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Date: Thu, 08/20/2009 - 07:36

Submitted by anonymous
on Thu, 08/20/2009 - 07:36

Posts: 202330 Credits: [Donate]

Total Replies: 13


Hi,

My name is Santanna and I'm new here.

Can someone explain the process of what happens when you default on payday loans. I am on a fixed income through SSD. I ran into major finance problems and am no longer able to pay anything to the payday loans. From what I have read on here these people can be like the mob.

I have had several payday loans in the past and have always paid them. I currently have 3 and I have paid way over half the balances on each. All of my income will be tied up for at least the next 6 months. With nothing left to spare for the payday loans.

I am a single mother and my son had a dirt bike accident. He is not covered on any insurance, so I have to pay his medical out of pocket. He crushed is left leg. They are having to put in steel rods, and pins in his ankle.

Can someone explain the process of what happens when you default on payday loans.

Any advice is greatly appreciated!!!!!!!!!!!!!!


Hi there Santanna and welcome. A lot of the questions you asked depends on the state you are in and the names of the pdl companies you are dealing with. Each state laws are different when it comes to payday loans. If you would please list the information requested from resqume1 we can begin planning a course of action to help you out of this cycle. :)


lrhall41

Submitted by Shazzers on Thu, 08/20/2009 - 16:48

( Posts: 17344 | Credits: )


Hi again, Thank You!

I am in IL. My payday loans are from the internet.

My Cash Now
Lil Loan Shoppe
PayDayOne


lrhall41

Submitted by on Fri, 08/21/2009 - 07:34

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okay I guess we would also need the original loan amount and how much you have paid back including fees and interest. PayDayOne is going to be legal. I don't think MyCashNow is and not sure on the other. I'm sure someone will be along who knows. In the mean time have you read the sticky on dealing with illegal lenders? Thats the place to start. The very first post will explian step by step what to do with links to sample letters. feel free to ask any questions you have!


lrhall41

Submitted by resqume1 on Fri, 08/21/2009 - 08:22

( Posts: 324 | Credits: )


My Cash Now said no to payment arrangements. PayDayOne said no to payment arrangements. When I call the number for Lil Loan Shoppe I get "the number you have called has been disconnected."

And it does not really matter if they will work out payment arrangements because I have no extra money to pay them due to my sons medical expenses for at least the next 6 months. That is why I was wanting to know what exactly they can and will do to me.


lrhall41

Submitted by on Tue, 08/25/2009 - 07:46

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So do I just let them sue me? I tried calling them and explaining my situation. They could careless!

I have figured my bills as close a possible, and only allowing $100 a week for groceries to feed 3 people. I have to pay my sons medical bills as he will need continued care (have worked out a payment plan with them). The Doctors and hospital will not accept less, so for the next 6 months I am screwed.

I have no where else to get any money and no one to turn to!

So what is the process if they sue me?


lrhall41

Submitted by on Tue, 08/25/2009 - 13:18

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Thanks Bea,

Im under so much stress with all of this and my son! I dont know how much more I can take. I find myself in tears all the time. Its not my sons fault because accidents happen to everyone. He goes in tomorrow for another surgery on his leg.


lrhall41

Submitted by on Tue, 08/25/2009 - 13:50

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My son goes in for surgery in 1 hour. I have already gotten 4 calls this morning. Nasty! On the last one I lost my cool, and ask the guy what the f@!* I was supposed to do????? Told him I didnt have a money tree out in my front yard. Stupid Idiot said, "well you better plant one."


lrhall41

Submitted by on Wed, 08/26/2009 - 06:17

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