defaulted on online payday loan

Date: Sat, 04/28/2007 - 12:10

Submitted by anonymous
on Sat, 04/28/2007 - 12:10

Posts: 202330 Credits: [Donate]

Total Replies: 2

I defaulted on United Cash Loans pdl. I requested an ACH stop with my bank. I still owe $175.00,they said which is $80 interest, $30 return fee and $65 principle. I am going to make 2 payments on each payday by Moneygram but I cannot afford these payments. How do I change this? I am in Arizona. I have probably been overcharged. The original loan was $200.00. I also have 2 other pdl loans online and 2 storefronts. The online companies are OneClickCash -owe $100 principal...probably overpaid and CashnetUSA which is due to payoff next payday for $168.00. I know it's stupid but I need to re-borrow from a company I just paid off so I can pay my utility bills and phone. I am thinking of defaulting on all of the online loans at least. Or at least the One Click Cash. Right now I need to ask for a loan from family(again) if they can help me so checks won't bounce. I have a second part-time job which will help but I just started and won't get a full paycheck from them until next week. It seems we can't make it week to week. I don't want to close my checking account because my husband and I both have direct deposit. He also has 2 storefront loans.
Please advise what I should do. This forum is great. I have already used the templates to notify UCL about the ACH stop.

I would stop ALL ACH debits from your checking account and deal

I would stop ALL ACH debits from your checking account and deal with the store front payday loans first. Explain to them your situation and see if there is a way of making payment arrangements with them. Your check will probably have to be deposited and go back to them NSF. But talk to them first before you do this.

Oneclickcash was kind of nasty at first when I defaulted with them. So be careful with them and don't let them scare you into paying them. Check your payday loan laws and see what you can throw at them when they call you for defaulting.

Most of all DO NOT take out another payday loan if you do not have to!!! Because that will make your situation even worse than it is now.

Can you call your utility companies and ask for a payment arrangement? Sometimes they can spread a past due amount over a couple of months. That might help.

I wouldn't send them a money gram. Tell them that you will send them a money order or go out and get a visa gift card or a pre paid charge card. The gift cards that have the mastercard or visa logo on them they will accept for payment and they are usually cheaper than moneygram. To send moneygram here is over $15 and the gift card from my credit union was only $3.

lrhall41

Submitted by puddlejmpr on Sat, 04/28/2007 - 13:17

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The payment I already made to the electric company was a payment

The payment I already made to the electric company was a payment arrangement. My credit union can only stop ACH debits from a specific company but not in general. I'm not going to have a choice as far as borrowing again from another company. Just not as much. I'm going to call my sister and ask for a loan.

lrhall41

Submitted by on Sat, 04/28/2007 - 13:31

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