This is my second post. I didnt know what info to list until I read some other post.
I live in Texas, all loans are store front loans only. From other info gathered and given these are CSO's not payday loans. I don't fully understand what the difference is??
I have five loans, they are:
Original Loan Amount: $1000
Principle Due: $800
Finance Charges: $163
Total Pay Off: $963
Total paid in interest and priniple: $568 I've had this loan for several months, more like closer to a year, renewing when time expired.
Original Loan Amount: $700
Prinicple Due: $700
Finance Charge: $143
Total Pay off: $843 I just renewed this loan so no interest has bee paid. My original loan with them was $1000, interest paid on the first loan was $958
First Cash Advance or Fast Cash
Original Loan Amount: $700
Finance Charges: $165 ( they add $50 to principle each payment) Ace,Advance America,Fast Cash This amount is new loan, my first loan was $900, they do not have a set time frame on when the loan is due so when I've paid the principle down I've borrowed up each time.
I've paid them several thousand, around $8000, in finance charges over the past year.
Original Loan Amount: $645
Finance Charge: $131
Total Pay Off: $391 Total Paid in Interest & Principle: $653
This loan is due for pay off on the 29th, I'll have to renew it to make my rent??
EZ LoanOriginal Loan Amount: $740
Finance Charge: $152
Total Pay Off: $265
Total Paid towards principle & interst: well over $1000
I can no longer keep the payments up on these loans. I'm drained. None have defaulted YET, but three are due tomorrow and I will have to choose between rent, lights, and food vs. payday loans. Guess whats going to win?? Rent!!
My questions are:
All these loans where secured with a check, not post dated. Can I be charged with anything, I do intend to stay in contact with them and pay the off.
It is wise to close my account? I'm going today to talk to my bank. I caould leave the accout open, let them put the checks through then take out a take charge loan throuhg my bank and just pay them back??
I've had to create a spreadsheet just to keep up with my current bills and these loans but if I do not let them go I'm screwed! I've figured out I've paid almost $14,000 in interest, fees, and payoffs in the past 12 months.
I'm so confused and scared not to mention horrified with embarrasment.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.