Slow progress....
Date: Mon, 08/13/2012 - 14:53
A couple of months ago I was up to 11 PDL/installment loans. I was paying out more than my paycheck every payday just to pay the minimum payments on the installments and only the fees on the PDLs which wasn't reducing the principle at all.
After lots of juggling of finances and scrapping together extra $20 here and there I'm down to 8 PDL/installment loans. I'll list my current loans below. They are ALL legal.
Check N Go: $1985 loan (current balance about $2000) $301 per payday
CashNetUSA: $900 loan (current balance $907) $129 per payday
Cash Depot: $400 installment loan, $94 monthly
Check Into Cash: $500 PDL (balance $585)
Advance America: $400 PDL (balance $476)
Quik Cash: $270 PDL (balance $324)
Title Max: $5000 loan (current balance around $4700) $560 monthly
The Loan Machine: $3000 loan (current balance around $3000) $456 monthly
I was paying between $1200-$2200 a pay period!!!!! Now I'm paying about $650-$1600 (depending on if Title Max and Loan Machine are due)
A couple of these are only paid once a month so that helps me devote extra funds toward paying off the biweekly accounts. I'm currently focusing on paying off Quik Cash since its the lowest balance. Once that is done I'll pay off Advance America, then Check Into Cash. That will take care of all the PDLs and just leave installment loans with definite end dates.
I'll be paying the installment loans while paying down these balances, so when I get the PDLs paid off, I want to refiance the Check N Go loan to take out $1800 instead of $1985 (original loan) and pay off the Cash Depot and CashNetUSA loans. That will leave me with just Check N Go, Title Max and The Loan Machine to pay off. I can make an extra $150 at least to Check N Go during each payday so that'll be paid off quickly then I'll take the money I was paying for Check N Go and pay extra towards Title Max so that I can get my stupid title back (DUMBEST CHOICE EVER) and then throw cash at The Loan Machine to be done with these loans forever. My ultimate goal is to have these paid off in January of 2013, but we'll see how quickly this goes. I'll update with future progress.
Check n go
I had an installment loan with check n go that they put in a hardship program. Lower payments and no interest. I can 't remember how I got it but you might want to call them
Try to work out an EPP with who you can. If I were you I'd be as
Try to work out an EPP with who you can. If I were you I'd be asking family members to give you some money to pay these guys off - even one or two thou would go a long way with these loans.
Check N Go will not work out anything with me, I revoked my ACH
Check N Go will not work out anything with me, I revoked my ACH only to be told that it can take up to 60 days before they'll send my account to collections, so that way I'll have a nice extra amount of interest they can charge me and corporate can't force the store to send the loan to collections, its up to the store. AND THEN after its sent to collections, installment loans are written off and reported to 3 major credit reports as being a defaulted loan. Not what I'm going for. So they'll get paid like normal.... for now.
A couple of places have the option of EPP (only PDL not installment loans) so after I get Quik Cash paid off and pay down Advance America by about $100 or so, I'll set that up on an EPP then do the EPP for Check Into Cash. I just can't afford to up those 2 loans an extra $60 or so dollars each ever pay period at the same time.
