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Date: Wed, 09/23/2009 - 12:03

Submitted by Genevieve Maddison
on Wed, 09/23/2009 - 12:03

Posts: Credits: [Donate]

Total Replies: 4


Hi, I took out multiple payday loans to pay a bad rent situation, and I can tell I'm about to get in way, way over my head. I can (barely) make the automatic deposits coming out on my payday- and the next payday, I won't be able to cover all of them. What should I do next? I see these ads for consolidation- should I try that?

I live in Missouri, and this is my information if that helps:
cash in dash- 200, I've paid 150 in fees and principle

check into cash 300, I've paid 72 in fees

united cash loans 300- I've paid 150 in fees and principle

payday loans yes- 200, I've paid 100 in fees and principle

ameriloan 200, I've paid 60 in fees

ace cash express 300, I've paid 51 in fees

checkngo: 375, I've paid 118 in fees

Thanks in advance for any and all advice!


Missouri requires Internet lenders to be licensed by your state, many of yours aren't. Click the link below to read your payday loan laws.
http://www.paydayloaninfo.org/state_detail.cfm?id=MO

Checkngo and check into cash are both legal lenders, I believe they are both members of the CFSA (Community Financial Services Association of America), the link below shows that to be true.
http://www.cfsa.net/MemberList.aspx
If you haven't defaulted on either of these then you are eligible for the EPP (Extended payment plan), the interest stops as soon as you sign up for it and you would pay them off in four separate payments on each payday, but you must request it BEFORE your next payment is due. You may have a little problem with checkngo, from what I have read from other members they deny offering an EPP but don't allow them to tell you that, be ready and armed when you request an EPP, show them the link (or print it out) to the members page at the CFSA that I gave you above, and also show them the link below which outlines members expectations for being a part of the CFSA. Link that explains the EPP is below, read number 11.
http://www.cfsa.net/industry_best_practices.html

As far as your other lenders, they aren't licensed to lend in your state, this means you are only obligated to pay them back whatever you borrowed to begin with, less whatever you have paid them so far. I am going to give you a link on how to deal with illegal lenders, please don't skip any steps, follow the steps on what you should do to deal with these unlicensed lenders, then you should be OK. My advice is for you to take care of the legal lenders first, after you have them taken care of you can deal with the unlicensed ones. The reason for that is because the legal ones can and WILL sue you but the illegal ones can't. Oh, they will threaten and harass but in actuality, there's not a whole heck of a lot more they can do. CLICK HERE to find out how to deal with illegal lenders.


lrhall41

Submitted by Shazzers on Wed, 09/23/2009 - 12:22

( Posts: 17344 | Credits: )


Quote:

Originally Posted by Genevieve Maddison
Wow, Shazzers, thanks for the research and the info! I will follow your advice on what to do. So, you don't think I should consolidate the loans through someone?


I wouldn't if it were me, if you've been paying all these lenders all along then I am willing to bet you can get an the EPP and take care of the legal ones. I wouldn't worry about the unlicensed ones until the licensed ones are taken care of.


lrhall41

Submitted by Shazzers on Wed, 09/23/2009 - 12:33

( Posts: 17344 | Credits: )