Most of my paycheck gone
Date: Tue, 02/26/2013 - 13:47
Over the past month I've taken out a total of 3 installment loans and 6 payday loans because my boyfriend lost his job and we're on one income now and we needed the money at the time. They are absolutely killing me and now my mortgage payment is going to be very late because they're taking most of my paycheck. I have copies of all loan agreements and they show an interest rate usually upwards of 600%.
I live in NJ and read on this forum that I am not obligated to pay these crazy interest rates. I've read the sticky on how to send the letter and that I should close my bank account and such, but before I do it... I wanted to make sure that I am 100% not responsible for paying this interest. I am definitely not looking to make matters worse if they try to sue me. Could someone PLEASE help as soon as possible... I'm freaking out! Thanks!
I have installment loans with
I have installment loans with Plain Green Loans, Sure Advance, and Western Sky (transferred to Cash Call). Here is a list:
Action Payday $300 already paid $633.50
Western Sky $2,525 paid $421.21
Plain Green Loans $500 paid $93.05
Red Leaf Lending $500 paid $150
Cash in a Wink $400 paid $100
Blue King Cash $400 paid $88
Federated Financial (Payday Nation) $500
Sure Advance $400
VIP Loans $500
Yikes, I can't believe I got myself into this mess. I will take your advice. I've started drafting up the letters to all of them and I'm going to try to call my bank today to see if they can just accept my direct deposit and block everything else. I know I need a new account, but our payroll has already been processed this week and I didn't get there in time to have them cut me a paper check. It's supposed to go in on Friday, and over $1000 of payday loan payments are supposed to come out. I need to stop them ASAP.
Follow our advice and you
Follow our advice and you will be fine. Will take some work on your part but will be worth it in the long run.
Stop Payments
Oops, I just posted my last reply as a comment by accident. Anyway, I said I have my bank putting stop payments on all the finance charges from the payday loans. I have my ACH Revocation emails ready to go as soon as I sign these forms I'm waiting to have faxed to me.
I had to do it this way because my direct deposit had already been put through. So tomorrow after work, I'm going to go to the bank and close the account, and open a new one.
So now I just try to work out a principle-only repayment plan with these loan providers, correct?
Also... do you have any advice on what I should say to these people when they try to harass and threaten to sue me and whatnot? I REALLY appreciate all the help on this site... THANKS!
under Soaplady's post, click
under Soaplady's post, click link on how to deal with illegal loans. Your principal payment plan is on your own terms...pay what you can, when you can. Remember, they are illegal and cannot sue or have you arrested. Ignore the phone calls and tell them you will only communicate via e-mail. Good luck!!
All of your payday loans are
All of your payday loans are illegal. Who did you take the installment loans out with?? Follow the link in my signature line and use these instructions to secure YOUR money. Close your bank account, open a new one and then send them an ACH revocation...give a copy to your bank. Then revoke your voluntary wage assignment. STAY OFF THE PHONE.....tell your employer/coworkers you were scammed...let your family know too.
