Payday loan negotiation help
Date: Tue, 12/04/2012 - 19:04
Hello,
I need some advice on how to negotiate with payday lenders myself. I do not want to close my bank account, and I do not want to pay a payday consolidation company. I know I owe the principal on these loans, but a couple of them could be illegal, and if so I'd like to find out what I can do and how I should word any letters/communication with them.
What I have is the following:
Plain Green - $2100 - have made 5 or 6 payments of $129 biweekly. Balance owed is $1989.
CashCall - $2525 - have made monthly payments of $294 since March 2012. Payoff as of today is $2870.
First America Credit (line of credit) - $1100 - make payments biweekly of $125. (have only made 1 so far)
Responsible Loan - $500 installment loan - $75 interest fee - but I just chose the payment plan option (8 biweekly payments - adds another $300 in interest)
MyCashNow - $1000 personal loan - 6 biweekly payments of $265 - have made one payment so far.
PayDayOne - $1500 - interest of $187.11. Have not made a payment yet, first one is due 12/14.
I think most of these are legal in Texas, except for possibly First America Credit and MyCashNow. Not sure about CashCall. I have history with all of these companies.
I would like to communicate with them and work out a lower payment so that I am not strapped for cash. I am currently paying @ $1600 a month towards these loans. If this continues, I will have to get other loans to just stay afloat. Due to a divorce a few years ago, my credit score plummeted when I was unable to pay some credit card bills, and I have student loan debit which is current and paid on time. But my credit score is extremely low, so I can not get a loan to pay these off, thus I need to negotiate with them. I am not trying to get out of paying for them, I just need some advice on the best route to take in contacting them to ask for lower payments, or possibly monthly payments instead of biweekly. I've read that CashCall is the most difficult to deal with. I've actually worked out a payment plan with PayDayOne once, several years ago.
And advise would be greatly appreciated.
Thank you,
TexasMom
I need some advice on how to negotiate with payday lenders myself. I do not want to close my bank account, and I do not want to pay a payday consolidation company. I know I owe the principal on these loans, but a couple of them could be illegal, and if so I'd like to find out what I can do and how I should word any letters/communication with them.
What I have is the following:
Plain Green - $2100 - have made 5 or 6 payments of $129 biweekly. Balance owed is $1989.
CashCall - $2525 - have made monthly payments of $294 since March 2012. Payoff as of today is $2870.
First America Credit (line of credit) - $1100 - make payments biweekly of $125. (have only made 1 so far)
Responsible Loan - $500 installment loan - $75 interest fee - but I just chose the payment plan option (8 biweekly payments - adds another $300 in interest)
MyCashNow - $1000 personal loan - 6 biweekly payments of $265 - have made one payment so far.
PayDayOne - $1500 - interest of $187.11. Have not made a payment yet, first one is due 12/14.
I think most of these are legal in Texas, except for possibly First America Credit and MyCashNow. Not sure about CashCall. I have history with all of these companies.
I would like to communicate with them and work out a lower payment so that I am not strapped for cash. I am currently paying @ $1600 a month towards these loans. If this continues, I will have to get other loans to just stay afloat. Due to a divorce a few years ago, my credit score plummeted when I was unable to pay some credit card bills, and I have student loan debit which is current and paid on time. But my credit score is extremely low, so I can not get a loan to pay these off, thus I need to negotiate with them. I am not trying to get out of paying for them, I just need some advice on the best route to take in contacting them to ask for lower payments, or possibly monthly payments instead of biweekly. I've read that CashCall is the most difficult to deal with. I've actually worked out a payment plan with PayDayOne once, several years ago.
And advise would be greatly appreciated.
Thank you,
TexasMom
Do not post duplicate posts Your answer is on the other thread y
Do not post duplicate posts Your answer is on the other thread you created.