pdls, closed account, collections omi!

Date: Mon, 04/26/2010 - 18:39

Submitted by anonymous
on Mon, 04/26/2010 - 18:39

Posts: 202330 Credits: [Donate]

Total Replies: 4

My husband and I have 4 store front-all legal- pdls out. They are due this Friday and we have gotten way over our head and cannot even pay the payment. All but one could do the EPP, but that would be $1000 each payck instead of $700 and honestly we have neither. We want them to go into collections so we can work out a payment plan with a debt consolidation company we are working with. I know that sounds crazy, but that is what we can do right now. So what we are planning to do is talk to bank (wells fargo-once closed, closed) and explain situation that checks are coming in that we cannot cover and that we are trying to take care of them with debt counseling and consolidating. Close account and then take letters to loan places. Explaining that we cannot cover the loan and that to put us into collections so we can take next step with our debt consolidating. What are your thoughts???

You need to let the good people here know some information, what

You need to let the good people here know some information, what state you live in names of each PDL company, amount barrowed, and amount paid back so far. This can help others here help your further. Good Luck

lrhall41

Submitted by Jasgal on Mon, 04/26/2010 - 20:14

( Posts: 399 | Credits: )

I have been working with a consolidation company too. You can do

I have been working with a consolidation company too. You can do this yourself for FREE though and the folks here will give you the info you need. However, if you do use the consolidation company just be aware you will be paying them fees for a few months before they can work out any settlements. (This is my experience) That money you pay to them you could be saving to put TOWARDS your debts. Just a word of advice :) AND HI JASGAL!!

lrhall41

Submitted by hez on Tue, 04/27/2010 - 09:09

( Posts: 72 | Credits: )

We live in Texas and here is what we have: Advance America $1

We live in Texas and here is what we have:

Advance America $1000 and $1200-We have only had these loans for one pay period (we had other loans with them and paid them off)

First Cash Advance $650 (this one has rocked on for a while-probably atleast 12 payments of the minimum due-$90ish)

Ace $1200-brand new loan-no payments

Need to know would it be better to do payment plan with store front (which we will be starting out really low-$50 a month) or try to wait till collections and consolidate or consolidate now. I know that some places will not do it till it is in collections and some I hear will not even do payday loan debt at all. Not sure what to do????

lrhall41

Submitted by on Tue, 04/27/2010 - 13:30

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Can you get your payroll to cut you live checks for a while and

Can you get your payroll to cut you live checks for a while and just cash them and pay your bills with money orders? Then open an account at a credit union! Beware that Texas has a law on the books that they can pursue check fraud charges if they feel the original intent was to defraud! It was not I am sure but they may threaten you with that!

lrhall41

Submitted by Frogpatch on Tue, 04/27/2010 - 13:39

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