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I live in ND and have five payday loans out and I have one internet payday loan out from a company in SD. I can't pay them back. I have closed my bank account. Any suggestions on how to deal with the companies now? I want to pay them back but like a lot of people I have read about on these posts I just can't keep making these payments every two weeks. My loans total 3,200.00. Thats with interest and fees. I did contact one company and they were wonderful. I am paying them 50.00 every two weeks and they are not charging me any additional fees. This company is advance America.

The SD internet company did have a wage assignment clause in it. I don't know where to look to see if this is illegal in ND. Any ideas. Thanks everyone.




Anymore suggestions? I really do appreciate the help.

Sub: #11 posted on Sat, 03/24/2007 - 11:41

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scared - you may want to check into a debt consolidation company that will work with payday loans at this point. Only you know how much you can pay at this point, towards each one of these loans. If you haven't paid anything towards any of them at all, you will either need to make payment arrangements with them, or consolidate them with a consolidation company.

The first step you need to take will be to find out if they are willing to work with you on a payment plan. And make sure it's one you can afford, including ALL of the loans you need to pay off. If you make an arrangement and then don't keep it, you will be in worse shape than you started off in.

If they won't make a payment plan with you, you will definitely need to consider consolidation or settlement with a credit counseling, consolidation or settlement company.

I need to hop off here for a bit, but I'm sure someone else will chime in with some helpful info here - we're all here to help!

Sub: #12 posted on Sat, 03/24/2007 - 12:10

SUEBEEHONEY70 SUEBEEHONEY70
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(Posts: 4583 | Credits: )

Anyone know of a company that deals with payday loans companies. My inquiries have been fruitless. As I stated earlier, I have spoken to four differnt places. Both consolodation and settlement companies and so far nobody will touch these payday loan companies. The response is always the same. We would work with them but they will not work with us.

Sub: #13 posted on Sat, 03/24/2007 - 12:57

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OK, so this statement below has me worried. Am I in real trouble now because I have more than 600.00 in loans out in ND? I did not know about this or I failed to understand this.

Maximum Number of Outstanding Loans at One Time: Not Specified ($600 aggregate loans outstanding to all licensees)

Any reassurance would be greatly appreciated. I am really freaking out about this mess I'm in.

Sub: #14 posted on Sat, 03/24/2007 - 14:31

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yes i've heard of advance america and they will work with you so you are able to pay them back without all the extra charges.

Sub: #15 posted on Sat, 03/24/2007 - 14:31

blinkyberry blinkyberry

(Posts: 108 | Credits: )

A couple of you have asked if my payday loans are storefront or internet. Is one easier to deal with than the other? Five of mine are storefront and one is internet. Any suggestions on how to deal with them? Do I just walk in and say I can't pay, will you set up a payment plan with me? I am so desperate to get this on the road to resolution.

Sub: #16 posted on Sat, 03/24/2007 - 18:32

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Quote:
OK, so this statement below has me worried. Am I in real trouble now because I have more than 600.00 in loans out in ND? I did not know about this or I failed to understand this.

Maximum Number of Outstanding Loans at One Time: Not Specified ($600 aggregate loans outstanding to all licensees)


I think you misunderstand the purpose of the law. If the provision does indeed mean that a borrower is permitted up to $600 maximum at a time, you did not violate the law, the lenders would have. You're in financial trouble, but you already knew that, they potentially could face legal trouble. Make sure you file a complaint against any company that violates the law.

Sub: #17 posted on Sat, 03/24/2007 - 19:15

Morningstar Morningstar

(Posts: 1633 | Credits: )

Quote:
A couple of you have asked if my payday loans are storefront or internet. Is one easier to deal with than the other? Five of mine are storefront and one is internet. Any suggestions on how to deal with them? Do I just walk in and say I can't pay, will you set up a payment plan with me? I am so desperate to get this on the road to resolution.


The difference between storefront and internet is large. Storefront PDLs are frequently backed by a bank, and may have some legislation that permits their usurious activities. Internet PDLs are often unlicensed, and fail to follow laws in the states they lend within. I don't think it would hurt to try to work out payment arrangements with the storefronts, but I can't offer any real opinion on how successful you will be.

Sub: #18 posted on Sat, 03/24/2007 - 19:20

Morningstar Morningstar

(Posts: 1633 | Credits: )

I am going to call the stores and the one internet one I have on Monday. You would thinkk these places would want to work it out so they get their money back. Does anyone know what the collection process is. I heard some places manage their own collections others send them out to collections agencies? Does anyone know is it easier to work with the company or a collection agencey? Or do they skip collections and file a judgement? Thank you again everyone.

Sub: #19 posted on Sun, 03/25/2007 - 01:45

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One more ? Does anyone have any good resources on manageging money? I very obsiously cannot manage my $ and want to work hard on getting my finacial life under control. Things like budgeting, etc. I don't shop, drink, gambling or eat my money but I continue to struggle making ends meet every month. I can't figure out what I'm doing wrong. Maybe this ? belongs in a different forum. First I have to get my payday loans paid off before I can ever even have any money to manage!!!

Sub: #20 posted on Sun, 03/25/2007 - 01:49

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