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My story of how I got in this mess!

Date: Fri, 02/24/2006 - 05:27

Submitted by Band Mom
on Fri, 02/24/2006 - 05:27

Posts: 6 Credits: [Donate]

Total Replies: 4


Hi! I am a single mother of 3 children. My husband died tragically 7 years ago in a car accident on his way home from work. I am a full time college student struggling to make ends meet. Last May my car broke down and I needed fast money to fix it so I could go to school so I took out a pay day loan. Well needless to say one loan led to another and I ended up with 8 payday loans. Last summer was horrible because they were taking 650.00 every month out of my checking account just to cover their fees. Well in August thank God for your forum I decided to close my checking account. Well then we were hit with Hurricanes Katrina and Rita here. Many companies have been helpful in letting me make arrangements while some have been down right rude. I was recently going through some papers and I find a payday loan I have with SJM marketing. It is a loan for 250.00 the last payment they took out was actually in September for 75.00. I have not heard from them what should I do? Just remember everyone that we all make mistakes and beleive me everyone here has leaned about their mistakes the hard way. We are all hard working people who just made poor decisions. I have one of my acoounts with United Legal and I have not had any problems with them. So if anyone is reading these fourms the best thing to do is go to the bank and close the account immediately. Then contact each company and explain to them what happened and most will try to work with you. My bank was very understanding and just changed my account number and transferred my Social Security payments to my new account. Just make sure to never give out the new information to anyone. Although I take full responsibility for making these payday loans, the payday loan companies should just let you have one and not eight. They have to take some of the blame also. Please keep in touch and remember as long as their is hope (and there is hope in all of our cases) everything will work out in the end. Peace! Band Mom


Band,

People come to this forum everyday and say against payday loans. These short term loans apparently seem to be a solution to your financial trouble, but actually they push you beneath the debt load. Just remember how 1 payday loan resulted in 8 payday loans for you.

SJM has been reported negatively in this forum. Perhaps you will be receiving collection calls for this debt in future. Though there is chance to open the bucket of insects if you contact them, still you should make some arrangements to pay the due as it is your responsibility.

If you wish to avoid all these mess, you can consolidate the loan. Members of this forum have consolidated payday loans successfully. Please visit this page for more info-

http://forums.debtcc.com/forums/payday-settled.html


lrhall41

Submitted by stanley on Fri, 02/24/2006 - 13:52

( Posts: 1639 | Credits: )


Band Mom, please stay with us in this forum. You will get helpful suggestions and advice from all the community members and this will help you in decision making. Everyone goes through hard times and often do something that may not be appropriate during that time. We are not god! Everyone has some flaws in them. You have learnt from your mistake and have understood very clearly that you need to stay away from the payday loans. They are not of any help as they sound like. Instead, it is a kind of trap preying for the people in financial troubles.

Actually, the government should understand that payday loan is a bad industry and it should be stopped. But I guess, they are not able to implement their decision in stopping it. It can be due to those people who get help from the payday loans and afford to pay it within their next payday. These loans are an easier deal for those "rich" people who need money for a short period. They know that they can earn money by giving it a business approach. Naturally, the will have to pay the interests, so they use this loan in that way only. There is nothing to lose for those for them. And that makes it tough for the government to ban the industry.

We have to understand first before taking the loan if it can help us in anyway or not. If we can think two steps ahead, we will surely make good decisions.

The V.P. of SJM marketing is available at 1-866-722-2770. You can request information about your accounts. Be strong. Stay in touch often. :D


lrhall41

Submitted by curlycarl on Fri, 02/24/2006 - 16:25

( Posts: 616 | Credits: )


Hi Band Mom,

Welcome to the forums.

Life has left lots of responsibilities on you. Stay strong and everything will be fine. You have learnt from your mistakes and won't repeat it again. There is lots of hope at the horizon. Come often in this board and stay in touch with us. You will enjoy your time here. :D

Regards
Roxette


lrhall41

Submitted by roxette on Fri, 02/24/2006 - 17:28

( Posts: 4009 | Credits: )


Hi Band Mom,

Thank you very much for sharing your situation with us. Other people in the same situation that you were in will gain insight from what you have said here. Welcome to the forum, and please post more of your experiences and opinions here with us. :)

~Mary


lrhall41

Submitted by Mary on Fri, 02/24/2006 - 17:30

( Posts: 1344 | Credits: )