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I had to take out quite a few pay day loans

Date: Thu, 04/20/2006 - 15:52

Submitted by anonymous
on Thu, 04/20/2006 - 15:52

Posts: 202330 Credits: [Donate]

Total Replies: 12


I had to take out quite a few payday loans because of emergency car repairs and bills. I will not be able to afford the payments on them can I consolidate my bills now or do I have to wait a certain amount of time? And if I can I need reccomendations of a few companies that will also work with pay day loans. Thanks.


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lrhall41

Submitted by stella on Thu, 04/20/2006 - 17:14

( Posts: 488 | Credits: )


Please help. I have 4 payday loans that I got a month ago. I thought I could pay one off at a time but that is impossible because the fees for these alone are $600 a month. I signed up here to do debt consolidation but I need to do something before my next payday on the 28th rolls around. I talked to the bank and they said that I could stop payment for $20 each but it would only be good for 30 days. Help what can I do before I lose all my hair from stress.


lrhall41

Submitted by ccgirl31 on Fri, 04/21/2006 - 09:24

( Posts: 8 | Credits: )


ccgirl..
I'm afraid you'll have to totally freeze your account or close it if you can. They don't charge for freezing to withdrawals. But you won't be able to have any kind of debits.
Then, call your pdl's and tell them what you did and see if they'll take payment arrangments. Most will work with you.
There's a lot of good info on here, and alot of experiences from people with great advice.
Make sure you get everything in writing from these people too...
Good luck and let us know how it goes


lrhall41

Submitted by erzeke1 on Fri, 04/21/2006 - 09:28

( Posts: 1145 | Credits: )


Well will I be able to consolidate those in this program or I'll have to make arrangements with them? Thanks for your prompt response.


lrhall41

Submitted by ccgirl31 on Fri, 04/21/2006 - 09:32

( Posts: 8 | Credits: )


I wonder if a better idea might be for you to open a new account, either at your current bank or elsewhere, and early enough that you can get direct deposit etc transferred over.

I was reading last night about ACH rules, and from what I read, a stop payment for an ACH debit doesn't have a 30 dy time limit. Let me go check the link and I'll report back. :)


lrhall41

Submitted by set4sail on Fri, 04/21/2006 - 09:38

( Posts: 412 | Credits: )


Can you read Adobe files?

http://www.consumerfed.org/pdfs/Internet_Payday_Lending113004.PDF

page 34 on gives detailed information about consumer rights regarding stop payments. Under Reg E, section 205.10 (c) the bank has to abide by a stop payment until they receive further notification from you.

And here is the Reg E, section 205.10:
http://www.bankersonline.com/regs/205/205-10.html

It's interesting to note that PDL violate federal law in the first place, because under reg E, 205.10 (e)

"e) Compulsory use--(1) Credit. No financial institution or other person may condition an extension of credit to a consumer on the consumer's repayment by preauthorized electronic fund transfers, except for credit extended under an overdraft credit plan or extended to maintain a specified minimum balance in the consumer's account. "


lrhall41

Submitted by set4sail on Fri, 04/21/2006 - 09:52

( Posts: 412 | Credits: )