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Payday Loan HELL II.

Date: Wed, 07/05/2006 - 20:01

Submitted by anonymous
on Wed, 07/05/2006 - 20:01

Posts: 202330 Credits: [Donate]

Total Replies: 5


I too, have been involved with getting multiple payday loans which I have found that now are almost IMPOSSIBLE to pay them all back. It seems that all I have done is "rob peter to pay paul" and I have REALLY gotten myself into such a financial MESS because of deliquent payday loans that I have been unable to pay. I'm also finding that I can just BARELY pay my "regular" bills; the much needed necessities such as rent, electic bill, utility bills, and am LUCKY if I have ANYTHING left out of one measly paycheck to even buy gas for my car so I can get back & forth to work! Most of this is a result of taking out too many payday loans & the companies ACH'ING my bank account when they are due. It's not that I don't WANT to pay these people back and pay my debts off, it's just that I cannot AFFORD to now.

My question is this: Does this website assist in helping to pay back PAYDAY loans AND other debts owed to creditors?

I have RUINED my credit.


pollyandsay: Thank you for responding to my gripe about owing multiple payday loan companies. I live in the state of Texas and the majority of my payday loans were executed online. It became TOO EASY apply and be approved for a payday loan from one company, then another one, then yet another one. Before I realized what I was doing to myself...BAM! My former bank closed my account due to so much ACH'ING going on in it, thus creating an excessive amount of NSF'S that I just couldn't financially keep up with. Now, I also owe the BANK money for all that. It's my own fault; I'm the one that got myself into this mess and now I need to find a way to get out of it. I have received threatening phone calls as well as emails as a result of my owing these payday loans and it's scary. I certainly don't want any of these places to get a judgement against me or take me to court and/or jail. If they tried to sue, they sure wouldn't get anything as I do not have ANYTHING (especially $$). By the way...for the most part, I think almost ALL of these payday loan places that granted me loans are out of state (that is, not in Texas, where I reside.

Any suggestions, comments, or otherwise?

Thank you for any quick response you can give. Most of these payday loans are OLD now; at least a year old.


lrhall41

Submitted by on Wed, 07/05/2006 - 22:50

( Posts: | Credits: )


just breathe...

the chances of these places suing you are pretty small. there is a strong likelihood that these companies are not licensed to lend to residents of texas and that they are charging you a usurious interest rate.

Go to my blog http://pollyandsay.yesdebtfree.org there is a template letter for settling with them.

I have posted TX laws in these forums quite a few times so do a search and you should be able to find them.

Go through your bank statements and figure out what the original ammount of the loan was, how much you paid in principal and how much you have paid in interest.

It sounds like you have already defaulted awhile ago, so the lette will need some tweaking. Are they still calling you or are you receiving anything in the mail? Is anything being reported on your credit report? (Chances are they haven't!) If it has been awhile and they have wrote you off, you may not want to dig all of this stuff up, but it is worth checking to see if any of the company's are licensed to lend in TX. The easiest way to find out the real name of the company is to pull a whois report with the url.
I am sleepy and stressed and if I am rambling I apologize. Feel free to ask questions. I will answer them tomorrow.


lrhall41

Submitted by polly on Wed, 07/05/2006 - 23:02

( Posts: 1709 | Credits: )