Overwhelmed in California, please help
Date: Wed, 05/26/2010 - 22:42
I started to type out a long post about how I got into this situation but then deleted it. I guess it doesn't matter. None of us intends to end up in payday loan hell. I have every intention of paying back my payday loans. I just can't right now. I can within 60 days.
Here are my payday loans:
1 - Check into Cash - Storefront
Amount $300 - I pay it off each time and re-loan. This one seems to have been around forever.
2 - Cash Plus - Storefront
Amount $300 - Paid off and re-loaned each pay period.
3 - Cash N More - Storefront
Amount $300 - Paid off and re-loaned each pay period.
4 - Speedy Cash - Storefront
Amount $300 - Paid off and re-loaned each pay period.
5 - Check n go - Storefront
Amount $300 - Paid off and re-loaned each pay period (on second re-loan now).
I live in California.
I have reached a point where I am taking payday loans just to cover the fees of other payday loans. I had several before, which I was able to pay off. But this time, I am sinking terribly. I get paid friday, and if I want to pay my rent and feed my child, I will need to take TWO more payday loans in addition to re-loaning the five I already have.
I bank with Bank of America. My checking account is -$115 today. My check is direct deposited on friday, and friday evening the payday loan companies expect to see me in to pay my amounts as usual. I have never not paid, though I have been a day or two late before.
I called my bank and asked about closing my account. They said I have to zero the balance, request it to be closed, and have it remain untouched for 24 business hours (no checks or debits) for it to officially close. I just dont even know what to do. It is costing me over $400 a month just to re-loan these. The thought of having to add two more just to get to my next payday makes me think terrible thoughts of despair.
My check will be deposited on friday. If I withdraw the difference (once the negative amount is settled) and zero the account and close it, what will happen when the Check cashing people are at the teller the next day trying to cash my check? Even if I withdraw the difference, I still wont have enough money to pay my bills and buy groceries and get to work. I will be $100 short. But that will be better than being $345 short, which is how short I will be if I dont do something!
I do have two post dated checks out to a veterinarian (final payments on something they financed for me) that are dated for mid June and the end of June. What will happen if they try to deposit those checks? Should I call them? Tell them I am closing the account? I wont have cash to give them until the date on the checks. I guess I could try to open up a new checking account elsewhere and give them new checks. I am just so overwhelmed, I dont even know what to do.
Please help.
Since all your lenders are storefront, they are legal, which mea
Since all your lenders are storefront, they are legal, which means they owe the full balance of the loans along with the interest and charges. Now, if you can't pay them on the agreed date, you may contact to them prior to default and request to set up EPP.
I'm afraid that if I tell them tomorrow (thursday) that they'll
I'm afraid that if I tell them tomorrow (thursday) that they'll go ahead and deposit the checks on friday. Should I wait until Friday when the loans are due?
If they do, I dont have any family able to help me with the crisis that will ensue (If I had that I wouldnt have had to take these loans in the first place). I'm just so afraid.
My instinct tells me to go take out what little money is left from my paycheck after my current over draft fees on friday morning, and then call them after. So that way even if they submit the checks and overdraft my account by a insane amount my rent will at least be paid.
Hello, I am reading your post but will respond with some informa
Hello, I am reading your post but will respond with some information as soon as I have researched it.
For the record, your payday loan lawa are at the link below: htt
For the record, your payday loan lawa are at the link below:
http://www.paydayloaninfo.org/stateinfo/CA.asp
This is what I would do if I were in your shoes; some of your lenders are members of the CFSA (Community Financial Services Association of America) see the link below:
http://www.cfsa.net/MemberList.aspx
Even if they aren't on that list, doesn't mean they aren't members, contact them and ask. Request an extended payment plan of each lender who is a member of the CFSA, that will enable you to pay off these loans in four separate payments, and the interest will stop as soon as you sign up, but you must request it BEFORE your next payment is due, see the link below to read about the EPP:
http://www.cfsa.net/public_education_campaign/guidelines/guidelines_extended_payment_plans.html
As long as you sign up for the EPP they will not try to deposit your checks, they will hold them as long as you meet the terms of the EPP.
Thanks, I went to all of them today. Check n Go - set up an ex
Thanks, I went to all of them today.
Check n Go - set up an extended payment plan
Check into Cash - set up an extended payment plan
Speedy Cash - set up an extended payment plan
Cash Plus - The lady there gave me a 2 week extension and said if I cant pay it, come in before that date with $75 and she'll set up an extended payment plan then.
Cash N More - said they dont offer the CSFA Extended Payment Plan but if I dont come in to pay the amount by Saturday they'll deposit the check. If it comes back to them unpaid they'll call me and set up payments then.
Thanks for the advice. This is going to be very painful, but if it's the only way out I'm going to have to just do it. I'm still stressed, but I do feel a little better than I did yesterday. Yesterday I was ready to give up.
Thanks again!
Cash Plus is a member of the CFSA, they MUST adhere to the membe
Cash Plus is a member of the CFSA, they MUST adhere to the membership rules and give you the EPP when you request it, I would contact their corporate office if I were you because all they are doing is delaying it so they can make more money off of you, that just isn't right, print out the guidelines from the link I gave you and take it into the store, demand the EPP NOW, otherwise, it will cost you more fees. I wouldn't allow them to treat me that way, if it were me, I would print out the guidelines and demand an EPP, else I would call the CFSA and report them, and also call their corporate office and complain!