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Hi everyone, I'm Rob.

I thought I had hit rock bottom 2 years ago when my credit score was about 580. Boy was I wrong. Recently I have become trapped in a payday loan nightmare, and it caught up to me last month. I went to 7 store front payday loan establishments and racked up $4600.00 total in payday loan debt. I went to one, then the next and so on to keep up on my money. I blew several chances at catching up. I got a $8000.00 settlement and blew right through it without paying anything off. What happened to the money? I don't know. My wife has a gambling problem, I can't say no when she asks for money, we bought a big screen TV, a new bed, the stupid list goes on. This month I missed my mortgage payment. I missed all 5 of my credit card payments, (total amount of $2900.00) and I was 3 months behind on my electric bill until I was forced to pay $350.00 or it would be disconnected. So I got one more payday loan for $700.00 to pay that, my Water bill (which was 1 month behind) and now I have $400.00 of that in the bank to pay for gas for the car, groceries, the necessities. My wife asked to take $100.00 of that to go to the ca$ino, and I finally said no way. I showed her that my credit score had dropped from 550 last month to 444 today because a collection showed up (medical bill) and my late payments on my credit cards showed up. I am getting a $1000.00 refund from school and the stimulus check of $1500.00 (did I mention we have a baby boy 16 months old?) I will pay the late mortgage payment of $1300.00 (my ARM also adjusted 2 months ago so I'm paying $200.00 more for my mortgage payment). Next month my wife's parents are giving her a check of unknown amount (each child gets a "big" check on their 30th birthday and hers is May 16th).

I absolutely have to default on most of the payday loans if not all of them next month because the fees amount to about $675.00 and I'm sorry, but the payday loans are at the bottom of my list of priorities to repay. Anyone who read my novel above...I need tips! Budget tips? What to do? Moral support, anything will help right now because as I said, I've hit rock bottom and I will not sink ANY lower. My wife's gambling problem is a non-issue now because there's no way in hell she will set foot inside a ca$ino again.


Sub: #1 posted on Thu, 04/17/2008 - 09:47

rob8od rob8od

(Posts: 33 | Credits: 11.95)

Wanted to say 'hello', ROB8. Yep...PDL's are difficult to deal with. Seems like when you 'accumulate' them, it's hard to keep track and pay them off. I agree with you, I think the PDL's should be at the 'bottom of your list' if your trying to catch up on everything else.

Sub: #2 posted on Thu, 04/17/2008 - 09:51

sdchargers_63 sdchargers_63

(Posts: 1798 | Credits: 179.17)

Hey- Hang in there buddy.

I'm sorry to hear about your wife's gambling problem. I work in a ca*si*no as a Table Games dealer, so I know what an addiction it truly is and have watched people gamble away their rent/mortgage, car payments, and the very food out of their children's mouths.

You said your wife no longer had a problem with gambling. Well, if she has quit cold turkey and is sticking with it, then good for her. However, most people don't know this but gamblers who have an addiction can go into the ca*si*no and speak with the marketing/Hosts department, and can sign paperwork to effectively, deny them access to the property. If your wife went in and did something like that, that means she is no longer allowed on the premises, and security is obligated to deny her access onto the property fpr her own good.

* had to write it as ca*si*no coz the post filter keeps catching it as a "spam word"

Sub: #3 posted on Thu, 04/17/2008 - 15:53

Amaranth Amaranth

(Posts: 271 | Credits: 41.08)

Rob, if your store fronts are members of the cfsa you can make arrangements to get the EPP extended payment plan. You must go in and request this prior to defaulting. This enables you to pay off your loans in 4 installments with no added interest. This may be an option for you.

Sub: #4 posted on Thu, 04/17/2008 - 17:39

kashzan kashzan

(Posts: 5401 | Credits: 408.31)

Hi Rob....
Regarding the issue with your mortgage,have you tried contacting the note holder regarding your ARM?

There is another resource for you to try.... 888-995-HOPE. They help homeowners that have an ARM,or behind on mortgage payments.

I hope this helps!

Sub: #5 posted on Thu, 04/17/2008 - 20:11

Roadwarrior Roadwarrior

(Posts: 639 | Credits: 12.06)

Thanks everyone.

Roadwarrior: I called my mortgage company but they seemed unable to even get me to the right person to speak with. My mortgage payment goes to "Select Portfolio Servicing" The website is The lady told me I had to be behind on my mortgage for them to help me...and since I'm only 17 days late, it's not considered late yet. I was like, "what happened to prevention?" I am being pro-active and they tell me not to call until I'm in default? I'm not gonna wait, I need help now!

How to I get in touch with the right person?

Sub: #6 posted on Fri, 04/18/2008 - 00:02

rob8od rob8od

(Posts: 33 | Credits: 11.95)


You can also contact their loss Mitigation department. The fact that your mortgage is going to reset should get you the help you need.

Also try that HOPE number I gave you.

Sub: #7 posted on Fri, 04/18/2008 - 01:48

Roadwarrior Roadwarrior

(Posts: 639 | Credits: 12.06)

I called the HOPE number and basically told me to call my mortgage company or borrow from family. I do have a 401K that has $12,000.00 in it, but I called them to request funds from it and they told me I either have to quit my current job or reach the age 55 before I can pull from it. It's a very wierd 401k to not ever be able to access it (even with a tax penalty).

Sub: #8 posted on Fri, 04/18/2008 - 02:42

rob8od rob8od

(Posts: 33 | Credits: 11.95)

I thought you CAN get some money from your 401K. That sounds MORE like an IRA to me. strange.

Sub: #9 posted on Fri, 04/18/2008 - 05:17

sdchargers_63 sdchargers_63

(Posts: 1798 | Credits: 179.17)


I apologize.I have read mixed reviews on the HOPE line.

You should be able to borrow from your 401k. All you would need is proof of hardship in order to access your funds. If its an IRA such as sdchargers suggests,it may be difficult.

Sub: #10 posted on Fri, 04/18/2008 - 08:22

Roadwarrior Roadwarrior

(Posts: 639 | Credits: 12.06)

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