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Non-Profit Debt Management Plan for Payday Loans

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Posts: 13
Credits: 467.65
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Hi -

I am in the process of working with a non-profit -- Greenpath Solutions -- to put together a debt management plan for my outstanding payday loans. The plan is very reasonable payments over 5 years managed by greenpath for a modest admin fee. Greenpath will also interact with your creditors on you behalf and you can choose to pay off debt earlier or cancel with them at anytime. Has anyone here used a debt management plan for paying back payday loans?

Carol




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #1 Oh my, as long as none of your payday lenders are illegal then g
Mon, 12/20/2010 - 10:24

Oh my, as long as none of your payday lenders are illegal then go for it, otherwise, forget it.
Please tell me you aren't paying this company to manage your payday loans?




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #2 OMG, I see from some of your previous posts you DO have some ill
Mon, 12/20/2010 - 10:32

OMG, I see from some of your previous posts you DO have some illegal lenders. I am going to try to explain something to you, then you make your own decision.

You are signing up for a debt solution company to pay off illegal lenders, whether you pay them off or not, they will still harass you! So, basically, paying a debt solution company to deal with illegal lenders will be like paying for a dead horse. You are rewarding these illegal lenders by giving them interest and fees they are NOT entitled to! Meanwhile, they will still be out there on the Internet scamming innocent people out of their money.

I hate to tell you this, but after all this is said and done, and this debt company assures you they will handle this for you, blah blah blah, expect to be harassed and threatened anyway. Illegal lenders are nothing more than criminals, you can not believe or trust anything they say, they will tell you and this debt solution company everything and anything they want to hear as long as they are receiving money they are not entitled to!

The decision is yours, but I am here to tell you not to expect the calls and threats to cease.




Buzzette

Debt Samaritan
Posts: 401
Credits: 6281.6

Sub: #3 Please listen to Shazzers! Your wasting your money with this co
Mon, 12/20/2010 - 11:27

Please listen to Shazzers! Your wasting your money with this consolidation company. They stand to make a lot of money off of you the next (5) years. That is crazy! You need to close your bank account, send Cease and Desist letters to your illegal lenders, withdraw your wage assignments, file complaints against them with the AG, FTC and BBB in your state. Send them copies of your complaints via email, fax or mail. Demand a refund and paid in full letter if you've already paid over and above the principle amount borrowed as at this all your responsible to pay back. I took the advise of this forum, the same advise I'm giving you, no one has access to my bank account any more and I'm out of the payday mess. I even got back 2 refunds. But this forum is correct, you will continue to receive calls from these illegal lenders no matter what you do because they are scum bags and the more you pay them, the more they want. I even have one of them impersonating me. That's how ruthless these creeps are.




Carol Edquist
Posts: 13
Credits: 467.65

Sub: #4 The problem is I have not paid more than the principal for any o
Mon, 12/20/2010 - 13:21

The problem is I have not paid more than the principal for any of these lenders -- so I realize I still owe the principal but don't have the money. Also, I'm struggling with how I would otherwise pay the legal lenders, too. I just don't have the money so how can I negotiate anything if I'm not sending them $1 this coming month?




Carol Edquist
Posts: 13
Credits: 467.65

Sub: #5 Please advise -- I am listening I just don't know how to handle
Mon, 12/20/2010 - 13:38

Please advise -- I am listening I just don't know how to handle these payday companies when I can't give them a payment plan right now. This next month I have little to no extra income.




OhioGal1


Debt Samaritan
Posts: 5256
Credits: 83047.196477606

Sub: #6 Carol, you need to give us the following info: What state are
Mon, 12/20/2010 - 13:54

Carol, you need to give us the following info:

  • What state are you in?
  • Who are your loans through?
  • How much did you borrow from each?
  • How much has been debited from your account? (or paid)
  • Are these loans via the internet or through a storefront location?




Carol Edquist
Posts: 13
Credits: 467.65

Sub: #7 All the loan are internet loans and I'm in WI
Mon, 12/20/2010 - 14:00

All the loan are internet loans and I'm in WI


BorrowedPaid
500FastCash$400.00$120.00
CashNetUSA$900.00$405.00
PayDayOne
$500.00$168.76
LoanShack$400.00$160.00
Speedy Cash
$500.00 $250.00
Payday Loan Yes
$400.00$200.00
Ameriloan
$300.00$90.00
247GreenStreet$800.00$0.00




OhioGal1


Debt Samaritan
Posts: 5256
Credits: 83047.196477606

Sub: #8 Check out your state's laws regarding payday lending here. 500
Mon, 12/20/2010 - 14:50

Check out your state's laws regarding payday lending here.

500FastCash, Payday Loan Yes, Ameriloan and 247 Greenstreet are all illegal in the state of WI. You are only obligated to repay the principal balance of the loan to these lenders. Don't let them intimidate you and don't buy their BS about prevailing law and other nonsense. You can repay them under YOUR terms, not theirs. And if they don't like it, then they just don't get paid period.

I'm not sure about Speedy, the licensee database has a Speedy Cash but they're dba as something else. Can someone help me out on this one?

CashNetUSA and PayDayOne are members of the CFSA. Contact their customer support teams and request an extended payment plan. They should stop all interest and allow you to pay off your loans in 4 equal payments.

As far as the others, your state law requires that no additional fees, interest, etc. are charged once the loan is past maturity. It also requires that licensed lenders allow you pay off your loan in 4 equal payments post default. I would use that strategy on the legal lenders that aren't members of CFSA.

Your first step is to get your account closed so that they cannot access your money. Open a new one and do not, under ANY circumstances, share your new account info with ANYONE, EVER! You can pay by sending money orders or with a prepaid debit card.

Follow the advice in this thread for dealing with your illegal lenders.




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #9 You don't negotiate with an illegal lender, YOU set the terms, t
Mon, 12/20/2010 - 14:52

You don't negotiate with an illegal lender, YOU set the terms, they either accept it or get nothing at all. It is not your job or responsibility to chase them down so you can pay them at least the principal amount. You send them what you can, when you can. In fact, I wouldn't even worry about the illegal lenders until you have paid off the legal ones, they can wait. Seriously, they can't sue you, so what are they gonna do? Harass you? Well yeah, which is what they would do whether you paid them over and beyond what you owe them anyway!

The only legal lenders you have are:
Paydayone, Loanshack, Speedy Cash and Cashnetusa. The rest are illegal! Just concentrate on paying off the ones I listed and forget about the illegal ones until you are able to pay them. Remember, they can't sue you, so, take care of the legal ones only, for now. And read the link I originally gave you on how to deal with illegal lenders, it will guide you step by step on how to deal with them and what you should do to protect yourself until the time comes to send them payments (if they will give you an address), if they won't, then it's their loss!




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #10 lol We posted at the same time Ohiogal and basically said the sa
Mon, 12/20/2010 - 14:52

lol We posted at the same time Ohiogal and basically said the same thing.




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