logo

Debtconsolidationcare.com - the USA consumer forum

Forums
  • Latest topic

Just make the call

Date: Mon, 08/16/2010 - 09:06

Submitted by J L B
on Mon, 08/16/2010 - 09:06

Posts: 329 Credits: [Donate]

Total Replies: 3


I used some advice from this site and already got one of my loans marked paid in full. I had a loan with Magnum Cash Advance. I've used them A LOT over the last 2 years. I was supposed to make two more payments of $564 on a $1000 loan (plus some of a previous loan). I called to today and spoke to customer service. I explained that I'd like to extend or lower my payments. I was forwarded to collections where again I explained that I had several payday loans,that I had a good payment history with their company and that I'd like to pay only what was still outstaning on my principal and close my account. DONE. My next withdrawl is for only $270 and then I'm done. Plus I won't be able to take out any more loans with them which helps me from continuing the cycle. Don't be embarrased. These people are paid to deal with this stuff. Thanks for the advice. I'll be making more calls before the 31st!

Thanks to all of you who post information and advice. :p


It is generally a good idea to notify your creditors of any difficulties you have encountered, financially, that would make keeping your payment schedule current. If you are afraid of calling them on the phone, write them a letter. You can then fax, e-mail or send the letter via certified mail and await their response. This is a good only if your due date is at least five business days away, otherwise mailing the letter may result in another payment of the full amount being debited from your checking account.

Now don't be surprised if they request that you contact them directly for assistance. For example, while some creditors will allow you to contact them via e-mail, they don't officially recognize it as a secure method of communication and will ask that you call in. (The e-mail will be documented, however) Stick to the facts of your letter if you must call in and see if they will work with you to resolve the outstand debt.

You should, however, close any accounts that are presently associated with payday lenders after verifying the account cannot be reopened because of an ACH debit. (Verify this with a branch manager and obtain it in writing as well) Make sure you revoke any wage assignments you may (or may not) have signed up for. You do this not because every advance lender is a shark, but to remove any and all gaps you have control over your account. They don't hold anything over you at this point and you are free to negotiate.


lrhall41

Submitted by on Tue, 08/17/2010 - 06:50

( Posts: | Credits: )