $106.25 on last two payments ($50 of each payment goes towards principal) - owe $400 + $50 interest

PayDayMax - original loan $700 - have paid $111.72 & $130.34 (interest only) - owe $700 + $130.34

PayDayOne - original loan $1000 - paid $212.06 & $174.64 (interest only) before calling them to set up an EPP - now am paying $167.53 once a month for 7 months to pay in full - will pay total of $1172.71 after these 7 payments

ChecknGo- just received loan of $1000 - owe $1000 + interest of $254.93

Discount Advances - just received loan of $120 - owe $120 + interest of $10.50

Responsible Loan - just received loan of $250 - this one I was able to set up a payment plan of 4 payments - $125, $88.75, $80 & $71.25 - total payback will be $365 after all 4 payments

Any advice would be greatly appreciated. I feel that PayDayOne and Responsible Loan are okay with the payment plans I am on. I know I could take care of Elastic and Discount Advances if I could get the rest taken care of. I don't know that I can do anything about Think Cash since it is already on installment payments. First America Credit, PayDayMax, & ChecknGo are so high, but First America Credit has a portion of the payment going to principal, so I don't know that I could do anything there either. Please, offer any advice you can. I know this was stupid, and once I get rid of these I will not get in this hole again, I just need to get out of it first. Thank you.


Payday One, is operating as CSO's in Texas (Credit Service Organization), therefore the payday lender laws do not apply to them.
Basically, a CSO or Credit Services Organization is defined by the Texas Credit Services Organization Act (Section 393 of the Texas Finance Code) as an entity or person that provides one of the following services:
*Improving a consumer's credit history or rating
*Obtaining an extension of consumer credit for the consumer
*Providing advice or assistance to a consumer regarding the previous two services
Please bear in mind the CSO or Credit Services Organization model (unfortunately) IS NO LICENSING required by the state! CSO's are required to "Register" with the Secretary of State, they are NOT licensed, and their fees ARE NOT REGULATED.
If you CLICK HERE you can search the Credit Services Organization data base, but keep in mind that some lenders use dba names.


lrhall41

Submitted by Shazzers on Wed, 05/12/2010 - 18:05

( Posts: 17344 | Credits: )


ChecknGo is a member of the CFSA (Community Financial Services Association of America), some of your others may be also, this is good news and I will explain why in a minute:http://www.cfsa.net/MemberList.aspx

You are eligible for an EPP, which is explained in the link below:
http://www.cfsa.net/public_education_campaign/guidelines/guidelines_extended_payment_plans.html


lrhall41

Submitted by Shazzers on Wed, 05/12/2010 - 18:09

( Posts: 17344 | Credits: )


I have a question regarding PayDayMax....seeing as how they are illegal, what can I do about it? I absolutely can not close my checking account, and I know that is what is preferred and what is advised to do, but I have so many things set up to pay from there, and right now my kids's summer college tuition is set up to draft from there, and it is a horrible process with the college's business department to get the information changed. Also all of my bills are autopay, so that would be a major hassle to get changed before my payday this friday, May 21st. Is there anything else I can do to get PayDayMax to stop debiting my account? Will sending them a faxed letter stating they are illegal and I do not authorize them to debit my account any longer take care of this problem? Or would they try to debit the full balance? I have had several loans with them over the past few years, and in total have paid about $3800 interest on $7000 in loans.


lrhall41

Submitted by on Mon, 05/17/2010 - 07:18

( Posts: | Credits: )


Dellis, I too was apprehensive to change bank accounts because of automatic bills and even child support I get DD into my account from my daughter's dad. Eventually though, my account kept being debited and I had to close it. I opened a new account number with the SAME bank, and even this didnt help. Some of the staff there was not keyed into my situation and was allowing posts to clear, or taking too long to return debit from PDL's. I had to close my second account too and open a new checking account at a different bank completely. Call your kids' school and tell them you had some fraudulent activity on your bank account and you are going to need to set up a different payment arrangement. You need to choose a new bank and NOT give out account numbers to Payday lenders anymore :) This was an important lesson for me. I highly suggest just taking a couple days to do this.


lrhall41

Submitted by hez on Mon, 05/17/2010 - 16:26

( Posts: 72 | Credits: )


Quote:

Originally Posted by Anonymous
I have a question regarding PayDayMax....seeing as how they are illegal, what can I do about it? I absolutely can not close my checking account, and I know that is what is preferred and what is advised to do, but I have so many things set up to pay from there, and right now my kids's summer college tuition is set up to draft from there, and it is a horrible process with the college's business department to get the information changed. Also all of my bills are autopay, so that would be a major hassle to get changed before my payday this friday, May 21st. Is there anything else I can do to get PayDayMax to stop debiting my account? Will sending them a faxed letter stating they are illegal and I do not authorize them to debit my account any longer take care of this problem? Or would they try to debit the full balance? I have had several loans with them over the past few years, and in total have paid about $3800 interest on $7000 in loans.

I realize it's a major hassle but it would be in your best interest to close it. While you may think you have paid this lender off, in a few months or even a year they may debit your account out of the blue, so, in the long run, it's really the only way to assure your safety. These people are nothing more than criminals.


lrhall41

Submitted by Shazzers on Mon, 05/17/2010 - 16:32

( Posts: 17344 | Credits: )