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Payday Loan

Date: Sat, 01/05/2013 - 19:40

Submitted by anonymous
on Sat, 01/05/2013 - 19:40

Posts: 202330 Credits: [Donate]

Total Replies: 3


I have multiple payday loans. I live in Ohio and two are with Checkngo. One is an installment loan and the other is a pay day loan. The installment is for $2500 but with fees etc. they say the total amount I owe is $5000! I cancelled the ACH payments today. They were very nice about it. The second loan is for $450. I am hoping to pay most of that off. The other company I have loans with is PaydayOne. One loan was originally for $800 and so far I have paid that plus some but I still owe $400. Another loan with the same company is $900. I have paid $200 to that but still owe the $900 according to them. My question is has anyone dealt with PaydayOne and will they work with you? And what happens now that I cancelled the payments to Checkngo? I want to pay these off because I did stupidly take the money but they are bleeding me!


Do what Steve and Waffles have suggested. Your credit score will tank after the accounts go to collections. However, you can start repairing your credit score gradually. Get rid of the payday loans first. Get your life and sleep back. For heaven's sake, stay away from payday loan lenders in future.


lrhall41

Submitted by ditchdebt on Sun, 01/06/2013 - 21:48

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Since you have already revoked ACH for Check n Go, your account would automatically be forced into collections. You can take advantage of that fact and try to negotiate a settlement. Do remember that if you decide to settle, you would have to pay in lump sum. As for PaydayOne, they will work with you. Since you have not revoked ACH in their case, you can call them and ask for the EPP. That might be of some help.


lrhall41

Submitted by Steve Barris on Sun, 01/06/2013 - 20:19

( Posts: 1043 | Credits: )


I'd honestly try to force them both to collections - if you've paid over 800 already on an 800 dollar loan and you still owe 400, you might be better off telling collections you'll do a final lump sum payment of 200 or something like that.


lrhall41

Submitted by waffles on Sun, 01/06/2013 - 20:27

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