I stumbled across this site after worrying (again) all day on whether or not we will have a place to live and food to eat at the end of this month thanks to payday loans. I've learned that it's really the worst mistake I've ever made. I have read through some posts and for the first time, I feel like maybe some one out there may be able to help me with the answers I am looking for. I've been so scared about what is going to happen to myself and my family as a result of having 7 payday loans and a title loan. Can this site really help me?
I am posting this in the hopes that this forum (which seems almost too good to be true :cry:) will be the light at the end of the tunnel that I have been searching for. Here is my information:
Hubby and I fell into hard times and had to obtain a payday loan. As some of you know, one can turn into another, and it quickly did. I now have 7 payday loans and a title loan. I have wondered for a long time if I could just close my checking account and just let them all be returned to the lender and just make arrangements with them from there, but this scares me. I have tried to read and understand Kansas law, but I am still not certain on how to interpret everything. I have tons of questions and concerns. From reading other posts, I believe I need to include information here for help. Here goes....
I am a Kansas Resident
1. A-OK Inc./storefront/ 300.00 loan + 45.00 charge bi weekly/approx.1080.00 total so far.
2. Ace cash Express/storefront/ 400.00 loan + 60.00 finance charge bi weekly/ paid about 1440.00 total so far.
3. Advance America /storefront/ 500.00 loan/ 75.00 finance charge bi weekly/ approx. 1800.00 paid so far (this one is on a pay agreement and almost paid off.
4. Speedy Cash /Storefront/500.00 loan + 75.00 finance charge bi weekly/ approx 900.00 so far
5.Check n Go/ Storefront/400.00 loan + 60.00 finance charge biweekly (2 checks for 230.00) /paid 120.00 so far
6.Advance Payday Loans/ Storefront/ 350.00 loan + 52.50 bi weekly charge/ approx 735.00 total so far
7.Advance Cash/Storefront/ 250.00 loan + 37.50 charge bi weekly/ approx. 900.00 so far
8. Title Loan w/ Anderson Financial Services/ Storefront/ 1500.00 loan/ paid 2200.00 so far
As you can see, we have been paying on these loans for a very long time and will have paid out over 10,000.00 in interest before long. My questions are this. What happens if I close my checking account and put a stop payment on all of these checks? I have every intention of paying them back, but the interest keeps me from paying them down every month. Can they take me to court, or will they work with me on a payment arrangement after I have stopped payment with them? I thought I read somewhere in searching that they can only hold me to 3% of the loan amount monthly until the loan is paid off. We've tried arrangements in the past, but have failed and had to keep re-writing. Many places say that they don't offer any arrangements.
These are all paper checks. Also, I'm not sure what ach payments are, so I'm not sure if I have any. My husband has a direct deposit into our checking account with his paychecks and we have one payment to insurance and one to a student loan that is a pre-authorized debit every month. What are my options?
I can't tell you all how finding this site has helped me this evening. I'm really hoping to finally find some answers here.
Also...My husband is EXTREMELY concerned about each of these places contacting him at work. This could put his job at risk. Is there a way to keep this from EVER happening? I mentioned closing our checking and working with the lenders, but he was adamantly against this because of how he thinks it could affect his job. Can someone please help? I would be eternally grateful!