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Installment Loans - California



mskimmers

Posts: 31
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Sub: Installment Loans - California
Fri, 01/07/2011 04:37

5 years ago I got out of regular pdl hell thanks to this site. Now I'm ashamed to say I need help again. I owe the following installment loans:

Cashcall $5000
Plaingreen $1600
SOS $2500
Kwikcash $2400
Cashnet $2800

I also have a loan with Springtime for $4000

The payments on these total over $2000 a month. There is no way I can ever pay that money.

As these loans are all legal (I believe) is there anything I can do? I was thinking that bankruptcy may be the answer??? I do have a good job but I have no assets (no house and I owe 9k on my car still)

Please help

Thank you so much



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Sub: #1 People make bankruptcy sound like a terrible idea when in fact, Fri, 07/01/2011 - 04:37



People make bankruptcy sound like a terrible idea when in fact, in your case, being as these loans are legal, bankruptcy is a great option for you. You have over$18,000 in debt there, and I'm assuming you probably have credit cards and other items you could include in the bankruptcy as well. I did mine because I had around $12,000 in high interest debt as well, and believe me when I tell you it was the best thing I ever did! It has been about a year since mine was discharged and I get credit card offers in the mail. It's not as bad as people will lead you to believe. If you can't pay that debt, go for it. Also, you can find a bankruptcy attorney to help do this for as little as $1000 if you look for one. It was a huge relief off my shoulders I can tell you that. BUT, make SURE you NEVER get another loan from anyone but a normal bank if you ever get another loan period or you will be in the same boat again. Good luck


Sub: #2 Believe me I know how you feel. These loans are how ive survivWed, 06/29/2011 - 17:22



Believe me I know how you feel. These loans are how ive survived and drowned at the same time if you know what i mean. Debt consolidation puts all debts to one pymt...but you always pay them so much to do i so i decided against consolidation. Plaingreen you only owe principal to since their an illegal lender.


mskimmers
mskimmers
Posts: 31
Credits: 359.65 Send message to mskimmers

Sub: #3 Debt Consolidation ??Wed, 06/22/2011 - 20:41



I spoke to one company today and they didn't seem too keen on the idea of a payment plan. I see comments in other threads about debt consolidation ---is that by getting a loan somewhere to cover off the other loans - sorry I know that's a dumb question.....but how would I get someone to loan me the money when my credit is fair (though I do have a good job)
There is no way I can pay over $2k a month in payments and I'm just making myself sick over it.
I know it was stupid of me but at the time I had really urgent bills to pay and I had being diagnosed with cancer. It's easy to be judgemental when often there is a real story behind the debt.

Appreciate so much anyone's comments

Thanks


mskimmers
mskimmers
Posts: 31
Credits: 359.65 Send message to mskimmers

Sub: #4 Payment ArrangementsMon, 06/20/2011 - 18:54



Thanks for the ideas, I was under the impression that these companies wouldn't make payment arrangements and that I had to pay the debts in full. Their interest rates are so high that even if I could afford the $2k in payments it would still take me years to pay them off. Do you think they would make arrangements to pay principal only???


Sub: #5 I would avoid BK. I recommend to work out payment arrangementsMon, 06/20/2011 - 17:17



I would avoid BK. I recommend to work out payment arrangements instead. Also, Plaingreen may not be legal in your state, as it is not legal in many states and their contract states they only follow tribal laws.


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Sub: #6 You should not have gotten into payday loan hell again. You've cSun, 06/19/2011 - 21:39



You should not have gotten into payday loan hell again. You've committed a terrible mistake. Yes, you can consult an experienced bankruptcy attorney. You need to pass the means test to qualify for bankruptcy. A bankruptcy attorney will charge a hefty amount as a fee. Can you afford to pay that? Your credit score will also drop by 200 points. You need to take all these points into consideration before filing bankruptcy. Personally speaking, I feel that you should arrange an alternative payment plan with your lenders.


Sub: #7 I'll suggest you to contact the California Department of CorporaSun, 06/19/2011 - 20:15



I'll suggest you to contact the California Department of Corporations and check out whether or not all the lenders that you've mentioned here are licensed to operate in your state. If not, then you'll be liable for paying off only the principal balance to them. If they are licensed, then you'll be owing the full amount to them. Filing bankruptcy can help you in getting rid of the debts. You should contact a bankruptcy attorney and discuss your options with him/her.


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