A Bit of Good News Regarding my Payday Loans

Oh! It's so nice to hear something like this. Payday loan is a serious trap and I am glad to hear that you are coming out of it slowly but surely.

Do see this account updated in your credit report if it's there. Be firm with your decision that you will never take a payday loan again once everything is paid off. I wish you all the best in advance. :D

John,

I've become an advocate of not taking out payday loans. They are quick fix with a stiff penalty. I would not want anyone to go through what I have been through over the past couple of months. I want to see these places get shut down. Since I have not taken one out, I have not had to worry about how I am going to pay one with another. It's a sick cycle to be in but I'm glad I found this forum. It has been a God send to me. I just hope people can learn from my mistakes and not get into this trap. I am keeping an eye on my credit reports and tele-track report.

Hi Mishele

Congratulations to you on your small victory! :D

You are right! Many people come here in this forum and learn something about which they were never aware. That day will be really great for you when you can say loud that you are out of the payday loan debt. Just wait for that day. It's not that too far! :D

David,

It's not my nature to go down quiet LOL! I'm feeling pretty good about things today. It all started with the first phone call with the payday loan lender who told me I had no rights. I was new to the forum and not sure what to do. I spent hours online doing research and found out one of the most important details, the state laws regarding payday lenders. I just refused to be harassed. I'm willing to pay my debts but I'm not going to be threatened by the OC or a CA. I thought sharing my experience might let others know that there is a light at the end of the tunnel.

Mishele---That is GREAT NEWS!!!!!!!!!!!!!!
I am soooo happy for you!!!! see, your hard work is starting to pay off! thanks so much for posting this, its an encouragement for the rest of us that are trying and get a little discouraged at times. Keep up the great work girlfriend!!!!! hug, shirley

I finally found out who BMG Group is. BMG stands for Bahamas Marketing Group. Has anyone heard of them, and if so do you have an address?

Awesome, Mishele!!! One step closer!!!

~Mary :)

Rock on mishele.... way to go

Great news for you Mishele!!!

Brat,

You can check post of Ben here to get the address of Bahamas Marketing Group-

http://www.debtconsolidationcare.com/forums/about4998-1.html

Thank you Stanley. Now T&C can send the payments to them and get the balance reduced. I received a letter from them today stating that it was imperative to contact them. Funny thing is, they didn't list a phone number or address. How in the world is a person suppose to get in touch with them when they don't supply information to contact them?

Mishele,

Check your PM I sent you a message!

Sue

That's so great Mishele! i am relatively new to these boards and was drowning last month in (7) loans!!! one was taken to feed the other and so they began to build. really it all started with too many overdraft charges on my bank account one lean month....now, as finally go the nerve to get some help wtih this (Debt consolidator) I also have found stregnth and knowledge in these forums.....pay day loans can bring the smartest person to their knees

Rkai,

It's easy to get into the payday loan trap but hard to dig yourself out of. I know how difficult it can be but it's worth the fight. There are days I feel like giving up when I get yet another collection call or letter in the mail. I want to get these places shut down and keep others away from these types of loan sharks. I'm going to go after a few more this week who are charging me outrageous fees and see what I can do with this. My counselor at T & C thought I should give a course on this when I told her to remove this one from my debt management program LOL!

Sue,

I got your pm. I replied :D Send me a list of your creditors and I'll give you as much advice as I can to help you. :D

I had to learn the hard way too and closed my checking account to get caught up. Its coming along slowly but surely but I will definetly never fall into the payday loan trap again. They should be outlawed.

I am new to this site too and I am hoping I will be able to consolidate my payday loans too. Any advice would be greatly appreciated. I did call T & C, but I have not heard back from them yet.

I think the best first step is to talk to a counselor at T & C. They will listen to you and come up with the best solution. Good luck and keep us updated. :D

Now that I have started the consolidation process with T & C, I am wondering if I should still send validation letters to each of the payday loan companies to try and get them to lower their fees or at least tell me what all of the fees are for? Some of the balances they are trying to get me to pay are much higher than what I borrowed. Any advice?

I would stillmake them send you validation of each account. You have a right to know why they are charging more than what you borrowed.

Tradergirl715,

I would speak to the counselor first. debt validation is not applicable for the original creditor. Only third party collection agencies need to validate debt before collecting. Better consult with your counselor and see what they recommend. Keep us posted.

Tradergirl,

Since you just started with T &C, let your counselors work for you right now to set up the proposal amounts. They should get the amounts from the creditors which they can share with you. You don't want to rock the boat too soon. You may want to contact your creditors to let them know you will be working with a debt consolidation company. I did this in the beginning and it was beneficial to me. They will probably start waving fees after you've been on the program a few months. I think that is happening for a few of us here.

Well I have one more update to share with you. I was speaking with one of my payday lenders today, well through e-mail over the past week or so, and they are waving all late charges and roll over fees. So, I have the principle amount to pay which is about two hundred dollars. I'm still fighting with a couple regarding these outrageous fees. I'm sure that will work itself out over time. Something I never shared with the forum is that when I started debt consolidation in December I had twenty one payday lenders on my list. Might be a record? LOL! Now, I have it down to five. I was in this trap for over two years without peace of mind. Today, I have peace of mind and can sleep at night. I'm grateful that I didn't lose my marriage over this or my home. I have heard it has happened to other people. Maybe I had to go through this to help others who are going through the same as me. I'm very grateful to my fellow forum members. So I thank you for inspiring me. I'm not giving up the fight. This is a passion for me now. Together, we can make a change for the better. Now, off to bed. LOL! :shock:

Hey Michele,
Thts great! However I wish I had found this site before now, because I'm in the same fix as you were. Any suggestions. 1st step close my bank account.

Wow Mishele, 21 probably is a record, at least on this board :) But you are working your way out and that is great!!!

~Mary

This is great Mishele,I didnt even think you could get that many payday loans at one time.Being down to only 5 is a great accompishment,you will be debt free before you know it.I am now down to 3 and finding this forum is what got me to this place of peace.I came here trying to get advice on getting a loan,and instead found away to solve my debt problems without going into more debt.

Well, it's nothing that I'm proud of but I can't keep walking around in shame or embarassment about it. I didn't think you could get that many but I did. I was a good customer for a number of years. I wish I had found this board sooner but what's done is done. I want people to know my story so they don't have to go through the same cycle I did. I hope to prevent people from staying away from these places all together. It is nothing more than predatory lending and it can be a very dangerous cycle to be in. I've worked hard to fight my way out of it. I know that I could have not done it without the support that I have found here. :)