NeekNeek Posted December 23, 2004 Report Share Posted December 23, 2004 I have several cash advances. I need help on how to pay them off. I am in big trouble here. They total over $1000. Link to comment Share on other sites More sharing options...
bigdaddyroy Posted December 23, 2004 Report Share Posted December 23, 2004 This is just a little background information on the PAYDAY Loans. These people are big time crooks. I would deal with a credit union instead. However, looks like you alreadt have your loans. Good Luck! http://www.oag.state.ny.us/press/2003/sep/sep24a_03.html Link to comment Share on other sites More sharing options...
workinninetofive Posted December 23, 2004 Report Share Posted December 23, 2004 This is just a little background information on the PAYDAY Loans. These people are big time crooks. I would deal with a credit union instead. However, looks like you alreadt have your loans. Good Luck! NeekNeek-Hi there, I'm assuming you were in a bind to get the $ otherwise you probably would have went to a bank/CU. Is a loan at a bank with a cosigner an option for you? Link to comment Share on other sites More sharing options...
blrogs Posted December 23, 2004 Report Share Posted December 23, 2004 GEESH! IT,S A BAD MOVE , THESE PEOPLE ARE HIGH INTEREST, AND COMMON PREDATORS , THEY LIVE AND BREATH FOR A PERSON OR COUPLE IN A HARD WAY TO MAKE ENDS MEET ! wish I could help but they operate in a very thin line to protect theirselfs. hope someone will jump in always try to avoid them!i,m still learning Link to comment Share on other sites More sharing options...
workinninetofive Posted December 23, 2004 Report Share Posted December 23, 2004 Guys...this person has gotten into a bind and now needs help getting out. We all find ourselves in bad spots from time to time. I think it's really unnecessary to keep rubbing in... we all already know that what scumbags they are. At this point, coming up with a solution will go a lot further Link to comment Share on other sites More sharing options...
LadynRed Posted December 24, 2004 Report Share Posted December 24, 2004 Are you still paying them or have you stopped ?? Did you give them checks ???What state are you in and did you get these in your own state ?PayDay loans are one big viscious circle and the only way to get out of it is to break that circle. In most cases, that means either paying them off entirely in one shot - which I'm assuming you cannot do, or you stop paying them completely and close the bank account the checks were issued on, as well as putting a stop payment order on those checks so the bank doesn't bounce them on you. They will be pretty mad and will make all kinds of threats about committing a crime and going to jail - which they cannot do in most states. Link to comment Share on other sites More sharing options...
NeekNeek Posted December 25, 2004 Author Report Share Posted December 25, 2004 Thanks to everyone for your replies! I'm so stressed, I did this to myself! I'm such an idiot, I have so many loans out there! I know better than this.I don't have anyone who can co-sign a loan for me. I have automatic payments set up with one of them. The others call me all the time at work and at home. Some of them have a voided check that they required when I applied, the others approved me right online.I live in PA and the loans are out of PA, DE, UTAH, CA AND NV.Happy Holidays! Link to comment Share on other sites More sharing options...
NeekNeek Posted December 27, 2004 Author Report Share Posted December 27, 2004 bump Link to comment Share on other sites More sharing options...
schellmis63 Posted December 27, 2004 Report Share Posted December 27, 2004 I will tell you I have gotten involved with these companies at some point in my life and I have learned just like you will now. They would much rather work out a plan with you than you jumping ship on them. I know a guy who actually will work with his people. I never gotten into that point but,,, I have heard stories. So be honest with them... Tell them your story and see what happens. If they don't budge get that check Stopped ASAP.One story that I heard that they just gave up on the guy trying to get money from them. They had gotten so much from him they just dropped it. Good luck and stay away from them.. No matter what. You will never get ahead if you are in that cycle. I know,, I started going that route and I cannot believe the interest that they got out of me.. Call me dumb and desperate. Link to comment Share on other sites More sharing options...
nevermore Posted December 28, 2004 Report Share Posted December 28, 2004 I don't know that much about them. But I'd suggest trying to get a loan from a family member or Credit Union (anyone really) to try to pay them off. If that's not possible then every 2 weeks or month pay them down $100. I hope everything works out for you. Link to comment Share on other sites More sharing options...
blrogs Posted December 28, 2004 Report Share Posted December 28, 2004 i hope i didnt offend on the previous post, as the dragon stated they would rather you pay, have you checked your state usurey laws? also try to negoitiate a lower interest rate and payment plan? worse case what can you do with a judgment? set on the paper? just learning Link to comment Share on other sites More sharing options...
NeekNeek Posted December 28, 2004 Author Report Share Posted December 28, 2004 Thanks everyone. I took no offense to anything.Its just that I tried everything. They don't want to hear it. Link to comment Share on other sites More sharing options...
schellmis63 Posted December 28, 2004 Report Share Posted December 28, 2004 Many pay day loan stores have gotten themselves in trouble. I do remember seeing some other posts on here about them. If you have tried to go with the " Can you work with me" route and they wont. Don't let you life surround with paying them. Don't fail paying yourself and your bills. They can't throw in jail for it. Eventually they will work with you. If not, it's their loss,, big loss! Link to comment Share on other sites More sharing options...
hoapres Posted December 29, 2004 Report Share Posted December 29, 2004 I have several cash advances. I need help on how to pay them off. I am in big trouble here. They total over $1000. Avoiding pay day loans :1. BUDGET! Get out some pencil and paper to determine you're cash flow. Increase you're income and decrease expenses.2. Make a list of EVERY outstanding payday loan with their due date! Make every attempt to pay the outstanding payday loan without getting another loan!! 3. Stop making additional payday loans!! Teletrack, the CRA used by payday lenders, probably has a record of all outstanding payday loans.Payday loans are in my opinion loan sharking. While maybe in the extremely rare case of financial emergency, a stop gap payday loan despite the exorbinant interest rate is acceptable, as a LONG TERM solution to financial problems clearly unacceptable. Link to comment Share on other sites More sharing options...
admin Posted December 29, 2004 Report Share Posted December 29, 2004 NeekNeek,I think it's time to make some tough decisions - do you have anything to sell? Have any jewelry to sell? Can you get by on one car and sell the other? Don't say you can't if you really can, even if it is a huge hardship to sell something. Can you get a second job? Can you take out a 401K loan? What's your credit like - can you get a credit card and then get a cash advance? Once you get past this point, most likely, you won't be there again anytime soon - pain is an effective teacher. I'm not being judgmental - just you must face facts. I'm really sorry you're in this spot - I've made foolish choices myself in my life, and it caused me so much hardship that I vowed I'd never be in the same spot. And I haven't.Other than the above, I don't know what to say to get you out of your troubles...if you can't pay, then get a new phone number, and cancel your checking account by telling your bank your check book was stolen. If they wind up going to collections then you can tell the collection company to go away. Until this point, they are allowed to call. Link to comment Share on other sites More sharing options...
NeekNeek Posted December 30, 2004 Author Report Share Posted December 30, 2004 Thanks admin. I don't have anything. My jewelry is all silver and some costume, I only have one car, and I'm a FT student so I only have time for one job. (35 hrs a week) I don't own any electronics except for this computer which I need for school. (art student)All this happened when my mom lost a lot of money gambling, asked me for money and then I got behind on my bills, mostly school payments. I don't have any co signers available and for some reason I was able to get a car loan but not the Creative Education Loan for school.I can't wait until this year is over!My bank account is in the negative $80. I'm paying that when I get paid but the thing is, the loan companies will try to pull money out again the day I get paid and make it worse. Will the bank allow me to close the account tomorrow while I still owe them $$$. My bank is Commerce Bank. Link to comment Share on other sites More sharing options...
NeekNeek Posted December 30, 2004 Author Report Share Posted December 30, 2004 And what about calling my job? My boss is very annoyed. Aren't they supposed to stop calling there if you tell them to? Link to comment Share on other sites More sharing options...
DocDon Posted December 30, 2004 Report Share Posted December 30, 2004 CA's are not supposed to contact you at work if you tell them in writing.OC's (at least legitimate ones), I've found will also honor such a request in writing if you state you are not permitted to accept personal calls at work - it is a violation of company policy. Not many will want to be dragged into court for disrupting a business by harassing their employees... Link to comment Share on other sites More sharing options...
admin Posted December 30, 2004 Report Share Posted December 30, 2004 The only problem (I think) is that this is not a CA, but the OC - am I right? Link to comment Share on other sites More sharing options...
DocDon Posted December 30, 2004 Report Share Posted December 30, 2004 The only problem (I think) is that this is not a CA, but the OC - am I right?Yup. I wrote letters to all my creditors (my "opt-out of everything") and requested that any issues regarding the account was to be done in writing, email, or direct contact at my residence. I told them it was against company policy for me to take personal calls of this nature at my place of employment.Almost all responded in writing, stating they acknowledged my request not to be contacted at work. A few needed a couple more letters sent. Link to comment Share on other sites More sharing options...
hoapres Posted December 31, 2004 Report Share Posted December 31, 2004 My bank account is in the negative $80. I'm paying that when I get paid but the thing is, the loan companies will try to pull money out again the day I get paid and make it worse. Will the bank allow me to close the account tomorrow while I still owe them $$$. My bank is Commerce Bank.If the funds won't be available to pay the checks then you can place a stop payment on the outstanding checks and close the account by paying the negative amount. You will have to resolve the outstanding checks and it is likely that you will be placed onto Telecheck and/or SCAN with a followup to Chexsystems with a negative retailer item. If you don't close the account and the bank proceeds to close the account due to the negative amounts owed then you will most likely have a Chexsystems entry with the remark account closed by financial institution.You will also have a negative Teletrack entry which may preclude future payday loans and affect other credit applications.While you most likely can not be criminally prosecuted for the post dated checks, payday loan defaults potentially lead to SCAN, Chexsystems, Telecheck and Teletrack issues which do not exist for other default loans. Link to comment Share on other sites More sharing options...
NeekNeek Posted December 31, 2004 Author Report Share Posted December 31, 2004 Thanks everybody. Yes its an OC. I will close my bank account on Tuesday and pay the outstanding balance. Then on Wednesday when they try to pull the money nothing will happen and I'll be ok. Tomorrow I have to go to HR and cancel my direct deposit and join their credit union. No more payday loans for me, I SWEAR! I'm going to write the OC's letters about payment arrangements (again) and include what DocDon said about contact.I just thought of something...the ones I sent checks to were just voided copies which they said were used to verify my bank account. So I don't need to stop payment then huh?As for Teletrack, Chexsystems, SCAN and those other guys you mentioned...what kind of loans will doing all this prevent me getting? Will I not be able to get a new bank account? What will happen? I was in HR today talking to one of the girls there and she was helping me decide on how much money to stash away in savings, 401K, stock, etc. (I work for NORDSTROM) I need to get my life together, I'm 27 with 1 and a half years of school left and I want to, NEED to, start saving. I want to be able to buy a home within the next 2-3 years.Sorry this was so long and late, I just got home from work. Link to comment Share on other sites More sharing options...
hoapres Posted December 31, 2004 Report Share Posted December 31, 2004 Thanks everybody. Yes its an OC. I will close my bank account on Tuesday and pay the outstanding balance. Then on Wednesday when they try to pull the money nothing will happen and I'll be ok. Tomorrow I have to go to HR and cancel my direct deposit and join their credit union. No more payday loans for me, I SWEAR! I'm going to write the OC's letters about payment arrangements (again) and include what DocDon said about contact.See above. You will be O.K. for the moment but are likely to have some relatively SERIOUS issues regarding future checking accounts.I just thought of something...the ones I sent checks to were just voided copies which they said were used to verify my bank account. So I don't need to stop payment then huh?You no longer per Check 21 need the original check to process payment. In some areas, Walmart will hand you the voided original. If the voided checks were merely to establish account identity and you authorized electronic withdrawls when you close the account then you should cancel all withdrawl authorizations.As for Teletrack, Chexsystems, SCAN and those other guys you mentioned...what kind of loans will doing all this prevent me getting? Will I not be able to get a new bank account? What will happen? You should visit http://www.chexvictims.com If reported to the above then you may have difficulties getting a new checking account. I was in HR today talking to one of the girls there and she was helping me decide on how much money to stash away in savings, 401K, stock, etc. (I work for NORDSTROM) I need to get my life together, I'm 27 with 1 and a half years of school left and I want to, NEED to, start saving. I want to be able to buy a home within the next 2-3 years.Sorry this was so long and late, I just got home from work.If possible, you really do want to resolve all outstanding payday loans. Electronic withdrawls may be slightly less likely to be reported to Chexsystems. High probability that the payday loan will report you either to Telecheck and/or SCAN with a followup to Chexsystems. Even though you close the checking account, the payday loan companies are likely to try to collect. Almost a certainity, that you will be reported to Teletrack which will make future payday loans impossible. Teletrack is often used by rent to own, and some car lots. Also, there is a chance the outstanding checks, most likely Equifax, will show up on you're credit report.None of the above is meant to be scare tactics, just some of the possible issues that you need to become aware. Link to comment Share on other sites More sharing options...
admin Posted December 31, 2004 Report Share Posted December 31, 2004 Make sure you open a new checking account before the old one - there's a possibility that you won't be in Chexsystems yet. Link to comment Share on other sites More sharing options...
darkwing2020 Posted January 2, 2005 Report Share Posted January 2, 2005 I have been there. My wife got me involved with payday loans. She is a spender and had to learn the hard way that this is not a good deal. We got to a point where we had 3 or 4 loans out at a time. Instead of keeping your head above water they keep you just under the water. If you can not afford to pay off the loan they will be happy to let you pay an additional fee to hold your check. In our case the check went to the bank. The problem is in our case that was $25 - $30 bank charge for insufficient funds. We quickly dug ourselves into a hole. They also put a mark on the chexsystem which prevented us from writing check to any vender/service that uses chexsystem for verification. Luckily we did not have to close our bank account [i have had it for 15 years]. We opened a new bank account at another bank and had our direct deposit transferred to the new bank. We paid the negative account fees we had in the old bank and left that account alone for six months. We had to make arrangements to pay off the payday loans but we only payed off the check we gave them nothing more and they gave us nothing for running our bank account deep in the negative. Nigtline had a special about payday loans and rent to own places. They take advantage of the disadvantaged. If you have nothing to sell, your family/ in-laws are living from pay check to pay check like you or you can’t get a loan from your credit union. Your options are limited. Since this has happend I have had to have thing turned off for a week, but that seems so much better than having to do a Pay Day Loan. Link to comment Share on other sites More sharing options...
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