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Paying out more money then making!

Date: Wed, 09/22/2010 - 07:34

Submitted by anonymous
on Wed, 09/22/2010 - 07:34

Posts: 202330 Credits: [Donate]

Total Replies: 10


My mom is stuck in an endless cycle of PDL's and we just can't get out of it. I also can not seem to find anything about her type of PDL on here...or at least no help...Basically all of hers are set up to get anywhere from 500$ to 1000$ a month from the PDL, and have to pay the total back plus interest each month. Basically she pays back 3200$ a month and borrows 2500$ just to pay her bills and those...Theres no payment plan, if she doesn't pay them within a week of the due date, they take it out of her bank...they are all local companies and include Cashland, Rent a center financial services, cash advantage and toms payday express as well as access loans through her fifth third bank account.

Shes completely stuck with no way out, is there a company that can consolidate them? or a way to get them payed off without going back each month?

We don't have anyone that can let us borrow the money, she doesn't have good enough credit to get a loan to pay them off...so what are her options?


Shes in Ohio...and they are store front loans...im not sure what the interest is specifically...its somewhere in the 244% a year? or something...but with a 1000$ loan she pays back around 1080$ and with a 500$ loan she pays back 550$ and with another 500$ loan she pays back 575$ then with the 800$ loan she pays back 85$? all from different places mind you...


lrhall41

Submitted by on Fri, 09/24/2010 - 17:58

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Quote:

Originally Posted by Anonymous
My mom is stuck in an endless cycle of PDL's and we just can't get out of it. I also can not seem to find anything about her type of PDL on here...or at least no help...Basically all of hers are set up to get anywhere from 500$ to 1000$ a month from the PDL, and have to pay the total back plus interest each month. Basically she pays back 3200$ a month and borrows 2500$ just to pay her bills and those...Theres no payment plan, if she doesn't pay them within a week of the due date, they take it out of her bank...they are all local companies and include Cashland, Rent a center financial services, cash advantage and toms payday express as well as access loans through her fifth third bank account.
Shes completely stuck with no way out, is there a company that can consolidate them? or a way to get them payed off without going back each month?
We don't have anyone that can let us borrow the money, she doesn't have good enough credit to get a loan to pay them off...so what are her options?

Cashland, and Cash Advantage are members of the CFSA (Community Financial Services Association of America), this means your Mom is eligible for an extended payment plan, but she will need to request it because they won't volunteer the information, she also needs to request it BEFORE she defaults on the loans, click the link below to read about the EPP:
http://www.cfsa.net/public_education_campaign/guidelines/guidelines_extended_payment_plans.html

The other lenders she has may also offer an EPP, she could ask them, she has nothing to lose by asking.


lrhall41

Submitted by Shazzers on Sat, 09/25/2010 - 06:57

( Posts: 17344 | Credits: )