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Help: need advice ASAP - use a company or do it myself?

Date: Thu, 02/28/2008 - 09:57

Submitted by snwski3
on Thu, 02/28/2008 - 09:57

Posts: 10 Credits: [Donate]

Total Replies: 5


Everything comes due for me tomorrow and Saturday. I talked to my storefronts and they were actually rather easy since I was a long time customer and likely had been paying their salary. One of them went over the pro's and con's of the 4-payment program that they offer, contrasting it with allowing the check to bounce and working out payments on my own. It got me to thinking (that and reading many, many posts on this site) that maybe it would be better to utilize a debt consolidation company to help handle these pdl's. If, as some have said, a consolidation company will handle the communication, negotiation and payments then wouldn't it be worth it?

The debt consolidation companies "appear" to have much lower payment amounts than I could arrange, which would allow me to get my other debts back under control (ie, utilities, car loan, etc). The one I spoke to today estimated my payments at about $200 month for everything and it would take two years. They also told me that what laws the PDL fall under is based on the state that they are licensed in and not where the borrower resides? Is that true?

The only other thing is that 6 of my PDL's seem to already be overpaid and the companies still want to charge me to take care of these. What kind of luck have you all had working on them on your own? did you get a refund for the overpayment? Should I use the company for the legal ones and not the other 6? I am so confused and have such a short amount of time to work on this. I am also in fear of the PDL's contacting my references and am wondering if a consolidation company would stop that from happening?

Lastly, my storefronts said that I would have to make a payment every two weeks until paid off - or else!! Can I negotiate this?

Is it?


Thank you so much for all the help and advice I would be lost without this forum!!!


Sorry, I am in San Diego, Ca and I forgot to post the companies that I am talking about:

1. ameriloan
- Internet
- Initial amount $300
- have paid back in fees $535
- remaining balance $260

2. Cash Advance Network (CAN)
- Internet
- Initial amount $400
- have paid back in fees $650
- remaining balance $455

3. Cash Link
- Internet
- Initial amount $300
- have paid back in fees $535
- remaining balance $260

4. LoanShop
- Internet
- Initial amount $300
- have paid back in fees $450
- remaining balance $325

5. Chieftan
- Internet
- Initial amount $300
- have paid back in fees $360
- remaining balance $325

6. ZipCash
- Internet
- Initial amount $500
- have paid back in fees $300
- remaining balance $650

7. CreditProtectionLoan
- Internet
- Initial amount $700
- have paid back in fees $0

(Pay off and reacquire loans)
8. CashNetUSA
- Internet
- Amount borrowed $286 (because I am a Platinum member), up front fees of $31 and I get $255

9. MoneyTree
- Store front
- Amount borrowed $300 of which $45 is up front fees so I get $255

10. Advance America
- Store front
- Amount borrowed $300 of which $45 is up front fees so I get $255
I just recieved a fax from one of the debt consolidation companies and they intend on sending every one of those companies $20-$30 a month if I sign up with them.


lrhall41

Submitted by snwski3 on Thu, 02/28/2008 - 10:14

( Posts: 10 | Credits: )