Quote:
payday loan consolidation, settlement. How easy it is to consolidate one? |
I didn't know you could consolidate a payday loan. I thought that's why there were called payday...and that they had to be paid back the next pay ?eriod. That no extra time should be needed?
-Mike
Sub: #1 posted on Wed, 09/21/2005 - 11:30
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basically consolidate it directly with the lendor. I understand more now. I personally have not tried this, but have heard about someone who, because of the intested they've paid, had it written off.
(edited 4 hours later...twokidtwocat--just read your comment twokidtwocat...hopeufully someone will let us know if this haas happened to them.)
-Mike
Sub: #2 posted on Wed, 09/21/2005 - 13:25
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Regards
Roxette
Sub: #3 posted on Wed, 09/21/2005 - 14:14
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I totally agree. But when most payday loan places won't give you their address and say only payments through western union are accepted it becomes hard for people.
But payinng something...even $25 a week will keep the account from being sold. But even on the off chance it is sold...you need to have everything you've paid. Western Union confirmation numbers...etc.
-Mike
Sub: #4 posted on Wed, 09/21/2005 - 15:04
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When most payday loan companies won't give their address and state that all payments should be made through Western Union, I should be suspicious at that moment. I will really like to research more on that company. Comparatively, there are many other companies in the market who give the consumers the options to make payments at their ease.
Mike, let's see what others have to say on this. By the way, how are you doing today? :D
Sub: #5 posted on Wed, 09/21/2005 - 15:20
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What I feel, the prearranged line of credit, like depositing PDCs, makes these payday loans somehow different from unsecured debts and that is the reason debt consolidation companies are not willing at all to work with them.
Those who are already trapped by these paydays should try to pay it off even by maintaining a really hard budget or keep it current as Roxette has mentioned, until some agency shows the bravery to consolidate payday loans.
Sub: #6 posted on Wed, 09/21/2005 - 15:26
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I'm doing great...thanks. How are you?
[quote=bryan]The process that these payday companies follow is buggy from the beginning.[/quote]
So what happens when the payloan companies are accepting your payments, but at the same time charing you the payday loan renewal fee. The payday loan company that I dealt with didn't have renewal fees. They just charged you the $58 ($29x2) NSF fee. They'll do it first time, then again one more time before turning it over to collections.
What are some other problems or situations people have had to deal with?
-Mike
Sub: #7 posted on Wed, 09/21/2005 - 15:34
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I have never been so much addicted to this forum as I have been in the recent times. Thanks to you and the community.
I am waiting to hear from Bryan. He wants to say something, I guess.
Sub: #8 posted on Wed, 09/21/2005 - 15:45
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The lenders do not check borrower's credit report, just disburse the amount. It is well understood that unless one is badly in need, will not go for a payday loan. Then what is the guarantee that the borrower will return the money? And what is the basis to approve the loan?
Sub: #9 posted on Wed, 09/21/2005 - 16:08
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[quote=Bryan]The lenders do not check borrower's credit report, just disburse the amount[/quote]
I don't think a borrowers credit should have anything to do with their credit score when it comes to payday loans.
Every now an then someone will need some. Only because a checking account is needed and job verification is also required prior to getting the loan. The only problem is when they take their money back. Usually being super early in the morning because they are going by their countries time.
Most payday loans only want to make sure there is a valid checking account available. They don't care the name or the circumstances. If someone says they have a job...then they'll say it's on them come time to take their money back.
-Mike
Sub: #10 posted on Wed, 09/21/2005 - 16:35
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