Payday Loan HELP in FL

Date: Tue, 03/09/2010 - 05:26

Submitted by anonymous
on Tue, 03/09/2010 - 05:26

Posts: 202330 Credits: [Donate]

Total Replies: 1

I just found this website and I currently have four payday loans and I desperately need help..Because my account keeps going into overdraft and I can not keep up my bills..I have a Wachovia Bank Account and I live in FL. Please help me with how I can possibly close my bank account and open another one and make payment arrangements with these companys if neccessary to get out of this mess.

The loans I have are with the following companies:

Check N' GO for $ 500

VIP Cash(they also use the name DMA Financial Corp) I initally borrowed $200 on 12/1/09 and paid $240 in finance fees on that amount. Then on 01/26 they offered me an additional $200 which I stupidly took and have since paid and additional $340 in fees since.

ACE Cash Services- Borrowed $250 on 12/14/09 and have since $375 in fee and only $50 principle.

Magnum Cash Advance-Borrowed initally $650 in December and was scheduled to pay it back 6 installments of $175 a week. When I had about 2 weeks left of payments they offered me an additional $350 which again I took and was scheduled to pay back in another 6 installments of $168 a week and about 2 weeks when I was suppose again have only 2 payments left they again offerred me $350 which I had to take because my account was in overdraft becuase of all of this so now I am into them for another 6 payments of $ 172 a week..

So please give me some advice and help on how I can get out of this horrible mess.

My suggestion to you would be to close your bank account first.

My suggestion to you would be to close your bank account first. This is the first step you need to make to stop your payday lenders from debiting your bank account.

After closing your bank account, your payday lenders will almost immediately call you after you have missed a payment. It is up to you to do either ONE of two things: send them a letter to Cease and Desist OR speak with them immediately to set up a payment arrangement. Of course, if you send them a letter to Cease and Desist, you will have to give them a call personally to set up a payment arrangement.

Before you do this, you have to make sure that you are in the right position to negotiate terms on possible settlement. You have to act tough when speaking to your payday lenders to get the best and lowest settlement amount possible. You should also make sure that you have the discipline to keep up with the payment schedule that you set up with your payday lenders. You should not miss any more payments or more fees will add up to your account.

Remember, you will be going up against people who collect money FOR A LIVING. If you are not sure if you have negotiating skills needed to deal with collectors or if you are not sure that you can keep up with the payments, you should consider looking for outside help. There are payday loan settlement/ consolidation companies who can assist every step of the way to get you out of payday loan debt. If you're interested, you may message me your contact information and I can fill you in more about it.

lrhall41

Submitted by DebtPay1_Iris on Tue, 03/09/2010 - 10:02

( Posts: 7 | Credits: )