payday loans taking food off the table

Hi,

You will have to negotiate with the creditor.

Payday loans are with heavy interest and late fees, please take quick actions to resolve the issues.

Vikas

I feel your pain.I look at my paycheck and I see that if I didnt have the payday loans,I would have more than enough to feed my kids and pay my bills.I dont understand how I let myself get into this mess to begin with.My car broke down,my daughter needed money for a event at school,the list goes on and on.Now I realize that I should have just saved the money, and taken the bus until I could pay for repairs.But they say hind site is 20/20.I now pay 800 in interest a month for renewing my payday loans and that is money I could be using to pay off my credit cards and car payment,all of which are very behind now thanks to the payday loans.My total payday loans are 2300 dollars and Im paying that in renewal fees in just a few months.I dont have an extra 2300 laying around so I just keep paying the renewal fees.Its a depressing situation since I will most likely end up losing my car because of this.I feel so stupid for getting myself into this,and ashamed.I dont know what I will do without a car since I need it for work,but after paying rent,some on my utiliy bills and payday loans fees there is nothing left.If it wasnt for being able to vent on this board,I would go insane.

Twokidtwocat, I understand exactly how you feel. I made the choice of letting my payday loans bounce and working an agreement with most of them. I honestly could not afford losing my car or being evicted. I was in the same situation where my car broke down, but taking a bus isnt an option for me. I live and work in two different cities. It is very depressing. I agree thank god for this board, it gives great info and you see that you are not alone.

Me too Rhonda I let my payday loans bounce too I have about 5 of them out there I actually had to bank with another bank and get a new account so that my payday loans would not take the money from me.Sometimes you gotta do what you got to do!

I am in the same boat as everyone. I recently opened another account and cancelled my old avvount because i have 6 payday loans that i can't pay. i will never make that mistake again. it sucks to have your money sucked out ofg you account every week but i had to cancel my account or i would go crazy.

Hi!

The payday loan industry is what consumer protection agencies are calling "predatory lending". Mainly because they are short term loans with very high interest rates and because payday lenders dont determine a consumer's ability to repay the loan based on their overall financial situation. All they care about is that you have a steady paycheck and a checking account. Once they got your account, they got you and they know they will get their money back each payperiod, unless of course you exercise your right to revoke ACH debit entries or you close your account. Then the collection calls start coming.

Its a vicious cycle and I wished I had never gotten myself into this mess. I feel so stupid too, but I didnt know any better. It sounded too good to be true. I had every intention of just paying it all right back with (1) finance charge, but things came up and I couldnt afford to, so I ended up refinancing almost 5 times before I even started paying down on the original loan. That $300 loan costs me over $935 when I was done with it. Needless to say, I ended up taking out more payday loans, just to pay other payday loans and keep food on my table. I let other bills go because I had no money in my account when payday came around. I have almost lost my home twice and the intent to foreclose letters are still coming, not to mention they are about to reposess both my cars. My husband had to take a loan from his 401K to get us back on track with our mortgage and car payments. We dont have our cell phones anymore, nor our cable or home phone, all have been disconnected due to non payment. We barely have enough for groceries, electricity, water and gas for going back and forth to work. Its been a hard lession learned and I will NEVER get another payday loan, I dont care how desperate I am.

I was in the same boat also. I luckly I had 2 checking accounts. One of them I never used. I switched my direct deposit and let hell start. I feel much better now. I have only 2 to pay off now. I had a few more than that before. The only collectors I have had problems with is Ellis Crosby. I will never ever use another payday loan. I still get call from one of them that I went into collections with. They want to give me another loan. I finally called them and asked for them to stop calling me.

Furthermore, to clarify my thoughts about the payday lending industry, they are very loosely regulated. I mean, some payday lenders wont give you a loan if you have more one or two outstanding payday loans, other's dont care and give you the money anyways. It's no wonder consumers default on them. Its simply because we get way in over our heads and cant afford them. That is not what I call responsible lending, its predatory lending. Responsible lenders consider your ability to pay the loan based on your credit worthiness and overall financial situation, and wont give you a loan if you are not in a position to pay for it. That protects the creditor and the consumer both. I know that sounds weird, but it protects the consumer from getting in way over their heads and it protects the creditor from default. Payday lenders do not consider your financial situation, all they consider is your paycheck and they take their money twice a month, hitting your entire month's wages.

Oh yea, I have a big problem with Ellis Crosby & Associates. They called me trying to collect on a payday loan that I was sure was paid off. I had a very bad experience with them and am currently suing them for violating my civil rights under the Texas Finance Code and Fair Debt Collection Practices Act.

Ellis Crosby is BAD NEWS!!

Tell me about it, they are taking food off my table too!

It's funny...when I first found this site I was so embarrassed about my financial situation. I had 11 outstanding payday loans. I thought I was the only person in the world to do something this stupid. Then I found this site and found others like myself and this site has been a very good learning tool for myself. After reading other people posts I decided to close out my checking acct. and call the payday loan companies to try to set up a payment plan. One company told me that they would consider it paid in full seeing that I had paid them about 10x's over the amount that I originally took out. Then there were 3 other companies that have agreed to let me pay them off in a 3-6 month period. So that left me with 7 more companies to deal with. What's funny about these 7 companies is that I could never get through to anyone. The phone was either constantly busy or no one was available and the voicemail was full. Well I knew that I would hear from them once they found out the account was closed. So i've started getting the calls and emails. But what I noticed were that these 7 companies the address was the same. They are the same company but use different names. I thought to myself how clever is this. So none of them want to make an arrangement with me I asked them to send them to an outside collections and they have told me that they will have to wait until they send it to my old bank account

Hmm.. company creating multiple names to fool the people. Danni, don't take them lightly. Whenever they call you up, insist that you prefer a written communication and keep every receipt intact. Save all that you can save while dealing with them because to me..they sound fishy. Operating under different names is not legal. right??

I closed out my account and sent emails to the people that owe the loans too. two of them responded and are going to let me pay the loans in monthly payments without the finance charge. im waiting for the other four to respond. if you send them emails they will generally help you out. i will never in my life make this mistake again.

Danni,

Quote:

Yes I to am embarrased. I have 10 payday loans and on Wednesday 900.00 will come out of my checking account just for the fees and I will not have enough money to put food on the table. I am a widow going to school and I have three children. I dont know what to help.I cant close my account because my social security money will be in the bank Wednesday. Can I call my bank and stop the companies from taking the money out of my bank account? Also can they arrest me can I consolidate all of the loans into one? Someone please help me now. Its Sunday almost 4:00 p.m. and I get paid on Wednesday. Thanks Nicole

Yes nicole, with this company debt consolidation Care you can! This company is one of the FEW who do consolidate the loans !
No they cannot arrest you!

Nicole, don't you have any other arrangement with the bank where you can get your social security money deposited? I don't think the bank will be able to do anything from stopping withdrawals by the companies. But however, you should explain this situation to your bank.

You can enroll yourself for a free counseling in this website and let the counselor handle the situation in a professional way before it gets too complex.

https://www.debtconsolidationcare.com/free-consultation

What happens if you cancel your checks to these places?? Do they have the right to auto-deduct from your account without your consent?

Hi tumbleweed

Welcome to the forums.

If auto debits are taking place in your account without your authorization in the agreement deed, it is a punishable offense and should be dealt legally.

You should inform your bank about this incidence and also file a report at the nearest police station.

If such an incidence occurs, take the necessary steps without delay and you will be able to save your hard earned money from going into the wrong hands.

Regards
Roxette

I am the queen of stupid! I had 15 payday loans at one time. I am now down to 7. I, like many of you, just shut down my checking account and moved to a new bank. I am in the process of making arrangements that I can live with. These companies definitely prey on the financially desperate. It's like dangling a glass of water in front of a man dying of thirst and they know it! I for one am going to write to all of my state representatives to start a crusade against them in the state of NH!!

Dumberwithage43, Visit this website: consumerfed.org and click on finance/credit & debt/payday loans & RALs. There are alot of articles pertaining to the payday lending industry and what they call "predatory lending". This may be of some use in your efforts. I learned alot about my consumer rights as well as that I wasnt the only one who got over my head in payday loans.

dumberwithage43

From 15 paydays loans to 7 now. It sounds really nice. It must have been hard for you going through such hard times. Now that you have learnt your lesson, you should avoid these loans for the rest of your life.