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Getting out of debt and paying for payday loans

Date: Fri, 11/10/2006 - 06:22

Submitted by jayandcherri5
on Fri, 11/10/2006 - 06:22

Posts: 28 Credits: [Donate]

Total Replies: 12


I think that payday loans actually are good for the one time need of help alongs you pay it back the next week. I currently have a payday loan from Zip Cash and I have 90$ taking out every other week. How can I pay for this and my other bills so I wont keep falling behind. I have 3 credit cards that are past due serverly past due and I keep wanting to make payment arrangements with them and I can't. I have in the past filed bankruptcy but these credit cards were the ones left open from back then and were clear of any debt. From my divorce I am tapped out. I have less then 2 years on my car payment. I am just wondering if anyone has been in my shoes that can help me deal with all this, the creditor calls and etc.


Should they have taking the full loan payment the first time they took the finance charge of the loan? What do I do now since they took out another 90$ but not the full loan? THey told me that I had to call them to pay it off but they would keep renewing the loan till it was paid off so they take out $90 every two weeks. THis is the second time they took it out though.


lrhall41

Submitted by jayandcherri5 on Fri, 11/10/2006 - 07:09

( Posts: 28 | Credits: )


Have you checked with your state laws if roll over are allowed in your state? I checked it and found the following information.

Quote:

Rollovers Permitted: None (cannot refinance, renew, extend; borrowers can renew to obtain additional cash but prior loan must be paid in full from proceeds of new loan and marked as such)


The pdl lender is doing wrong by renewing the loan account. Check for their licensing with the New Hampshire State Banking Department. You will find some remedy on this loan account and bring down the balance.

Regarding your credit card debts, you can talk with a counselor and combine everything under one payment plan. You will get lower interest rates in this program and some late fees can also be waived off. The counselor will deal with your creditor calls and you won't need to involve in between. You might find easy options after discussing your situation with a counselor.


lrhall41

Submitted by orake on Fri, 11/10/2006 - 08:42

( Posts: 482 | Credits: )


jayandcherrie5. I also thought a payday loan was a good idea, but they also kept taking out the refinancing payment every two weeks. It ended breaking me because the loan never got paid down. I had paid nearly $1000 in finance and interest for a $500 loan.That is until I complained to the BBB, FTC,and my states Attorney generals office. If you complain about them doing business illegally in your state and overcharging then you should be able to either get the loan closed or only be responsible for what remains on the principle. That is including your two payments of $90.

For example if you had a $300 loan, so far you have made two $90 payments. Therefore only owing $120.

I would file the complaints and email the payday loan company you used notifying them of your complaints and how you want the loan resolved.It may take several emails a day, but they will work with you once they realize you have filed complaints.


lrhall41

Submitted by VALERIE on Fri, 11/10/2006 - 09:22

( Posts: 9 | Credits: )