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I live in the state of TN -- I have a total of 8 storefront payday loans out as of today. I have had some of these for years!!! I know in TN you are only allowed up to two PDLs not to exceed $500, but when desperate, we do STUPID things. The total amount of Loans I have is $3700.00 and I am paying $1026 per month in fees. Which is absolutely CRAZY I know. Well my plot thickens because I have NEVER not paid them, my boyfriend moved out and now it's just my income with a teenager. Is there anything I can do??? I've heard that with storefront PDL's you are pretty much screwed, there is nothing that can be done. I don't want to file bankruptcy on $3700.00, I am just now getting my credit re-established... I don't think there is anyone out there who will give me real installment loan, with a normal APR. I don't have a car with clear title, I am still paying a car note as well. I don't know if there is a debt management place that will help with these... I am getting so desperate. Cant sleep, eat, .... Is there anyone out there that has any ideas??




Sometimes we have to stop the cycle of insanity in order to dig out. Usually storefront lenders are legal through some loophole in your state's payday laws. With that being said, I can only give you insight to my experience when I found myself in your shoes. I'm in Texas -- I had 2 tribal pdls and one store front. When I was facing eviction and bankruptcy, I had to put an end to the madness so this is what I did -- I used the template letter under the sticky "dealing with unlicensed lenders" and changed it up to meet my needs and sent it off to the two tribal lenders (Plain Green and Western Sky/CashCall). I also contacted the storefront (legal lender) and explained the situation and let them know that I was going to default -- they explained that once I officially defaulted it would be sent to collections. I understood that and decided I could live with that. I followed up with a letter to the storefront lender explaining the situation and revoking ACH. I secured my bank account so that I could stop the madness -- this was a huge relief for me as every time I got paid these fees and subsequent overdrafts took my entire paycheck. (For some background -- on the two tribal loans, I had way overpaid the interest and had more than paid back the principal. On the legal storefront lender, I had paid fees in the amount equal to the principal borrowed.) I never received a response from Plain Green directly but over the course of the next few months, the account was marked as paid in full online and on my credit report it was marked as paid in full with a zero balance -- I feel like I got lucky compared to others on this one but I took it. As for CashCall (WS loan), they sent me their normal "this loan is legal blah blah blah" trash and I kept fighting and fighting as evidenced by all of my posts on this board. As for the legal storefront lender -- they did send my account to collections and it was placed on my credit report. One important thing to note here -- once I officially defaulted, it stopped the fees/interest from incurring so the amount due was the principal plus the fee that was due at the time of default. Once I received the dunning letter from the collection agency, I sent the C&D to only communicate in writing. They honored this and I never heard from them via phone or letter. It did remain on my credit report but to me getting back on my feet was the most important thing. When I had finally gotten to a more stable place and had saved up the money, I contacted them to settle. They offered me the option of paying a lesser amount and it would remain on my credit report as a paid collection account, or I could pay the full amount that was due at the time of default (principal plus one fee) and they would delete it from my credit report. I opted to do the PFD. They were good to their word and it was gone within 48 hours. As a single mom, I understand desperation. BUT I have learned a very valuable lesson in all of this and wish that my state would close the loopholes that allow these lenders to operate. These types of loans create way more problems than they help as you can see by these boards. Moral of the story here is that once I took action to stop the insanity and the cycle, I was able to get back on my feet and dig myself out without resorting to bankruptcy. I can now say that 2 years later I am out of the cycle, I have restored my credit report (it was a very long fight but I got WS/CC off of my reports) and I am now in a position where I am sending my son off to college and just got approved for a mortgage. It's tough, it won't be easy, it will take some time, but if you are serious about changing your situation, please stop the insanity. I can tell you once I did, I could breath easier, I could sleep and I wasn't as stressed out because I knew my paycheck would be available to buy groceries and pay my electric bill. Hope this helps.

Sub: #1 posted on Thu, 01/09/2014 - 22:08

momofthree27 momofthree27

(Posts: 358 | Credits: 46.66)

Mom of three, thank you so much for sharing your story. This is what I love about this site: when we help each other. With that being said, although it's good states have laws limiting the number of PDL's you can have at one time, what they don't do is enforce it as evidenced by this thread. If there had been some database in effect that the storefronts could use, perhaps this could have happened?

Sub: #2 posted on Tue, 01/14/2014 - 16:08

kscornell kscornell
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i thought teletrack is the database pdl's can access to see how many pdl's a person has.if the storefront lent knowing the person has more pdl's than the law allows they could be reported to the CFSA for violating the best practices.

Sub: #3 posted on Tue, 01/14/2014 - 22:17

paulmergel paulmergel
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Paul - I don't know if Teletrak keeps that information or not....would be very interesting to know if they did. I recently pulled a copy of my teletrak consumer report and none of the payday loans I have ever taken out whether storefront or online were anywhere on it. Not on ChexSystems either.

Sub: #4 posted on Wed, 01/15/2014 - 23:13

momofthree27 momofthree27

(Posts: 358 | Credits: 46.66)

I sent the C&D to only communicate in writing.

FYI...there is no verbiage in the FDCPA allowing you to request this....it is all or nothing. Either they can communicate with you are they can't. As a general rule, a cease and desist could result in you being sued as the creditor has lost their ability to communicate/negotiate with you.

Sub: #5 posted on Wed, 01/15/2014 - 23:45

SOAPLADY SOAPLADY
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Can anyone out there help me with ideas on how to get these paid off? If I had to default on this, how long would it take for it to get to the point of suing me? I was wondering if maybe I tried to work out payment arrangements with these one at a time if that would help. I just really don't know what to do. I barely bring home enough to pay just the interest. Any ideas or suggestions would be very helpful.

Sub: #6 posted on Tue, 01/21/2014 - 02:47

Unregistered


Or does anyone know of a credit counseling companies or debt settlement companies that works with store front pdl's. One that won't rip you off? I've heard nightmares about them too, just don't know who to trust.

Sub: #7 posted on Wed, 01/22/2014 - 21:47

Unregistered


Please list out your lenders/how much borrowed/ how much paid to date and maybe someone will be able to assist you a little further.

Sub: #8 posted on Thu, 01/23/2014 - 02:20

momofthree27 momofthree27

(Posts: 358 | Credits: 46.66)

They are all storefront loans that I spoke about in my first post on this thread.

Sub: #9 posted on Thu, 01/23/2014 - 03:33

Unregistered


What are the names of the companies, may make it easier to tell you how to deal with them. Some do things differently - they are all legal if they are store fronts in the state you live.

Sub: #10 posted on Thu, 01/23/2014 - 17:37

HelpinAZ HelpinAZ
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(Posts: 1873 | Credits: 288.1)

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