My Plan on dealing with my PDLs. I would love feedback please!

Do you know if these are legal or illegal loans? In which state do you live, what companies did you borrow from, how much did you borrow and how much have you paid back, are they storefront or internet?

While your plan sounds ok for illegal lenders (keep in mind if they're illegal you are only morally obligated to pay back the principal and do this via money order or prepaid card). If they are legal you have to work out a payment plan with them or they could file a civil suit against you.

Please answer the questions above so we can give you more sound advice.

I'm in Texas. Here is the list of what I have. They are all legal loans with the exception of Magnum:

PayDayOne: $990
ChecknGo: $885
Advance America: $1135
ACE Cash Express: $950
First Cash Direct: $485
Magnum: $600
The Cash Store: $1065

Ok I just found you old posts. I see that it appears on of your loans is legal (Advance America) you need to work out a payment plan with them. You can cnot just stop paying.

The other appear to be illegal based on your posts. Your plan sounds on point for those.

It would help if you would have kept the threads together :) I hope I haven't missed anything.

Sorry about that! I figured that I'd start a new post.

My question would be, what if they do not want to work with me?

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

I couldn't find anything in a quick internet search. There is a licensing database. Try going to the texas AG website and poking around to see if you can find the database and search it.

I would then contact the office in the link above and explain your situation and see if they are required to offer you an EPP. I would get a payment mailing address and send money orders for what you can for each LEGAL loan. Keep the money order stubs and records of payments for each.

Dear Friend, I am there in the boat with you right now. More people are suffering in this poor economy than you know. My husband and I had an emergency, and to make a long story short we are trapped in quite a few payday loans. The most important advice that I can give you is, "Do not let these loan sharks endanger you, your family, and everything dear to you. These places all should be illegal in our United States. Someday I really think they will be. All payday stores will finally reap what they have sown. They are evil, and they have found a way to market despair, poverty, and lack of hope. Make sure that all of your pay is arriving into an account that the payday lender does not have access to. This is to protect your pay, so that you can use every penny for debt reduction and pay these places back in full - with more time. Finally, don't beat yourself up. Just know that you will never get into this mess again. It is unavoidable to become trapped in these payday loan stores because the interest is way, way too HIGH.
First of all, these are the steps that I have followed: 1. Go to church and pray with all of your heart to God. 2. No matter how bad things are right now, my husband and I are tithing to our church. We both know that God is the only one who can heal this painful situation for us. 3. Openly communicate with each payday lender. ( My husband and I called every one of the businesses and let them know that we have literally hit a brick wall. With all of the interest we are paying, we are having trouble buying groceries and keeping the electricity on. We both agreed that we cannot go on like this. A judge/collection agency would give us much better terms than what we currently have. Furthermore, we wish to pay back every one in FULL - we just need more time and the EXTREME HIGH INTEREST COSTS back in our pocket to do it.) 4. Only one payday advance store (CASHLAND) agreed to a one time 4 payment plan agreement. They are the only ones following the CFSA guidelines. The other stores said that we would have to let the checks come back into our checking account and bounce. Then, they would work out a payment plan with us. It is essential to set up a plan that is workable for you. All of the payday stores have promised us that the check will only go through and bounce one time. Be careful not to commit to too big of a repayment plan amount which will put you under financial stress again.
You cannot worry if they will not work with you. I have done an extensive amount of research, and financial experts have said that it is in their interest to work with you. Furthermore, it takes more money on their part to take you to court. They wish to avoid court, if they can. You are working in good faith, and you wish to make everything right. If they refuse to work with you and accept your payments every two weeks, it will give you extra time to save the money to satisfy the debt until the collection agency/court contacts you. Some readers on the Internet said that it took the collection agency up to two years to even contact them. My gosh, you would have the debt paid off long before that!
The most important thing to remember is that you are doing the right thing. No one wants to default on anything, but if you stay in this horrible cycle you will go down the road of bankruptcy. If you would go down that road, these payday stores will not get a penny. Be sure to tell them that. You wish to get them paid in full without going down the bankruptcy road. Payday stores do not like to hear the word "bankruptcy". Tell them by ending this cycle, you are avoiding this outcome.
The checking account that has the payday loans might not survive. I am very aware of that. It makes me feel very badly, because I've had this certain checking account a very long time. I also like that bank. It is embarrassing for me to have my bank see me like this. However, my husband and I are willing to let this account close, if necessary, to protect the futures of our children. I am not closing this account until the bank would force me to, or I see that the payday stores are repeatedly sending the checks through. Again, God is giving me the strength to get over this embarrassment. Everyone, if they are honest, have gone through a very difficult time in their lives.
Most of all, please remember that God is with you. Also, remember that this is just a point in time. This too will pass. I am positive that God will get my husband and me out of this pit, and he will set us on solid ground. God will do this for anyone who seeks him. Hang in there! You'll make it!

JLB,

Thanks for you input :) I'm nervous, anxious, scared, etc, all rolled into one. I know some of my rights here in Texas (aka, garnishments, etc).

I'll let you guys know how this all works out.

Thanks all.