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Seeking Payment Plan Advice

Date: Mon, 10/04/2010 - 21:14

Submitted by Ike
on Mon, 10/04/2010 - 21:14

Posts: 21 Credits: [Donate]

Total Replies: 2


I am in default on two internet payday loans. Both loans are illegal in my state. They are for $500 each. I cannot pay them off in one payment. But, I can pay them in installments. I am considering paying $100 a month on each loan for a total of 5 months. Would this be enough for the lender to work with?


For starters, have you closed your bank account? Since they are illegal, you only owe the principal balance. Send them an email telling them they are illegal and that you will pay by money order only...demand their mailing address. Frankly I wouldnt care whether they would want to work with me or not...


lrhall41

Submitted by SOAPLADY on Tue, 10/05/2010 - 02:44

( Posts: 17315 | Credits: )


well let me ask a couple of questions.

1)how much was debited in fees before default?
2)names of the lenders.

you see as SOAPLADY stated you are only obligated to pay the 500.00.anything debited prior to default goes towards that. example:


you borrowed 500.00 let's say the rollover,or fee was 150.00.they debited three times for that 150.00.you techincally/legaly owe them 50.00.please try to recall what if anything was debited by these places.you will be suprised by how little if anything you actually owe.


lrhall41

Submitted by paulmergel on Tue, 10/05/2010 - 06:20

( Posts: 15514 | Credits: )