Payday Loan Consolidation

Date: Mon, 10/19/2009 - 14:53

Submitted by anonymous
on Mon, 10/19/2009 - 14:53

Posts: 202330 Credits: [Donate]

Total Replies: 1

I live inTx and had 12 payday loans. In May is signed up for a consolidation with Progressive Loan Assistance. They PDL's kept calling my home and work and several insisted that they do not participate in these programs. Progressive kept insisting that it was just a scare tactic and they would accept the settlement. They also insisted that I not talk to any of them- which is hard when they continually call you!! I have now paid them $3000 dollars and they have used $650 to settle 3 of the loans. Now 6 months later i have received a letter from them notifying me that they have "removed" of the PDL's from the "program" and it is now my responsibity to negotiate with them or pay them. I tried to do the right thing and let "professionals" handle it. I was never late and now at least 2 are 6 months past due and maybe more. Progressive is very vague when I tried to find out the status but keep telling me not to speak with any of the other companies they still have in my "program". What do I do? I don't want them to garnish my wages or sue me. Should I drop the Progressive program. HELP!!

First things first - you need to find out exactly who Progressiv

First things first - you need to find out exactly who Progressive has agreed to pay off and who they haven't. Yopu also need to look at the terms of your loan with Progressive - are they just managing you money for you or have they given you a loan that is used to pay off your PDL's?
If they are just managing your money for you, then get out of your arrangement with them and get yourself a real debt consolidation loan - there are plenty of places that can give you free quotes for this.
A true debt consolidation loan pays off your existing debts. Period. All gone. then instead of paying back your old creditors, you pay back the consolidation company.

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lrhall41

Submitted by bob bobson on Mon, 10/19/2009 - 20:06

( Posts: 10 | Credits: )