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Debtconsolidationcare.com - the USA consumer forum

First Steps

Date: Wed, 10/05/2011 - 14:57

Submitted by craftybookworm
on Wed, 10/05/2011 - 14:57

Posts: 3 Credits: [Donate]

Total Replies: 4


I am so happy I found this forum. I have been reading as much as I can on how to possibly approach my situation all morning, and everyone seems to be a wealth of knowledge.

I want to make sure I am taking all the appropriate steps in the right order to regain control of my financial situation. I have numerous outstanding payday or installment loans, and the payments are now at the point where they are going to exceed my paycheck. I need to make sure I can pay rent, etc., so I am in dire straights and know this is completely my fault.

From reading, this is what I think my steps should be, but please feel free to correct me if I am wrong. I am in CA.

1) I've made a list of all of my outstanding loans. I am going to list the date loan was given and payments to date.
2) I am going to check with the California Department of Corporations to determine which of my loans are with businesses licensed in CA, and which are on the list with cease and desist orders.
3) I should stop direct deposit on my checking account immediately.
4) I will have to go to my bank, and ask them to close my account and open a new one. (This is going to be embarrassing and I am mortified.)
5) For the illegal companies, they fall into two categories. Some I have paid way more than the principal, some I have not. If I have paid more than the principal, I am going to ask them to consider the loan paid in full. If I have not yet paid the principal in full, I am going to ask them for payment arrangements until the principal is paid in full. Am I allowed to dictate what those payment arrangements are?
6) For the licensed companies, I am going to ask them for payment arrangements until my debt is paid in full. Am I allowed to dictate what those payments are?

If I consider a debt consolidation group, what do they do with the licensed/illegal companies? Should I tell them about all of the debts and the plans for each, even if they are with illegal companies?

I am completely overwhelmed, but am at the point where my car is about to be repossessed and my utilities are going to be disconnected. I appreciate the help.

I am more than willing to pay what I owe, I just can't do it at the rate of which they will all be due come the next payday. Any suggestions are welcome.


Hi crafty,

The steps that you're going to take in order to deal with your payday lenders are absolutely correct. However, as far as making the payment arrangements are concerned, you will have to negotiate with them in that regard. You may not be able to dictate the terms always. as far as the illegal payday lenders are concerned, if you've overpaid them, ask them for a refund.


lrhall41

Submitted by savion.parker on Wed, 10/05/2011 - 21:44

( Posts: 117 | Credits: )


Thanks for your reply.

Does anyone have any recommendations for a good debt consolidation or management company? The few I have seen referenced in threads (T&C and Langhorne) seem to be either not accepting new clients or I can't find contact info.

I am a little hesitant to just pick one off the internet given the trouble I have already gotten myself into.


lrhall41

Submitted by craftybookworm on Thu, 10/06/2011 - 06:29

( Posts: 3 | Credits: )


I've been working on my list of loans and payments. It is really sickening. One loan for $500 that I got more than a year ago I have paid almost $3000 towards.

One of the things I am struggling with is that when I close my account, I feel bad about the legitimate lenders that are mixed up with the illegal ones in my situation. I am feeling less sorry about the illegal ones due to things like the situation I described above, but I feel like a heel for not paying the legal ones as promised.

Is this guilt normal?


lrhall41

Submitted by craftybookworm on Sat, 10/08/2011 - 14:04

( Posts: 3 | Credits: )