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NEED HELP WITH INSTALLMENT LOANS

Date: Fri, 11/29/2013 - 07:01
Submitted by on Fri, 11/29/2013 - 07:01
Posts: 202330
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HELLO EVERYONE, HERE'S MY SITUATION. I HAVE MULTIPLE PAYDAY LOANS TOTALING AROUND $5800.00. I OWE THE CASH STORE 2800 (IN STORE LOAN), ACE CASH EXPRESS 1700(APPLIED ONLINE, PICKED UP IN STORE), AND CHECK-N-GO 1400 (ONLINE LOAN). BETWEEN THE 3 OF THEM THEY ARE ATTEMPTING TO DEBIT 1300.00 DOLLARS EVERY 2 WEEKS FROM MY ACCOUNT. (RIDICULOUS I KNOW) I CALLED ALL LENDERS, EXPLAINED SITUATION, CHECK-N-GO WAS ONLY LENDER WILLING TO ADJUST EPP BUT I MISSED THAT PAYMENT. I'M TO THE POINT NOW THAT I GO TO MY BANK AND WITHDRAW ALL CASH BEFORE THIS HAPPENS SO I CAN PAY OTHER BILLS, BUT OF COURSE THIS LEAVES MY ACCT IN THE NEGATIVE AND PILES ON NSF FEES. I WANT TO PAY BACK WHAT I BORROWED, BUT CAN'T AFFORD THIS. I LIVE IN TEXAS, HAVE MADE SOME PAYMENTS, BUT INCONSISTENT. HOW CAN I REMEDY THIS SITUATION. THANKS IN ADVANCE.


They are all legal lenders. I know for me they would not negotiate with me until I actually defaulted. So to stop the madness I had to close my account and open a new one. Once I did that, my PDL went into default and was handed off to a collection agency. Once I stopped the bleeding and was able to get back on my feet, I was able to negotiate a PFD with them (as they did put the collection account on my credit report). I know others will tell you to negotiate with them but I know when you are in that deep, you just need to stop the insanity and regroup. I let them know up front the situation and that I would be defaulting. I was able to right my upside down bank account and get back on my feet and then negotiated a PFD when I was more stable. It was a hard lesson learned and I will never put myself in that situation ever again. Texas is not a consumer friendly state and they are able to use a loophole in order to issues these impossible loans.


Submitted by momofthree27 on Tue, 12/03/2013 - 09:55

momofthree27

( Posts: 358 | Credits: )


The above mentioned 3 lenders are licensed in your state. You owe them both the principal and interest. You should try to negotiate with your licensed lenders and set up a payment arrangement with them. Make your all outstanding payments asap, otherwise they can sue you because of nonpayment of debt.


Submitted by on Mon, 12/02/2013 - 23:05

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