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If you don't know how to help yourself.....try this

Date: Fri, 05/26/2006 - 10:49

Submitted by anonymous
on Fri, 05/26/2006 - 10:49

Posts: 202330 Credits: [Donate]

Total Replies: 17


If you find yourself hopeless with payday loans, this is what worked for me. To end this mindless circle of madness, paying fees upon fees, upon fees, this is how I helped myself when I saw there was NO way I could pay any of my pdl's off while paying the fees too...............

First if you can open yourself a second checking accout with your current bank DO IT. I did mine online (internet) and it took 2 seconds since I was a current customer . Change over your direct deposit etc. to your new account. Don't share any account information with any pdl's unless you really want them to get into your new account. Personally I think that would be very foolish. No one will ever have my new account info except my employer for my direct deposit. Next, I had to call for my routing number (for direct deposit) and I just said I need two accounts to keep household expenses and personal expenses separate. Not a lie when you think about it. OK, I had two accounts for about a week then I called and closed the old one (just about 4 days prior to my next payday). I just told them I did not need it any longer. You must be sure you do not have a negative balance. They need the balance at zero to close it. This is why you need to do this in steps before you start bouncing EFT's or before the pdl's hit your account again. However, you can let them go through one more time if you want before you close your old account. (just kidding) But you will have to close your account. It will be the only was to stop them from hitting your account. If you stop payment, the bank will charge you a fee for every payor and they can come through under another payor id and take your money. If you start bouncing eft's the bank will charge you again, So, closing it will be the only way to make sure they will stop.

So, you still have your brand new checking account, which you don't want to go without. And, you will have your paycheck to budget out payments to pay everyone off.

Next expect your pdl's to start calling within a week stating your account is in default. Take the calls. You must take that advantage and make payment arrangements with them. You took the money, You owe the money! Tell them you are in a bad situation and need help. Ask to wave fees and interest. Ask, Ask, Ask. Don't agree to what you know you can't pay. You will only cause more heartache for yourself. If you are lucky, you will continue now to have your full paycheck in your new account, write down a budget with payments you have promised to everyone. Next thing you know, you will be paying off your debts and maybe even tucking away a few dollars here and there for a rainy day. You are giving yourself a brand new start so learn and take advantage. You can help yourself out of this.

I can only imagine how many pdl companies have a larger number of customer in default than they do in actual paying customers. They probably have twice as many employees in collections than they do in customer service. It's like they expect you to default sometime or another. Don't feel bad, just kick yourself in the pants for getting into trouble and move on!


Yes, agreed with you that it does not protect you completely however, this is why payment arrangements should be made immediately to settle the outstanding balance. It should not go as far as to create an investigation of your worth. However, anything can happen with payday loan sharking


lrhall41

Submitted by KittieKat on Fri, 05/26/2006 - 11:41

( Posts: 308 | Credits: )


Double dido on that one "LessIsMore" Any creditor can get out of hand so to speak. And, we all know you can sleep better at night doing the right thing, which is PAYING YOUR DEBTS!


lrhall41

Submitted by KittieKat on Fri, 05/26/2006 - 12:02

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so let me ask you when they sued you.... you were currently making payments correct? Did you go infront of a judge? Just wondered how that would wash in court when you are currently paying a debt. Can you tell me a little about how this ended up


lrhall41

Submitted by KittieKat on Fri, 05/26/2006 - 12:19

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No Lorri, don't say yourself stupid. What you will learn now, it can be taught to someone later. :)

The basic difference between chapter 7 and chapter 13 bankruptcies is that in a chapter 7, your debts are discharged completely whereas in chapter 13, you are given the chance to pay some of them. Those who have little or no income choose a chapter 7 bankruptcy because they are unable to pay their bills after deducting from their monthly expenses.

An employed person is given a repayment plan in chapter 13 bankruptcy. He is necessarily required to be employed so that he can send regular payments to the bankruptcy court which is further distributed among the creditors. This plan can range between a period of 36 ??? 60 months. The percentage of unsecured debt you are required to repay must be at least equal to what your creditors would receive if your nonexempt assets were liquidated as part of a Chapter 7 bankruptcy. Once you have successfully completed the court ordered repayment plan, your unpaid unsecured debts are discharged.


lrhall41

Submitted by curlycarl on Fri, 05/26/2006 - 18:05

( Posts: 616 | Credits: )


I was interested in reading your note about opening a new checking account. I have thought about this but am afraid if my ETF does not clear, some of these payday loan companies will call me employer. Are you afraid of this?


lrhall41

Submitted by on Thu, 06/08/2006 - 12:30

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No, not afraid at all. Most of us sent a cease and desist of all phone calls letter asking for all future correspondence to be via USPS. Unfortunately to get out of the PDL trap and start getting your money in control to pay them off, you will need to close your old account so they don't hit you and create NSF's. You will have your new account to control your money.


lrhall41

Submitted by KittieKat on Thu, 06/08/2006 - 12:45

( Posts: 308 | Credits: )


Hi, Linnie. Thanks for the response. I have two payday loans and I have read about both companies on this forum quite a bit. The stories say they have called their supervisors, etc. Did you send the cease and desist letters prior to closing your account so they would not call you?? Did you ever return an ACH debit they made to your account? I am wondering if this would work as far as getting them to stop debiting??? Thanks so much for your help! I am really scared!


lrhall41

Submitted by on Thu, 06/08/2006 - 13:40

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Yes, I sent the letter asap, when I knew what I was going to do. You are going to have to close your bank account though. They can hit your account under numerous payer id codes. If you stop payment at the bank, they need all the payer codes to block and as a customer, you will not know them. Don't wait till you have a negative at the bank like I did. I could kick myself for not closing it earlier


lrhall41

Submitted by KittieKat on Thu, 06/08/2006 - 13:44

( Posts: 308 | Credits: )


Hi, Linnie. My loans are with Route 66 Funding and Tremont Financial. I am in Missouri but my employer is in Kansas. I don't know if this matters. When they went over my loan agreement over the phone, they specifically stated they would call my employer if I defaulted on a payment.


lrhall41

Submitted by on Thu, 06/08/2006 - 14:02

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