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Before I lose my house, can someone offer advice on my payday loans?

ameriloan - Payoff amount $390. Original loan amount $350.
Paid on loan for rollover fees etc $525. Paid down principal $100.

PaydayOne - Payoff amount $1197.12 Original amount $1000 was the last, i kept renewing and increasing it when i couldn't afford the payment. $$ paid ? thousands. I currently pay around $400 a month to roll this one over.

Check and Go - Payoff amount $1029.50. This is another one I have increased my amount to avoid paying the payment serveral times. My amount financed at this time is $855.
:(
Can anyone offer advice?




Payday One and Check n Go are legal companies, and can take steps to collect on the debt.

But ameriloan is not legal. They cannot collect.

But - These are just unsecured consumer debts. Do not put these before a house payment. If your loans default, then it goes to collections and you can make payments. If your house defaults, you are out on the streets.

Sub: #1 posted on Thu, 07/10/2008 - 08:09

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.89)

I would make sure that your house, car, utilities and food are taken care of first.

Then, I would go into Payday One and Check n Go and ask for an EPP plan. It seems the amount of interest you are paying on Payday One might be enough to cover that bill. (Once you are in an EPP plan, interest stops, but I believe the bill is broken up into 4 payments.)

Once you do this, I would close that checking account and open a different one, this way ameriloan can't take out anymore $. Then you can deal with them on your terms. Since they are illegal and you have paid them more than you borrowed, I would go thru all the steps to get them to mark your account PIF and be done with them.

Sub: #2 posted on Thu, 07/10/2008 - 08:37

desperatelyseekingsanity desperatelyseekingsanity

(Posts: 1129 | Credits: 58.41)

I agree with goudah. You first have to take care of your everyday living expenses. . .house, car, food, utilities. In fact, I just saw a banker on the today show who is advising all of his clients to pay those first. . . .since when is a BANKER advising that you let interest producing debts go? As for ameriloan, I dealt with them myself. I had paid back the original amount of the loan by the time I came to this board. I sent all the suggested letters, C and D, AG, BBB, FTC, Banking Department but the response came from the BBB letter. They were agreeable and I got my PIF. I will tell you, if the processor route applies, they use Intercept EFT and Bremer Bank as their originator. Perhaps goudah or someone who can interpret Texas laws advise as to the appropriateness of the processor route.

Sub: #3 posted on Thu, 07/10/2008 - 08:38

llw1995 llw1995

(Posts: 1422 | Credits: 149.03)

Thank you so much for all the advice! I have now called Payday One and they're putting me on a payment plan which will avoid interest from this point on.

I'm still trying to figure out exactly what to send ameriloan.

I feel better already! {{{{{{thank you}}}}}}}}

Sub: #4 posted on Thu, 07/10/2008 - 12:58

Unregistered


ameriloan is illegal, that's your call, looks to me like they received more than their share. Have you secured your bank account yet? That would be my first move. :?

Sub: #5 posted on Thu, 07/10/2008 - 13:29

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.83)

rave, please listen to shazz. Have you done anything with your bank account yet? ameriloan will continue to debit until you're dead. You've already overpaid the illegal people. Don't let them get any more. As far as PayDayOne, I'm glad they set you up on payments. That's great! But are they debiting your account for the payments? Or have they set it up to where you can send payments? Also, is your Check'nGo internet or storefront? Both are legal - just wondering which way to handle them. Dealing with internet and storefront are different. :wink:

Sub: #6 posted on Thu, 07/10/2008 - 13:32

cannr cannr

(Posts: 9317 | Credits: 1298.43)

LLw has it right - The processor route is probably the best way to go with ameriloan. :D

Sub: #7 posted on Thu, 07/10/2008 - 14:20

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.89)

Hang in there! I am in the same mess as you are and am slowly working it out. The people here are GREAT and will help every step of the way!

Sub: #8 posted on Thu, 07/10/2008 - 14:31

lauramw71 lauramw71

(Posts: 72 | Credits: 13.83)

I agree with Shazz...you have way overpaid ameriloan. Close your bank account, that way they can't take anymore money from you.

Take care of Check n Go next.

You will start to feel better knowing that your basic needs are taken care of and you are meeting your obligations with these PDL storefronts. Ameriloan has gotten their money already. You don't owe them any thing more.

Sub: #9 posted on Thu, 07/10/2008 - 14:43

desperatelyseekingsanity desperatelyseekingsanity

(Posts: 1129 | Credits: 58.41)

Please call Intercept EFT 1-800-378-3328 and ask to speak with Cindy. They can't move their money if they don't have someone to process it for them. Plus, the processer will not like the fact that they are being asked to debit on a revoked account. You have more than repaid what you borrowed. Like cannr said, they won't stop debiting until you make them stop. Keep us posted.

Sub: #10 posted on Thu, 07/10/2008 - 14:52

Unregistered


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