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I'm in Payday Loan Hell with the rest of you...need help.

Date: Mon, 07/03/2006 - 22:18

Submitted by anonymous
on Mon, 07/03/2006 - 22:18

Posts: 202330 Credits: [Donate]

Total Replies: 25


I recently fell into the spiral of payday loans, as well. It started with one to help me with moving expenses. And then another, and another..to the point that I have 5 now. I never intended it to get that far but when I was really broke and had nothing to my name and no one to borrow money from, that was the only option.

But now, between the five companies, they are deducting $910 per month and NONE of it is going to the principle on the loans. I make about $1000 per paycheck, and they are taking half of each paycheck.

If I don't do something, I'm not going to be able to pay my car payment, insurance, and rent--the three critical items.

I thought about closing my checking account and then sending them letters, stating that I will pay them off via money order by mail. I DO want to pay the loans but for example, last month, not only did I pay $910 in worthless interest, but about $150 in NSF fees resulting in them taking the money the day before scheduled because my payday fell on a Saturday and they took their money on the Friday before hand.

If I close my checking account, with no more money being drawn, out of each paycheck, I can pay ONE loan off at a time, thus in 5 pay periods, have EACH loan completely paid for.

I'm scared of the repercussions of closing my checking account, though. I'm afraid that (A) I'll never be able to get a checking account again, (B) in the time lapse of the 5 pay periods, or about 8 weeks, they will have sued me by then, or (C) will have gotten me in trouble at work. I work for an airline. They all have the main switchboard number and calls of such nature are NOT welcomed at my job.

In 5 pay periods, I can have all the loans paid off. I am just soooo scared of what will happen to me if I just go with it and close my checking account.

Any advice would be greatly appreciated.

Crystal


Email address removed as per forum rules - Mike


I forgot to mention that I am in Dallas, Texas. The lenders are:
Payday OK, 500 Fast Cash, NLS, Payday Services, and TenDollar Payday Loan/Rio Resources. They are all internet lenders. I read the contracts on a couple of them and it states that if they are unable to debit my checking, payment must be remitted by money order VIA mail. I can pay them each $50 per pay period till paid in full but I doubt they are going to accept that. And, I don't know that my credit union will be understanding either.


lrhall41

Submitted by on Mon, 07/03/2006 - 22:27

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I do apologize. I am able to write to express my basic thoughts on here. But other than this, I don't have much "book-smart."

I don't really understand the lingo in the template and am basically starting from nothing. I've been trying to read and research.

I don't really have anyone to physically help me in person and still feel blinded. I am trying to fill in the blanks but when it gets to the part about my state's codes, I don't know how much I really need to insert. Are any of you willing to proof-read?


lrhall41

Submitted by on Mon, 07/03/2006 - 23:21

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Crystal---Listen to Polly, she will be a great person to help you with your letters, she has much experience. As for closing your checking account---why do you think you couldn't get another one if you closed this one? Just wait until you are between pay periods and all debits and checks have cleared, withdraw any money and close it before the next payperiod (which is when the PDL fees are withdrawn right), make sure if you have automatice deposit with your paycheck that you stop that. Then go to another bank and deposit your money. I did this just recently and did not have any problems.


lrhall41

Submitted by Lorri on Tue, 07/04/2006 - 12:42

( Posts: 1721 | Credits: )


ok so i have sent my message to the group asking for help, i was so excited when i read everyones experiences on how they got help with payday loans. but the only help i recieved was a phone call from a consolidation company that got my info from this group and he said he cant help me with paydayloans and that no one can and if they say they can its a scam. so then got a message from one of the group guides saying to join the group which i thougt i did. so i did it againg and sent a message and still over a week later havent recieved any advice so here is my last plea helpp!!!


lrhall41

Submitted by sunshinegem76 on Wed, 07/05/2006 - 21:12

( Posts: 4 | Credits: )


Im in washington state and they are all store front lenders, checkmate, check into cash,money depot, zippy cash, advance america, advance till payday, payday. A total of about 3000.00 in debt thanks for any help


lrhall41

Submitted by sunshinegem76 on Wed, 07/05/2006 - 22:40

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Oh I am sorry I can't help you with the store front lenders. There is this company folks talk about around here call T&C or something like that, and I have heard that they help with PDL's. Here in MI we have Greenpath and they might be out your way too. Keep searching for a consolidation company...look in your yellow pages, and in the meantime tell the lenders that you are broke and see if they will work out a payment arrangement. Good Luck!


lrhall41

Submitted by polly on Wed, 07/05/2006 - 22:45

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I am in tennessee and need help with payday loans. I have 6 totaling 1800 dollars. Can i consolidate them all into one or what do you suggest? Can i stop them from debiting my account and pay them directly?


lrhall41

Submitted by melva.kleineick on Thu, 07/06/2006 - 13:46

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You must check your state laws first. In most of the states, you are allowed to do a stop payment but that will add to your NSF. Explain the situation to your bank and they might help in opening a new account if it is possible. I will like to talk with the lenders and work out payment plan directly. If they can accept my arrangement, there won't a need to close the bank account.


lrhall41

Submitted by andyyoung on Thu, 07/06/2006 - 15:08

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I have NLS as one of mine, too, and still havent been able to locate ANY contact info. My bank didn't have any info in the electtronic record with their withdrawal, either, which I thought was odd. If anyone comes up with anything, please let me know.


lrhall41

Submitted by on Thu, 07/06/2006 - 19:58

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does anyone know how to contact NLS?????


lrhall41

Submitted by on Sat, 07/22/2006 - 04:05

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Im in trouble...I have 6 online loans and I barely have any money left on payday and cant pay the bills I got the loans for in the first place. I live in Arkansas. HELP please!


lrhall41

Submitted by on Thu, 03/13/2008 - 12:01

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I live in washington state and I have 5 internet payday loans in collection and they made payment arrangements with me but those will take up half of my checks and I am scared as I cannot afford to pay half of my checks for 3 months they said those were the only payment arrangements they could make and that if i defaulted on them they would go some company and they will take me to court and garnesh my wages and the fees would double. If my wages get garneshed I will lose my job that is how my company works. can anyone help me with advise. my 1st payment of 438.66 is due on oct 16 2008.
please help to understand this more. i guess I was really dumb in my decisions and I owe the money I just need to know where I stand with them and If I have more choices than they gave me. Thanks
Tanya


lrhall41

Submitted by on Fri, 10/10/2008 - 13:30

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