Help with payday loans
Date: Mon, 07/19/2010 - 02:31
I have several payday loans (6 to be exact) that I have been constantly rolling over and refinancing to continue to make payments. It has reached the point where I have nothing left to sell, and won't be able to pay rent, buy gas or food. I have been reading through these forums all night and have found some helpful hints, but was hoping that someone might have suggestions that might add clarity to my specific situation with the lenders I currently owe. I live in Ohio and have loans from:
Paydayone - 927.28
cashnetusa - 1514.38
nationalmoneystore - 308.33
checkngo - 1007.67
magnum - 1039.83
loanbyphone - 319.10
Obviously, I want to pay my debt to each of these lenders, but I simply do not have the income to do so all at once. Any and all advice would be greatly appreciated... I am desperate!
Thanks.
Sadie, Payday One is a legal payday lending company. Cashnet too
Sadie, Payday One is a legal payday lending company. Cashnet too is a legitimate one. As for National Money Store, I believe they are illegal. The last three too are legal. For the legal ones, you can go for payday loan consolidation.
As for the one that is not legal, you need to pay back only the principal amount.
Which of these lenders are store front, which are online lenders
Which of these lenders are store front, which are online lenders?
PaydayOne, Cashnetusa and Check n go all offer an extended payme
PaydayOne, Cashnetusa and Check n go all offer an extended payment plan, but they won't tell you about it, you have to ask for it. Check n go is a member of the CFSA which means the interest stops as soon as you sign up for it and you pay it off in four separate payments.
Is the other lender you have called' Magnum Cash? If so, then ar
Is the other lender you have called' Magnum Cash? If so, then are NOT legal in the state of Ohio, CLICK HERE to find out how to deal with illegal lenders.
Is the National Money Store an online lender or a store front le
Is the National Money Store an online lender or a store front lender? If this is a store front lender then they are legal.
Hello all, Thanks for the quick replies. After some research i
Hello all,
Thanks for the quick replies. After some research it looks like National Money Store and Magnum Cash are not legal in Ohio and I am using the information found in other forums to revoke ACH authorizations. In the case of CashnetUSA and CheckNGo it looks like they are both members of the CFSA which will allow me to make an extended repayment plan. The problem is, according to the information I have found, the CFSA extended repayment plan only allows for 4 periods to repay the the debt which I simply cannot afford. If I speak with these lenders are they likely to work with me to create a repayment plan that I can afford or do I have to allow the loan to default by closing my bank account and work out a plan with them afterward. Finally, it appears that loanbyphone is CFSA certified, but in the past when I have asked them to move my loan due date one day to coincide with a change in my pay schedule they have told me that my state does not allow extensions. Do they have the ability to deny my request for an extended repayment plan or was I simply asking the wrong question?
None of these are store front lenders, all are online.
Quote:Originally Posted by AnonymousHello all, Thanks for the q
Quote:
Originally Posted by Anonymous Hello all, Thanks for the quick replies. After some research it looks like National Money Store and Magnum Cash are not legal in Ohio and I am using the information found in other forums to revoke ACH authorizations. In the case of CashnetUSA and CheckNGo it looks like they are both members of the CFSA which will allow me to make an extended repayment plan. The problem is, according to the information I have found, the CFSA extended repayment plan only allows for 4 periods to repay the the debt which I simply cannot afford. If I speak with these lenders are they likely to work with me to create a repayment plan that I can afford or do I have to allow the loan to default by closing my bank account and work out a plan with them afterward. Finally, it appears that loanbyphone is CFSA certified, but in the past when I have asked them to move my loan due date one day to coincide with a change in my pay schedule they have told me that my state does not allow extensions. Do they have the ability to deny my request for an extended repayment plan or was I simply asking the wrong question? None of these are store front lenders, all are online. |
Sadie: I too live in Ohio. Currently, I have 7 pdl. One is with Magnum. I was able to get them to agree to only receiving the principal balance back. I proposed a payment plan (one I could afford), told them I would send the payments VIA money order/US Postal Service. At first, they were not willing to accept my proposed payment. I was firm and told them either accept it or they would receive nothing. They agreed to accept my proposed payment. With Magnum, just be firm. Remember they are illegal to do business in Ohio and you only owe the principal balance not a penny more.
As for cashnetusa.com. I too have a loan with them. They told me I had to pay the loan back in 4 payments along with the interest and fees. I simply cannot afford to do so, so I proposed a payment plan to them along with revoking any wage assignments. I simply told them what I could afford to pay, the fact that all payments would be made VIA money order/US Postal Service. The last thing I want to do is give them my new bank account number. After several emails back and forth, they have agreed to my proposal of paying just the principal balance back. Insist that all correspondence be done via email or regular US Postal Service. That way, you have everything in writing.
The only thing, I can tell you is be firm. Out of the 7 pdl I have, I have now successfully made payment arrangements for 5 of them (only paying back the principal balance). I plan on sticking to my payment arrangements with all of them and will have everything paid off the last paycheck in November. There is light at the end of the tunnel!
I live in Ohio as well and have a loan with Cashnetusa.com as we
I live in Ohio as well and have a loan with Cashnetusa.com as well. What type of proposal did you give them and how receptive were you you at first? I am way over my head and if I can just get out from under this loan I'll be okay.
Quote:Originally Posted by AnonymousI live in Ohio as well and h
Quote:
Originally Posted by Anonymous I live in Ohio as well and have a loan with Cashnetusa.com as well. What type of proposal did you give them and how receptive were you you at first? I am way over my head and if I can just get out from under this loan I'll be okay. |
This was the letter that I faxed to them.
[COLOR=black][SIZE=3]I am no longer able to make the required payments on my account.[/SIZE][/COLOR]
[COLOR=black] [/COLOR]
[SIZE=3]Loan History:[/SIZE]
[COLOR=black][SIZE=3]May 24, 2010 Cashnetusa.com Deposit $600.00[/SIZE][/COLOR]
[COLOR=black][SIZE=3]June 11, 2010 Payment to Cashnetusa.com $132.71[/SIZE][/COLOR]
[COLOR=black][SIZE=3]June 25, 2010 Payment to Cashnetusa.com $630.99[/SIZE][/COLOR]
[COLOR=black][SIZE=3]June 30, 2010 Cashnetusa.com Deposit $600.00[/SIZE][/COLOR]
[COLOR=black] [/COLOR]
[SIZE=3]Acknowledgment of Loan:[/SIZE]
[COLOR=black] [/COLOR]
[COLOR=black][SIZE=3]I hereby acknowledge my loan in the amount of $600.00 on June 30, 2010. [/SIZE][/COLOR]
[COLOR=black] [/COLOR]
[SIZE=3]Proposal:[/SIZE]
[COLOR=black] [/COLOR]
[SIZE=3]As statement above, I acknowledgement that I did, in fact, borrow $600.00 on June 30, 2010 and same was deposited in my account on June 30, 2010. Due to my dire financial situation, I am asking that interest and late fees be waived. Below is the proposal payment chart for paying this amount back. [/SIZE]
[FONT=Calibri][/FONT]
[RIGHT][RIGHT][FONT=Arial]8/6/2010[/FONT][/RIGHT]
[RIGHT][FONT=Arial]$75.00[/FONT][/RIGHT]
[RIGHT][FONT=Arial]8/20/2010[/FONT][/RIGHT]
[RIGHT][FONT=Arial]$75.00[/FONT][/RIGHT]
[RIGHT][FONT=Arial]9/3/2010[/FONT][/RIGHT]
[RIGHT][FONT=Arial]$75.00[/FONT][/RIGHT]
[RIGHT][FONT=Arial]9/17/2010[/FONT][/RIGHT]
[RIGHT][FONT=Arial]$75.00[/FONT][/RIGHT]
[RIGHT][FONT=Arial]10/1/2010[/FONT][/RIGHT]
[RIGHT][FONT=Arial]$75.00[/FONT][/RIGHT]
[RIGHT][FONT=Arial]10/15/2010[/FONT][/RIGHT]
[RIGHT][FONT=Arial]$75.00[/FONT][/RIGHT]
[RIGHT][FONT=Arial]10/29/2010[/FONT][/RIGHT]
[RIGHT][FONT=Arial]$75.00[/FONT][/RIGHT]
[RIGHT][FONT=Arial]11/12/10[/FONT][/RIGHT]
[RIGHT][FONT=Arial]$75.00[/FONT][/RIGHT][/RIGHT]
I will make all payments VIA money order according to this chart. I will send the payments (money orders) to you VIA Regular US Postal Service on the date indicated on the chart to:
[SIZE=3] PLEASE PROVIDE ME WITH YOUR MAILING ADDRESS[/SIZE]
Once all payment have been made according to the payment chart, your company will give me a letter indicating that this account is paid in full and closed.
This is the best that I can do according to my financial situation. Please let me know if you agree to these terms.
[SIZE=3]Wage Assignments:[/SIZE]
[COLOR=black] [/COLOR]
[COLOR=black]I hereby revoke any and all wage assignments I may or may not have signed with your company, I no longer authorize you, your company, or your affiliates to attach any part of my wages or contact my employer for your collection purposes. I have notified my employer about this matter so any attempts to do so on your part will be rejected.[/COLOR]
[FONT=Calibri][SIZE=3][/SIZE][/FONT]
[SIZE=3][FONT=Calibri] Finally, at this time I also request contact be made through US Postal mail or email only. This is a notice that any phone calls from employees or registered agents of Cashnetusa.com to my place of employment, home phone, and references are to stop. My schedule makes it impossible to be available to receive phone calls during normal business hours. Be advised that any phone calls received in regards to this debt, will be recorded and by doing so after receiving this letter will be considered an acknowledgment of their agreement to being recorded. [FONT=Times New Roman][/FONT][/FONT][/SIZE]
Your cooperation is appreciated as I look forward to settling this debt as quickly as possible.
[FONT=Calibri][/FONT]
[FONT=Calibri][/FONT]
Quote:Originally Posted by AnonymousI live in Ohio as well and h
Quote:
Originally Posted by Anonymous I live in Ohio as well and have a loan with Cashnetusa.com as well. What type of proposal did you give them and how receptive were you you at first? I am way over my head and if I can just get out from under this loan I'll be okay. |
I forgot to mention. Cashnetusa.com was not very receptive at first. It took a few emails back and forth before they would agree to my proposal. I basically told them the truth that I honestly could not afford the payments that they were proposing. Even if they would decide to file a complaint against me in Court, I have the right to answer their complaint, and ask for a hearing before a judge. No judge is going to do anything to you as long as you are making an attempt to pay them back.
Denise, Your information has been incredibly helpful... I am go
Denise,
Your information has been incredibly helpful... I am going to try this tactic with all of my legal creditors (checkngo, cashnetusa, paydayone, and loanbyphon) and try other means to wipe away my debt with the illegal creditors. I realize I am going to be in for a fight but I feel like your story and experience will give me the tools I need to get a favorable outcome. My first step is going to be working with my bank branch manager to get my account closed and a new one open that can't be messed with by these agencies. Once this is done I am going to send letters to each of my various creditors as I am still current on all of my loans until Friday and would prefer to get payment plans settled as close to that day as possible to avoid as much harassment as possible. Is this what you would suggest? Sorry for all the questions, I just really want to tap into the wealth of knowledge present in these forums.
Thanks Again!
Quote:Originally Posted by AnonymousDenise, Your information h
Quote:
Originally Posted by Anonymous Denise, Your information has been incredibly helpful... I am going to try this tactic with all of my legal creditors (checkngo, cashnetusa, paydayone, and loanbyphon) and try other means to wipe away my debt with the illegal creditors. I realize I am going to be in for a fight but I feel like your story and experience will give me the tools I need to get a favorable outcome. My first step is going to be working with my bank branch manager to get my account closed and a new one open that can't be messed with by these agencies. Once this is done I am going to send letters to each of my various creditors as I am still current on all of my loans until Friday and would prefer to get payment plans settled as close to that day as possible to avoid as much harassment as possible. Is this what you would suggest? Sorry for all the questions, I just really want to tap into the wealth of knowledge present in these forums. Thanks Again! |
I wish I could talk to you other than through this forum. send me a private message if you want with your phone number. I have only been in this forum for a month. I was in complete desperation and did not know where to turn and found this forum through google. The advice on here has been so helpful and I am starting to feel like there is light at the end of the tunnel. I would suggest you close your account BEFORE you send out any letters. You don't want to give the pdls notice of what you are doing so that they can try to raid your account before it is closed. I was current on all 7 pdls. 3 days prior to the next withdraw, I closed my account. The very next morning, I sent out all my letters.