Three loans.. how to settle them.. ??
Date: Fri, 10/23/2009 - 06:59
[FONT=Verdana][SIZE=2][COLOR=black][COLOR=black] I am drowning in my payday loans. I applied online one night as I had some emergency bills that had to be taken care of. I didnt realize when I signed up on the site and filled out the application that it was a search site that sends your info to all the lendors. I got a deposit from two loans within the next few days and actually had to track them down from the name on the deposit and call them and get the loan documents and details. I got so far in the hole with these two I took another one out that had emailed me from the same search site thinking I could pay off the other two and just have one. Needless to say it made it worse. I then I had a company named the Loan shop start calling me telling me I owe them from 2007 and they received my updated info and will recover $795 from a $300 loan with my new banking info. I went back and forth and they just keep harrassing. I talked to my bank about this because if they do take that out I will have major issues. The bank said I need to close my account as all the lenders now have my info. They immediately closed it. [/COLOR][/COLOR][/SIZE][/FONT]
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[FONT=Verdana][SIZE=2][COLOR=black][COLOR=black]Now I do not know how to handle the other three loans. I am dreading calling to tell them I changed bank accounts and I am afraid to give them my new account number because of what happened with the Loan Shop. I How do I handle paying the remaining loans? There is now way I can pay the full amount to all three of them by my payment date at the end of next week, once they realize my account is closed.[/COLOR][/COLOR][/SIZE][/FONT]
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[FONT=Verdana][SIZE=2][COLOR=black][COLOR=black]These are the details...[/COLOR][/COLOR][/SIZE][/FONT]
[FONT=Verdana][SIZE=2][COLOR=black][COLOR=black] [/COLOR][/COLOR][/SIZE][/FONT][FONT=Verdana][SIZE=2][COLOR=black][COLOR=black]I am in the state of Florida, I am not sure if these lendors are licensed or if there are certain collection rules, if they can sue me, call my employer or what they can do. [/COLOR][/COLOR][/SIZE][/FONT]
[FONT=Verdana][SIZE=2][COLOR=black][COLOR=black] [/COLOR][/COLOR][/SIZE][/FONT][FONT=Verdana][SIZE=2][COLOR=black][COLOR=black]Loan # 1 StarCashProcessing - $250 loan.. with $75 rollover payments. I have paid them $640 to date with the last three payments having $50 paydowns. The balance on this loan is $100.00[/COLOR][/COLOR][/SIZE][/FONT]
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[FONT=Verdana][SIZE=2][COLOR=black][COLOR=black]Loan # 2 DJR Group - $300 - On the third payment the took the full amount back and said I didnt check the right box, this caused a few things to bounce so I had to take it back out. The first time around I paid a total of $570.00. They just redeposited $350.00, and I have not had a payment on this yet, first one will be next week.[/COLOR][/COLOR][/SIZE][/FONT]
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[FONT=Verdana][SIZE=2][COLOR=black][COLOR=black]Loan #3 Midland Financial LLC - $300 - I have paid a total of $270 and still have a $300.00 balance[/COLOR][/COLOR][/SIZE][/FONT]
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First and most important DO NOT GIVE THE OTHER LENDERS THE NEW A
First and most important DO NOT GIVE THE OTHER LENDERS THE NEW ACCOUNT INFO
If you do all lenders will have it again.
I found no license in your state for any of your lenders, not a
I found no license in your state for any of your lenders, not a payday loan license, nor are they registered as a CSO. Close your account asap as your account will never be safe again as long as they have your account information. CLICK HERE to find out how to deal with illegal lenders.
i agree, do not give them your banking information at all. bec
i agree, do not give them your banking information at all.
because they are illegal you only owe them the principal amount that you have borrowed. this can be done on your terms.. i personally would only pay money orders sent to physical addresses.
Star cash anything.. you actually are owed a refund at this point but i would not expect one from them (i would still give it a try though). you overpaid by a lot.
DJR Group - you owe them the $350 they redeposited. because you paid so many fees the last loan, maybe you can get them to settle with you for less. we advocate paying back what was borrowed but i personally have had companies settle with me for less once i sent my letters out and i was in the same position you are in - i have overpaid them a lot in the past.
Midland Financial LLC - you only owe them $30.
none of these companies can sue you as they are not legal. they have no legal leg to stand on and will just make empty threats. that is why once the loans default, we recommend sending letters and reporting them asap to the BBB, attorney general's office and the FTC.
some places might call your employer.. i know some are nice and will not call there at your request but others will not. i am sorry but star cash will call your job and they call alot. just a heads up.
Thank you for all of your help!! I am going to look at the link
Thank you for all of your help!! I am going to look at the link on illegal loans now and start working on the letters. They are all due to go in the bank for rollover payments on the 1st of November. Since I closed my account and am not supplying a new one they obviously will return. Do I send the letter right now so they have them before the payment goes in.. or do I let it default first then send the letters?? Thank you again!