Payday loan trouble!

Date: Wed, 06/08/2011 - 07:59

Submitted by anonymous
on Wed, 06/08/2011 - 07:59

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Total Replies: 3

Hi, my husband and I currently have a payday loan through PLS loan store, in Illinois. We are residents of Indiana, but Indiana has a $500.00 limit on payday loans ( at least where we went) and at the time we needed more than that. My husband and I were doing okay with the payments for a time, and in fact had them almost paid off, and then I lost my job. Long story short we had to take them out again, PLS splits their loans into two actual loans, making it nearly impossible to pay off, because of the interest. My husband just yesterday went to PLS and explained to them that we are having financial difficulties and needed to lower our payments or work on some type of payment plan. They told him the only thing he could do is re fincance his loan and take an additional $300.00 out to pay off last payday's payment. Why he agreed to this I do not know. I am drowning here, allthough I lost my job, if I did not have to pay such high payments to this payday loan, I would be able to afford to keep my house and keep utilities, and keep food in the house. Currently we are paying $267.00 bi-weekly which is roughly over $500.00 a month when the loan itself is only $1300.00 to pay in full. I'm sure it will go up again now because of the "re financing" he just did. I want to stop paying them and send them $200.00 a month until it is paid off, but my husband is fearful of the harrasment, garnisments, and overdraft fees that will surely follow. What do I do? I am literally drowning in payday loan debt, If I keep paying them, I can't hardly even afford to keep a decent amount of groceries in my house, let alone pay anything else. Please Help Please!

Do you have an installment loan or a PLS Choice loan? I sugges

Do you have an installment loan or a PLS Choice loan?

I suggest your call their corporate offices and tell them that you cannot afford the loan. Tell them that refinancing will not help you and that what you need is an alternative payoff plan. Tell them you'd like to pay $200/month until the loan is paid off with no additional interest charged.

Let them know that if they cannot come to an agreement with you that you will have no choice but to default on the loan and have it sent to collections.

lrhall41

Submitted by OhioGal1 on Wed, 06/08/2011 - 10:44

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My husband says it is an installment loan. What we are the most

My husband says it is an installment loan. What we are the most fearful of is them constantly representing the checks through our bank account causing hundreds of dollars in overdraft fees or garnishing my husband's wages. If they will not agree to my payment plan, I literally have no choice but to default on the loan, even though I did this to myself, in my current situation I just can't see paying for a payday loan instead of buying groceries, or paying my utilities. Does anyone know how many times they can represent the check to my bank or how we can avoid garnishments?

lrhall41

Submitted by on Wed, 06/08/2011 - 14:54

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If you gave them an actual check, pay the fee with your bank and

If you gave them an actual check, pay the fee with your bank and put a stop payment on it.

That will prevent further NSF fees.

Call the corporate offices.

If they refuse your payment plan, you'll have to default and set up a payment plan with collections.

You can't be garnished without them winning a judgment against you in a court of law.

lrhall41

Submitted by OhioGal1 on Thu, 06/09/2011 - 06:46

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