Payday Loans took Over my life, can anyone help?
Date: Thu, 03/27/2008 - 08:29
I live in NJ and owe $551 to Magnum Cash Advance. I am scheduled to make four payments of aprox. $226. I owe VIP $100 and their payments are $25 a pay (in order to pay it off, they only take payments of $50) and I took another $500 loan from Loan Point USA (to pay off a former loan I have) and they want $150 a pay. Magnum is the best because after the four payments of $226, they're done but it's still expensive. I was looking at Langhorne Debt and don't know what to do. I am looking for a second job but still don't think I could make ends meet with it. I feel so lost and hopeless. I have not made any of these payments yet because I took this out to pay back former ones. I know it's so dumb. And whats crazy is that I can pay my bills once these are all gone. Does anyone have any suggestions? I know once these are done I can finally move on. I am willing to make changes and to fix anything in my life.
Bea, you can get all the support you need here. If you need any
Bea, you can get all the support you need here. If you need anything just ask. Check with your bank to be sure the bloack will hold, and you should be fine
Thanks so, so much for everyone's help. i know I will be paranoi
Thanks so, so much for everyone's help. i know I will be paranoid until my next payday (which is on the 17th!) I have a feeling that I am going to call the bank several more times, espeacially since I was misinformed a bit last payday. I plan on going in person one more time and speaking with the branch manager. I remember last payday, they said it would have reversed if i didn't remove the block to get my check out. since direct deposit has stopped (which I am getting in writing, since I am sooo paranoid!), i should be ok. I looked at the board and it seems as though other people have had luck with the block on debits? I just want my life back..
I called the bank, who said the hold will block all ach.. tommor
I called the bank, who said the hold will block all ach.. tommorow is the late evening at my bank, so I plan on going in person and requesting as much info as possible. i was told to speak with the fraud section.. they keep telling me to get an attorney, which kinda scares me. It is from my understanding here that these loans are illeagal in NJ and I shouldn't really need a lawyer? Are there any documents I should bring to the bank? I plan on bring the thing about banks and ACH debits as well as the NJ law from the payday loan page which tells by states how legal they are. They mentioned blocking each company, but that will cost me $75 (as it is $25 each) should I go for that? I was told that the block would work without the $25 revoking process, and I am nervous that they will come in with a different name anyway. Does anyone have advice on exactly how to handle this with the bank? I literally cannot afford something to go wrong, like pay-day (I am still suffering from the $251 they took out than and next payday $431 is supposed to be taken out - more than half of my check and a guarentee that rent cannot be paid). I do not have anyone to lend me money as I owe my family money as it is.. i am facing this alone..
Dont block each company. If you block one , they will just go in
Dont block each company. If you block one , they will just go in under another name and get your noney. You have the right to revoke ALL ach debits. I will post something to bring to your bank. I see I already posted it,Blocking the companies will not work, so please do not waste your money
thanks so much! they said all ACH are blocked (actually, all deb
thanks so much! they said all ACH are blocked (actually, all debits, period - ACH, checks, atm and debit card will be denied) so it sounded weird when they said to block each one by themselves.. I do not want anyone to have any access to my account, period. I was told it would be fine but am scared that this will not work for some reason.. something about i need to revoke before the fraud department can permantely close my account? Idk, i'm tempted to leave it on limited (blocked) status, would that be ok?
Yes, thanks - I printed out what you posted before and plan on b
Yes, thanks - I printed out what you posted before and plan on bringing it to my bank tommorow. They said ALL ACH are blocked, I just want to confirm since last payday backfired and I ended up paying the fees.
Thanks again, I really really apreciate it.
Hello, here's an update: I had my payroll put in writing that my
Hello, here's an update: I had my payroll put in writing that my direct deposit has been stopped and that I will get a live check. This put me at ease, since that was the problem last payday. I also went to the bank, and it was confirmed that I do have the hard block on my account - all checks, ACH debits, etc. are to be denied. I was told to open a new account and to contact fraud to close this one out. I intend to do both but to be honest, I was thinking that maybe I should wait until I know 100% that my money is safe? I am a bit scared to do anything else for now.. does that sound ok? I was told that I can leave it with the hard block on and it will be fine. I am sorry for asking the same questions - I just know if I make one tiny mistake, it will cost me most of my pay and I will not be able to make rent.. :(
Payday Loans took Over my life, can anyone help?
You should be fine; if your payroll dept. said you will get a live check, then I would believe them..so your money is safe.
Go ahead and open another account; you want to so you will have somewhere to cash your check. Just make sure with your bank that your old account does not link to your new account at all. I opened another account with my same bank and have been fine ever since. But, I do have another account somewhere else too. That might be a good idea. But since your bank knows you; and if it is free I would open another account so you can have a place to cash your check.
Take care bea, we are all thinking about you.
thanks again for everything.. i don't mean to keep bothering you
thanks again for everything.. i don't mean to keep bothering you guys because i know we all have problems, i just don't know what to do.. i am starting to feel a bit more relaxed tho and am so grateful for this board. :)
Hello, it's me again - sorry to be a bother. Everything is set
Hello, it's me again - sorry to be a bother. Everything is set for this payday (which is Thursday). My account is on block, my direct deposit stopped.. I hope this works as I am still hurting from last payday :/ I would like to open a new account with the same bank so I can cash my paycheck. Did anyone have good luck with that? I have seen in several posts (including one of the helpful replies to mine) that people have had good luck opening new accounts but I am so scared that they will take it out anyway.. Does anyone have any suggestions? Are there any other steps I should be taking at this point? Sorry again for all the questions.. Thanks :)
I have another question - besides the one about opening another
I have another question - besides the one about opening another account (i spoke with the bank, who said it would be fine except for a court order, but she wasn't too sure of what i was talking about because she kept saying my account was being levied.) what can i expect when the loan defaults this payday? I am so scared of calls at work. Like a dummy, I gave them my work number and my work is always so hard on us as it is. There is NO WAY i can tell them what I'm going through - these people are horrible :/
bea, you stated this: Quote:i spoke with the bank, who said i
bea, you stated this:
Quote:
i spoke with the bank, who said it would be fine except for a court order, but she wasn't too sure of what i was talking about because she kept saying my account was being levied |
Huh? :shock: What the hell does she mean?
We do advise to open a new account at a completely different bank, as it would be harder for the pdls to find your new account. However, others have opened new accounts at the same bank. I would just suggest getting something in writing from them that your new account and your old account will not be linked in any way. No matter what happens (if debits try to hit your old account) that the new one will NOT be touched.
And, once you've defaulted, yes, the pdls are going to contact you. It might take them a bit to catch on, but they will eventually. And they will call. As far as your workplace, do the calls come directly to you? Or do you have voice mail? Or do you answer the phone? We can figure a way to get around the calls. Let us know how phone calls are handled at your place of employment.
I think she meant that if the loan people ever took me to court,
I think she meant that if the loan people ever took me to court, the bank can give them money from any account. I tried to explain to her that they are illegal in my state so there????????s no way they would ever get a court order to access my funds. Isn????????t that correct?
Do you really think it????????s best for me to find a new bank? That kinda makes me sad as I love a lot of things about Commerce (but I guess this is my fault..) I like their hours and the fact that they will cash my paycheck even if I do not have enough in checking to cover it ????????many area banks would make me deposit it and wait the whole weekend before I get it. The bank said that the only way those people could get my info is if I gave it to them ???????? as in they will not give them the info at all. But of course I am very very scared at all of this. Of my three loans, here????????s what I have left to pay:
Magnum Cash Advance - $325 out of $551.
VIP - $75 out of $100
Loan Point USA - $500 out of $500
That????????s if this all works out, which I am so so scared it won????????t :????????(
Now about work - I share a cube with my boss for one. I answer my own phone but if I am away from my desk (lunch, going to customer service window, etc.) someone else would answer my phone - sometimes my phone gets answered if I'm sitting here because some people get a little phone happy :/ I do have voicemail though. Any suggestions on any of this? This is like my most nervous as I get paid on Thursday and am terrified something will go wrong like last payday...
Can you set your phone to ring right to voice mail?
Can you set your phone to ring right to voice mail?
That's a good idea - I have to look into it because our phones m
That's a good idea - I have to look into it because our phones might ring once first (we have pretty old-fashion phones..) and my boss would not like that. I can turn the ringer off whenever i'm away from my desk, which will probably work as they sometimes turn off by accident anyway. Thanks for the idea - I am so stressed that something will go wrong this payday! I really have no idea what to do with myself until than :/
PDL Help
Hi - I am in the same situation as all of you. I have decided to take back my life and get rid of these horrible loans - all thanks to your wonderful site. I am thinking of going with Town & Country over Langhorne after speaking with someone from both companies. Does anyone have any thoughts either way?
Hey Lisa C. - as you can see these people are sooo helpful! If y
Hey Lisa C. - as you can see these people are sooo helpful! If you haven't already, I would make a new post with a list of companies that you owe, how much you owe and how much you paid them (there are guidelines on the main page of this board.)as well as what state you live in. This way, you will have the experts help you decide if you can do this yourself (I found out I could!)
As for me, I am still soooo nervous but am happy things are going to get better (still horrible nervous now tho..)
Hey everyone - thanks again for everyone's support. If you don't
Hey everyone - thanks again for everyone's support. If you don't mind, I think I am just goign to vent here. Nobody has to reply, I just feel better knowing people understand and hopefully that it will help someone else know that people are goign through this.
i am so worried about my payday on Thursday. Things seem to be set-up correctly but you never know. Last payday left me feeling so defeated. because I didn't expect them to get to my money, I have three extra bills to pay. When all is said and done, i'll have less than $70 to last through two weeks for food, gas, etc. That said, I would be walking on air if it works out like that because at least those bills would be paid on time. if they get to my money again, i would be so devastated.. I seriously won't be able to make rent, pay my car payment, my phone payment, my utlities, I feel like throwing up when I think about it.. I kept waking up the last couple of nights feeling so helpless and lost.
i am so grateful for everyone's support and am sorry I drag it out.. I just do not have anyone else to turn to.. nobody would begin to understand this mess. I am scared to close my bank account, scared to open another one.. scared scared scared..
bea, it's okay! You come here and post any time you want to! I h
bea, it's okay! You come here and post any time you want to! I hated feeling alone. I came here. I knew I could count on someone to at least listen to me. I know the scared feeling all too well. I know the sleepless nights all too well. You're not alone, bea. Don't dread the coming days. I'm hoping for the best for you. Just because it didn't work out last time, doesn't mean it won't work out this time, okay? Now, don't stress until something bad happens. I hate to see you tear yourself apart over something that may not turn out bad! You come here any time and post. I understand. I'm just hurting for you because you're so scared and feeling alone. I know exactly how you feel. If you need us, we are here, bea. Okay? Keep us updated on what's going on. We can help you out. And, feel free to post any time you want to. Someone will always be here to listen to you. I promise.
cannr, your post brought tears to my eyes. I am so happy I found
cannr, your post brought tears to my eyes. I am so happy I found this group, which has become my lifeline. I called the bank again today and the hard block is def. on and i have in writing from payroll that my check will be a live check tommorow. so everything should be ok but i worry that somehow the bank will give them access, etc. i guess i'm paranoid.. its just that so much else is going on, these loans just make it all so unbearable..
First, I'd like to thank everyone again I have my fingers crosse
First, I'd like to thank everyone again I have my fingers crossed, but it just might work out this time. I even found a way to cash my check (hopefully it will be a live check..). As of now, I am scared to open a new account - is it really best to find a new bank? To be honest, I'm going to be scared and real careful with my new account - I'm even scared to write checks to legit bills! I just would like a place to cash my paycheck.. (I prefer direct deposit..). Also, I am worried about closing this account because I'm scared the ACHs will push it open (which happened to me at another bank and costs me hundreds of dollars..). I was told I could talk to fraud and they could close it out but they scare me because I was told they might want to talk to my attorney. I don't have an attorney! I'm really not trying to pull a fast one, I will pay them back what I owe =( Any advice on my next step with the bank (assuming tommorow works out)?
bea, hang in there, honey! I'm glad I was here to listen to you!
bea, hang in there, honey! I'm glad I was here to listen to you! I understand COMPLETELY about your fear of the bank. Believe me! I'll tell you what, it's best to go to a completely different bank. Only because it will be harder for the pdls to find you (which is rare) and also you will know for a fact that your old account and new account would not be linked in any way - since they won't be at the same bank. I opened a new account at a different bank, set up my direct deposit, with no problem. Don't be afraid. It took me quite awhile to write checks to pay my legit bills, too! I was waaaay paranoid! So, I use my debit card whenever possible and if I can pay over the phone, I use my debit card for that. However, there are some bills that don't give me that option - so I write a check. Kills me every time, but it's been fine so far. I don't write checks at stores anymore. I use my debit card. And I will NEVER put my information on the computer again for the rest of my life! LOL! Please think positive, bea. It'll work out. And, if it doesn't, we can help you with the next step. We are here for you, okay? You're hard debit block on your other account should be just fine. I called and checked mine EVERY DAY to make sure that block was still on it. Every day! So, don't think you're being silly by being paranoid! I've done the same thing, felt the same thing, been in the same position. You are certainly not alone. Whatever I can do to help, just let me know!
Thanks again =) I hope, hope this works out!! A lot is still go
Thanks again =)
I hope, hope this works out!! A lot is still going on but I do feel better about money. I got a second job to work at so I can get a better hold of my finances and am excited to start there.. like I said, a lot is going on and these horrible loans only made it worse.. I am so happy I found this board because I want to be able to take charge of my finances for the first time in years and I now feel like I am able to do it. These loans were the biggest problem but because of them I did fall a bit behind on other stuff.. this second job will help though.
Thanks again!
You're welcome! :D I can tell you have that positive attitude n
You're welcome! :D I can tell you have that positive attitude needed! Great! Look forward to the days to come! It will all work out and things will be better. It's hard to imagine now, but it will be soon.
Great news! My direct deposit didn't go through and the block wo
Great news! My direct deposit didn't go through and the block worked.. the three compainies tried to take aprox. $401 but the bank said they won't have a chance of gettin through. Thank God as that's more than half my check! I had to ask my mother if I can deposit my check into her account, which made me feel ackward to say the least. I found a check cashing place but for some reason I am missing my social security card (another reason to panic!) I have so much going on to worry about - it gives a piece of mind to know that at least my money is safe. Most of this check goes to bills because last check got me behind but I am so happy that I can pay them. Thanks to everyone here! What is my next step?
Bea, I am so glad that you money is safe. That is what is most i
Bea, I am so glad that you money is safe. That is what is most important.
Thanks! As I said, all is nowhere near perfect, I have no idea w
Thanks! As I said, all is nowhere near perfect, I have no idea what to do next! I am just so happy because this step took me three weeks to work out!
I had a bit of a scare - my online account shows that these peop
I had a bit of a scare - my online account shows that these people are in my pending! It does show zero on account detail but i paniced and called the bank. The guy said that he doesn't see this on his computer at all but i'm so scared right now.. is this okay? idk what to do.. really, i don't know what my next step should be or if this block is gonna work. it should, but i'm stressed =)
Hold on, bea. You checked your account on line and it shows pend
Hold on, bea. You checked your account on line and it shows pending debits? However, you did speak to the bank and they're not showing it? It may be because they're going to be rejected(?). Maybe they're showing up, but your block is going to reject them. Please, please, please let us know what happens.
Hello J Sorry I haven't gotten back to you - I've been busy with
Hello J Sorry I haven't gotten back to you - I've been busy with the second job! :) But thanks for asking, the account is ok. It was showing as pending but it is off the webpage now. The bank said that it will show up as pending because they are trying to come in but because of the block, it will bounce back.. which it has. The bank said it could have taken up to three days to bounce back but it went back already - I'm sure it won't be the last time they try, though. I am still hurting from last pay and wonder if the bank didn't mention the three day to return rule, my whole check might have been safe to withdraw. At least I did get to pay some of them down, though. I don????????t know, this is soo stressful! What is my next step? Thanks for everything!
bea, now that your account is straight, we can move forward. Ref
bea, now that your account is straight, we can move forward. Refresh my memory for me. Where do we stand right now??
Hello, I'm sorry for taking so long to get back,, right now i st
Hello, I'm sorry for taking so long to get back,, right now i still have to completely close my account but the money is safe..
I have three companies..
VIP Cash - I took $100, paid $25
Magnum Cash Advance - I took $551, paid $226.51
Loan Point USA - I took $500, paid nothing yet.
I have no idea what to do now that my money is safe, should I wait for them to approach me?
do i need to write letters or wait for them to call me? I wish I
do i need to write letters or wait for them to call me? I wish I knew what to do :/
Hello, I had quite a scare - VIP called me! I was shaking sooo
Hello,
I had quite a scare - VIP called me! I was shaking sooo badly, my hands, my voice! I told him that the bank closed my account for other reasons and that I learned that in the state of NJ these loans are illegeal and therefore I don't need to pay the fees (he said I had to pay the $75 owed, plus an extra $85!) He told me I was committing fraud to which I simply replied "no, i'm not" he put me on hold than said he will accept the $100 principal, I said that since I paid $25 i only owe $75 and he said he ok, he'll call tommorow to make arrangements of payment. Now I'm scared! It worked out good but I doubt I can give him the full $75, do you think he will accept $25 at a time? Should I moneygram this or ask for an address to send money order? I feel so unprepared as he caught me off-gaurd. I also doubt Magnum and Loan Point will be this easy (Loan Point is Genova Roth and I didn't pay anything on this loan yet!!) Any advice? I have every intention of paying these people off, I just don't know how..
Any advice? Should I send them letters to stop them calling at w
Any advice? Should I send them letters to stop them calling at work? As I said before, that scares me the most.. will they work a plan with me? I owe $900 total to three companies and idk what to do next..
Payday Loans took Over my life, can anyone help?
I would definitely send them a C&D letter to tell them that you are only willing to pay them the principle amounts based on the fact that you were informed of the debt actually being illegal. I would also ask for an address to send them a money order or at least get a pre-paid visa card and give them that. Money Grams cost additional money. Any yes, I would only send what you can. Now that your monies are safe, then by all means pay what you can afford.
Thanks - I would love to give them $75 and be done with them but
Thanks - I would love to give them $75 and be done with them but I am behind on bills so badly.. I am going to send them a C & D letter.. can I do that via email or do I need their physical address? I prefer money orders as you said, money grams do cost extra and money is so tight.. thanks for the advice.
Payday Loans took Over my life, can anyone help?
It's up to you how to send the letter; but I sent mine via fax and email. Certified mail is costly and I figured most of them wouldn't receive it that way. But I know mine got it either by fax or email because I got calls from all of them. I would say again, just send what you can as you are at least making the effort to pay back the principle monies borrowed. Do it on your own terms...You need to eat and live first. that's most important.
Thanks - I have no idea why these people scare me so much.. I wi
Thanks - I have no idea why these people scare me so much.. I will e-mail and fax them, as well.. should I fax all three or wait until the other two start calling me?
Payday Loans took Over my life, can anyone help?
I would send to all of them. At least that will hopefully let them know that you don't want them to call your work and your references.
sounds smart to me =) thanks so much, i appreciate all your hel
sounds smart to me =)
thanks so much, i appreciate all your help.. VIP wasn't so bad but that is only $75. Genova Roth scares me the most
Payday Loans took Over my life, can anyone help?
Don't be scared....They can't take you away or do anything other than use tactics to scare you....as long as you keep in contact with the ones you still owe principle to; I don't think they will be too bad. they may not like your offer; but if they want or need your money; they will work with you. Good Luck...
Thanks again, i work my second job tonight so I probably won't b
Thanks again, i work my second job tonight so I probably won't be able to work on this until tommorow morning.. but I will def. send it out asap.
i really appreciate everyone's advice :) I will email/fax my C & D letters.. anything else I should be doing? Should I tell VIP when they call back tommorow to only communciate me via email? I already told them to only call me on my home number..
Payday Loans took Over my life, can anyone help?
Yes, in your letters just state that you want all communications in writer so you want to communicate via email. I believe that they can contact you on your home phone but not harrass you either. I still get calls at home; but at least not at work.
ok, thanks.. i'm trying to get everything together to send them
ok, thanks.. i'm trying to get everything together to send them now.
I have taken this from a previous post (I hope that's ok!) Will
I have taken this from a previous post (I hope that's ok!) Will this work? is there anything I should add, delete or change? Sorry for the questions, I cannot mess this up!!
To Whom It May Concern:
I have learned that Payday loans are prohibited in the state of New Jersey. Therefore, I am only obligated to pay the principal balance. Please contact me via e-mail to make reasonable payment arrangements. Please provide me with a physical address, as I will only pay via money order.
I prohibit you or your affiliates from contacting me via telephone at my place of employment or my home telephone number. I also prohibit you from calling my references listed on my loan. Once I inform you of this, you must stop the telephone contact immediately or you will be once again breaking the laws of the state of New Jersey.
If your offices attempt telephone communication with me, including but not limited to computer generated calls and calls or correspondence sent to or with any third parties, it will be considered harassment and I will have no choice but to file suit. All future communications with me MUST be done in writing and sent to the address noted in this letter by USPS. I will also accept e-mail correspondence. My mailing address is: - I will only respond to written mail sent to that address.
Thank you,
also, should i send this out asap? someone please help, i have n
also, should i send this out asap? someone please help, i have no idea what to do :(
Also, should I take out the part about payday loans being illegeal and making the arrangements? Should these be seprate letters or can I discuss both in this letter?
I am so disgusted at these people - making me feel guilty after I gave them more than double (some cases triples!!) in my previous loans.. But I am also scared of calls at work so what can i do? I gotta stop being scared of them - I hope this works though. Thanks..
Does anyone have advice? VIP said they will call back today and
Does anyone have advice? VIP said they will call back today and I'm soo scared!
Payday Loans took Over my life, can anyone help?
The letter sounds good and yes you would want to state all the facts even that they are illegal. You might want to add your state laws into the letter as well. I had one letter that I used for all of mine and just changed the wording to fit each one. Yes, send it out imediately.
Don't be scared. If you are worried about work, just tell them that you have identity theft and all of your information has been compromised and that you may be getting some weird calls. I would have them sent directly to voicemail or if you answer; just say you are not there and not allowed any personal calls at work.