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Payday loans are killing me - how is this legal

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goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



538 Magic Points

 
Posted on Thu Dec 10, 2009 3:01 am  

You will have to pick one at a time if that is if you can afford it. You can pay them a little moe to get rid of them.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1916 Magic Points

Subject: PDL
 
Posted on Thu Dec 10, 2009 6:27 pm  

I'm wondering if someone has some good advice on this: I have a 'loan' with Think Cash (They actually go by First Bank of Delaware on my bank statement). They said after the 2nd payment, a certain amount of my payment would start going to the balance instead of the % I'm paying (very high). I don't see that happening. I probably shouldn't of gotten the loan in the first place, but,,was really in a bind with some things. I asked if I could put a payment off, lower payments,etc. All of a sudden, (seems like) these people are the ruddess people to deal with. Any advice?
simpletruth



Joined: 29 Sep 2009
simpletruth's page
Posts: 34



13 Magic Points

 
Posted on Fri Dec 11, 2009 12:38 am  

Hey guys can you explain the difference between Chapter 7 and chapter 13? I thought bankruptcy was bankruptcy. I've never had to file, when I see I'm getting in over my head I usually dig in and start digging myself out.
fireyone



Joined: 26 Feb 2008
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Posts: 4246



130 Magic Points

 
Posted on Fri Dec 11, 2009 2:18 am  

Simple truth, The best way to fingd the difference between the two is to google the topics. This would give you a more detailed esplanation then you would maybe get here, I do know with either bankruptsy you have to do credit counseling and they look at your income to see if you can repay.
Justin

Justin

Joined: 17 Jul 2006
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Posts: 1238



28944 Magic Points

 
Posted on Fri Dec 11, 2009 6:56 am  

Hi Simple,

Chapter 7 bankruptcy is known as the liquidation bankruptcy where the non-exempt assets of the debtor are sold by the creditor to obtain the debt amount.

Chapter 13 bankruptcy is termed as a wage earner's plan wherein the debtor can place a repayment plan to pay off the debts. Normally, this plan stretches for 3-5 years during which the debtor is required to make regular installments to the creditor. If the income of the debtor is less than the state median, then the plan is for 3 years and if it is more, then the plan applies for 5 years. During this period, the creditor must stop any kind of collection activity on the debtor.
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Justin
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1916 Magic Points

Subject: PDL
 
Posted on Fri Dec 11, 2009 11:44 am  

What about 'First Bank of Delaware? They say they are not a PDL. However.....now I'm beginning to think they are. They say they are an "installment loan." Same thing?..or different?
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1883



1916 Magic Points

Subject: pdl
 
Posted on Mon Dec 14, 2009 8:34 am  

I received an e-mail from a 'non-PDL company' (can't remember the exact name..). According to their e-mail, they ''consolidate ONLY PDL's''. As I was reading along, it stated this 'company' would "loan you money to pay the PDL's back." Has anyone heard of these companies? Seems really 'fishy' to me.
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30065 Magic Points

 
Posted on Mon Dec 14, 2009 9:28 am  

Hey sd

Quote:
They said after the 2nd payment, a certain amount of my payment would start going to the balance instead of the % I'm paying (very high). I don't see that happening.


Did you get any of this in writing?

Quote:
All of a sudden, (seems like) these people are the ruddess people to deal with.


well that happens with most creditors. So, don't bother about that. Keep your focus on settling the loan. If some executive is not handling your query well, then look out for someone else, maybe someone who is a level up and who may be willing to listen to your offer. Usually creditors do not want to listen to any settlement talks but if you can convince them that it is really really difficult for you to pay up the whole amount, they might settle for the lump sum rather than going to court.
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Carol
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1299
Location: Los Angeles, California


30065 Magic Points

 
Posted on Mon Dec 14, 2009 9:38 am  

Hi

As far as I found out First Bank of Delaware offers services like personal banking as well as business banking. They also offer personal unsecured installment loans to help you pay off your existing loans. They also charge high interest rates on such loans. So, how did you get their money? Was it in a savings a/c directly like PDLs or otherwise?
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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1916 Magic Points

Subject: loans
 
Posted on Tue Dec 15, 2009 12:37 am  

CAROL..I applied over the Internet. They were loaning out 'products' up to $2500.00. They said I qualified for $500.00. The money was Directed Deposited into my bank account. However.......the Webdite I applied on was Think Cash. It's debited as FBDLoan. Hope this helps.
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



538 Magic Points

 
Posted on Wed Dec 16, 2009 1:37 am  

Are you still paying on it sdchargers, did it take a long time, what is your status on it now? Was it cashcall?
maddy
Guest






Subject: payday loans
 
Posted on Sat Jan 30, 2010 3:57 pm  

what will happen if you just pay what you can a month?
Justin

Justin

Joined: 17 Jul 2006
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Posts: 1238



28944 Magic Points

Subject: payday loans
 
Posted on Mon Feb 01, 2010 12:29 pm  

Hello Maddy,

If your question would have been much more clear, i could have answered to your query.
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Justin
100TimesTired
Guest






Subject: payday Loans
 
Posted on Mon Jul 26, 2010 6:05 pm  

In the middle of filing bankruptcy. Should I continued to make payments. The person from the bankruptcy said I should since it will take 10 days to file my petition.
Katrina

Katrina

Joined: 19 Jul 2010
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Posts: 51
Location: Atlanta, GA


1041 Magic Points

 
Posted on Mon Jul 26, 2010 11:17 pm  

100TimesTired - Who told you to keep paying a PDL? That isn't right. If you are filing BK, (by the way an emergency filing can be done in 1 day), then you should not pay any lender unless you plan on reaffirming the debt. You SHOULD send them a notice of bankruptcy filing (send it RRR) and give them your attorney's info.

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