Payday loan help Missouri
Date: Mon, 10/10/2011 - 10:41
I started with just a payday loan, but of course my debt kept getting bigger and bigger and I kept getting further and further behind. Instead of being smart about it, I fell for the "installment loan" trap with the pay companies.
I currently am have the following outstanding debt
Cashnetusa installment loan- $1500... payment $229/every two weeks until December
PlainGreen installment loan- $700... payment $109/every two weeks until March 2012
Checkngo installment loan- $100... payment $156/every two weeks until May 2012
Speedycash payday loan- $500 (standard terms).
I thought I could handle the debt, but of course I didn't look at the big picture, I now how payday loan companies approximately 50-60% of my take home pay every two weeks (roughly $600 out of a $1100 paycheck).
Right now I am current on my debt, only because I have gotten several new loans... but it is crushing me. I have taken a second job to help pay, but that is only putting a dent in the problem.
I looked into some debt consolidation companies, but they seem unwilling to help if you are current on everything. Is defaulting a good plan?
Also, some companies have advocated simply closing your bank account? Is it legal to close an account so a payday loan company can't debit money you owe them?
Please, any tips or advice would be helpful.
PlainGreen is tribal and not licensed. That loan is illegal. Y
PlainGreen is tribal and not licensed. That loan is illegal. You should only repay the principal, which you've likely already done. Request a refund of the overpayment. Send them an email revoking ACH authorization and wage assignment...after you close your checking account. And then give a copy of the email to your bank and your employer.
The others are legal. For Speedy, I'd just pay it off when it comes due and do NOT renew it.
For the other two, give their corporate offices a call and see if they can renegotiate the terms of your agreement to monthly payments. Get your due dates to alternate between the two loans so you're only paying on one every payday.
Hope this helps.
Thank you for the tips.... Any advice on how to negotiate with
Thank you for the tips....
Any advice on how to negotiate with them? I've never been wrapped up in anything like this and I'm clueless on what to say? Is it good to wait until they default or will they work with me now?
I would just contact CashNet and Check n Go now. Revoke ACH per
I would just contact CashNet and Check n Go now. Revoke ACH permission. Tell them you had to close your account due to fraud and then tell them you need to set up alternate payment arrangements. Tell them you'd like to pay $x, monthly on X date for X months until it's paid off. That's all.
You may have to default with C n G. I did, but then their collections department caved to my payment demands and I was done with them.
For PG, there's no negotiating. You just tell them they're illegal. They know they're illegal but they will try to tell you they have tribal immunity because all they really want is your money. Don't let them have any more of it. :)