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do paydayloans appear onyour credit report

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sharon539



Joined: 21 Aug 2007
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Posts: 1



376 Magic Points

Subject: do paydayloans appear onyour credit report
 
Posted on Tue Aug 21, 2007 9:54 pm  

do payday loans mess up your credit
Laura

Laura

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35804 Magic Points

 
Posted on Wed Aug 22, 2007 4:53 am  

Yes they do. In the worst way possible. Once you take a loan with an abominably high percentage rate and then you are unable to pay it off, it keeps increasing leaving you with nothing. Keep away from payday loans.
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Laura.
sdchargers_63

sdchargers_63

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1901 Magic Points

Subject: payday loans
 
Posted on Wed Aug 22, 2007 6:05 am  

REALLY????????/ I have a few deliquent PDL's..haven't paid on them for a while. However...they are not on my credit. I'm in the state of PA. i don't know if the state, in which you live, counts for anything. I do have CA sending me letters, on past PDL's ( and I am happy to say, I'm getting them taken care of!!), but, the PDL's aren't appearing on my credit. I din't think a PDL could go on credit reports..since they are illegal.
Laura

Laura

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35804 Magic Points

 
Posted on Wed Aug 22, 2007 9:05 am  

Oh just a little misunderstanding...i meant a payday loan messes up the credit definitely. However it does not show on the credit report as most of them are illegal and have abominably high percentage interest rate. But legal payday loan companies do show on your report. They can mess it up.
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Laura.
Guest







 
Posted on Wed Aug 22, 2007 9:50 pm  

Yeah stay away from Payday loans. Thats a big no no. I found out the hardway because I was pressed for cash. Better to borrow a $100 from a friend or relative. Just make sure you promise to pay them back before the end of the year lol.
Laura

Laura

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35804 Magic Points

 
Posted on Fri Aug 24, 2007 5:22 am  

There are many ways out. If you are in dire need of cash why depend on these payday loan companies. Check whether it is available within your family or friend circle. Feeling embarrassed? More embarrassment will occur once you fail to pay these companies and then the debt gets turned over to the collection agencies. They will not leave any place for you to breathe. They might call up the most unpredicted person for the wrong reason. That would be much more embarrassing.

I personally feel that your family understands you the best and would be ready to help you.

The top most thing to remember...stop depending on other people during the time of necessities. Why not save some money for these crisis periods? A penny saved is a penny earned. Lead a frugal life...that pays. trust me.
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Laura.
sdchargers_63

sdchargers_63

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Subject: Cash Call
 
Posted on Wed Aug 29, 2007 3:32 am  

I would like to add my updated 'tidbit', about Cash Call. I called them ( once again!!) to try to take care of my loan. Guess what they told me! They 'sold' my loan to a CA!! Well....I'm a bit excited ( I know.."excited about 'selling a loan' to a collection CA?) excited because this certain CA CANNOT ask for the % rate that CashCall was asking for. They have to 'abide by' the % rate, I have in my state..PA. I'm not sure WHAT the % rate is in my state, but, I know it's not the 99% Cash Call was asking for!! I was told, by a representive that Cash Call has "decided to 'sell' more than half of their deliquent loans. They said they "sold my loan over two months ago" ( why din't they tell me that when I called them a million times? All they wanted to do is hang up!) .....anyway, here is my question. Since Cash Call NO LONGER 'owns' my loan, can I 'dispute'this with the Credit Bureau? I don't even know if this CA is on my CR. Gotta find out.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1901 Magic Points

Subject: credit
 
Posted on Wed Aug 29, 2007 3:34 am  

Forgot to ask...has anyone dealt with Global Acceptance Credit Company, located in Arlinton TX.?
Laura

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35804 Magic Points

 
Posted on Wed Aug 29, 2007 6:29 am  

Hi Wendy,

According to FCRA the collection agency cannot report to the bureau until they contact you and you send them a letter asking for debt validation and they being able to validate the debt. Thus if this process has not taken place then it must not show on the report.

However if "Cash Call" does not have your loan, the CA has. incase you dispute it with the CRA it will not just drop off because you still owe the debt and that both the OC and the CA can prove it as well.

So check your report. Dispute the item if you want. If the CA seems to be on the report its violation of FCRA. Wait till they contact you, they will I am sure of that.
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Regards,
Laura.
sdchargers_63

sdchargers_63

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1901 Magic Points

Subject: Cash Call
 
Posted on Wed Aug 29, 2007 12:23 pm  

I know I still owe this debt, but, at least I don't have to deal with Cash Call.....that's actually a relief.
Laura

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35804 Magic Points

 
Posted on Thu Aug 30, 2007 4:20 am  

Yes, even I like that part Smile
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Laura.
Morningstar

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11 Magic Points

 
Posted on Thu Aug 30, 2007 9:30 am  

Quote:
why din't they tell me that when I called them a million times? All they wanted to do is hang up!


If CC didn't own the account, then whatever internal collector you reached had no motivation to speak to you at all. Many seasoned collectors stay focused on the prize...a no money call to them is not worth simple courtesy.
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I don't dream since I quit sleeping
sdchargers_63

sdchargers_63

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1901 Magic Points

Subject: Cash Call
 
Posted on Thu Aug 30, 2007 11:32 am  

The CA, I deal with now, is JUST wonderful!! 'You' ( in general) probably think I'm crazy for being excited, about a CA. I couldn't believe the efforts, they are willing to do, to work with me, on this loan. I'm actually feel like I can 'deal with this' now. That's really a relief for me!!
Morningstar

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Posted on Thu Aug 30, 2007 11:24 pm  

That's great news! Given the rates that CC charges, and how aggressive I've heard their internal collectors don't really budge an inch...their management should know how hard it is to squeeze blood from a rock (or turnip).
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1901 Magic Points

Subject: CashCall
 
Posted on Sat Sep 01, 2007 2:42 am  

Gonna give ya'll an 'update' on my CashCall issue. I have been on the phone a few MORE times, with this CA. Guess what!!?? I WILL have this account, PIF, by Spring..or possibly sooner. When the account is PIF, the CA will 'update' my CR and have this account with a 'positive' rating and PAID!!! Just SOOOOOOOO thrilled!!

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