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PDL Settling Advice

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sister

Joined: 10 May 2008
sister's page
Posts: 2

99 Magic Points

Subject: PDL Settling Advice

Sat May 10, 2008 9:43 am

Hi
I live in texas and have taken out 5 pay day loans....i defaulted on two of them and the other three are approaching....i cannot close my bank account because of a direct deposit advance i have with the bank...i have already open a new account ....my question is ....i want to settle with each PDL ..before they run up NSF fees in my bank account .should i do this through an attorney or debt management service ...before i lose my mind...which one will anyone advise to use ...

CMBV22

CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 373

3898 Magic Points

Mon May 12, 2008 6:25 am

I dont like debt management companys personally. They have to pay for their staff and rent somenhow and I'm thinking its on YOUR dollar......and an attorney seems like money you really dont have at this point.

I have never taken out a Payday loan so I dont know to much about that but, i would suggest calling the company and asking them to work out a fair and reasonable payment plan. I would then call your employer and ask them if they can pay you via check not direct deposit. If this is possible you should then only deposit slightly more into the checking account then you expect the payments to be. This should protect you from any dishonest companys that would just empty your account.

Then in the future I would make other arrangements then payday loans. If you cant afford your bills this week why would you pat 10% or whatever to pay them next week?
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llamafruit
Guest

Subject: Hello all.

Tue May 13, 2008 12:01 pm

Hi guys. I'm new to the forums and it seems fascinating.

Richard
Moderator
Richard

Richard

Joined: 27 Jun 2006
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Posts: 108

4499 Magic Points

Tue May 13, 2008 12:04 pm

Hi llamafruit

You are welcome to this forum. We would appreciate if you participate and put your valuable suggestions in the forum. It is a credit forum where we discuss credit related issues - Richard
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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 714

75 Magic Points

Subject: debt

Mon May 19, 2008 12:07 am

I agree with CMB.............if you try to go through some kind of Debt Management Co., you're probaly paying MORE to the Co. then you are paying to the PDL's. Also.....in SISTER's 'defense'. You may get SOO behind in bills, you just don't know what to do. If your Credit score isnot good enough to get a loan, you tend to go to other resources. With PDL's, they don't check your credit. Also...you are in a 'frame of mind', I guess you really don't think of the 'repurcussions' when you 'sign on the dotted line'. PDL's are hard to deal with. Talking from personal experience.

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 2476

2725 Magic Points

Wed Jun 18, 2008 3:13 am

They are very hard to deal with indeed, the collection agencies that they hire are also pretty nasty. Pay day loans are illegal in my state, so I have gotten the attorney generals office involved right away. I have paid back more than I have borrowed and they don't want to work with me so this is the only way that I could get any type of cooperation from them. I am presently dealing with one from last year. I have contacted both my state attorney general and theirs to make sure that they will follow the credit collection laws. I don't know what will come of it, but the phone calls have stopped and I still have not recieved anything as far as the debt validation that I have requested. Still waiting, hopefully I won't either.
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Goodnatured,

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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 714

75 Magic Points

Subject: debt

Wed Jun 18, 2008 10:39 am

I REALLY don't know which PDL's are legal in my state or not..state of PA. I DO have a few outstanding ones, but ( the same with me..) they don't want to work with me, either. I told them how much I can afford to send them, each month. Guessit's not good enough for them. Well.......EXCUSE ME!!LOL I feel I'm 'doing my part' to take care of these..why shouldn't they?

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 2476

2725 Magic Points

Thu Jun 19, 2008 1:18 am

sdchargers,

they are illegal in the state of pennsylvania, I live in pa and know this for sure. If they keep harrassing you file a complaint with the pennsylvania state attorney generals office, they will contact them and let them know the law. I had two give me paid in full letters because they contacted them, who are the companies that you are dealing with?
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

Amy louis
Guest

Subject: pdl

Fri Jul 11, 2008 3:12 pm

i also have many payday loan balances out there. i have been paying on some of them for almost 6 - 8 mos. the differance between the original amt. and the amt. they are currently taking is ridiculus. some that i am paying back to exceed the original amt. by 200-300 dollars. My bank contacted me today and TOLD me to close my checking account. they said i paid the pdl co. back the initaial deposit that went into my account, and now i am just paying illegal interest fees. my concern is, the pdl co. state i still owe them money and i don't know what action they can take against me? Phone calls, mail? i need to know if any one is or was in this situation?

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 2476

2725 Magic Points

Fri Jul 11, 2008 9:08 pm

I feel your pain Amy, I was once in that situation, fortunately I have been able to work mine out to a manageable situation. It takes time.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

erb1953

Joined: 31 Dec 2007
erb1953's page
Posts: 549

1003 Magic Points

Sat Jul 12, 2008 2:26 am

The payday loan companies are making a killing off people who fall into their traps. I wish you all the luck in the world when it comes to getting out of this mess.

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 2476

2725 Magic Points

Sun Jul 13, 2008 11:55 pm

There are people who unfortunately see the payday loans as the only way out, then they get trapped in a viscious circle.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

Mary

Mary

Joined: 06 Jul 2006
Mary's page
Posts: 166

5169 Magic Points

Mon Jul 14, 2008 11:14 am

I agree with you goodnatured. Payday loans can never be a good idea to meet immediate financial requirements until and unless all other options are closed. These loans come with very high rate of interest and can put you in debt circle. So I think one should charge the amount to the credit card, if he has one, rather than going for a payday loan.
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goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 2476

2725 Magic Points

Tue Jul 15, 2008 2:34 am

Definately explore all options before borrowing from a payday lender, they can rob you blind. You will be in worse shape later with these lenders than you are now.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

Mary

Mary

Joined: 06 Jul 2006
Mary's page
Posts: 166

5169 Magic Points

Tue Jul 15, 2008 11:59 am

Moreover, before opting for a pay day loan, you may look for other sources of getting loans, like advance from employers, or borrowing from a close friend, if any or charging from your credit card. Payday loan must be the last resort and must be used only in case of emergency.
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Where there's a will, there's a way !!


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