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Should I not use a Payday Loan Settlement Company?!

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Hi everyone,

I was doing research on Payday Loan settlement. I was drowning in Pay Day Loans so I signed up with a Pay Day Loan Settlement company. I really wish I made my way to this forum sooner!

All of my loans are illegal in Massachusetts:

North Cash
Lendgreen
Greenline
Big Picture Loans
American Web Loan

After I signed up with the settlement company they went ahead and sent out all the cease and desist letters, the revocation of ACH etc. All of the payments stopped. I realized after I forgot about 2 loans I hadn't included: Spot Loan and Amplify Funding. So my research brought me here and I emailed them both yesterday to stop the ACH withdrawls and I also emailed that they are illegal. I got a reply from Amplify saying they are a tribal lender and state laws dont apply etc. Now this has me thinking. Do I even need the Settlement company? I could probably do this on my own? I figured out I have overpaid with Lendgreen and sent them an email yesterday. Haven't heard back, but not sure I will since I'm with a settlement company. Now, I don't know how to get out of the settlement company contract. I've only paid 1 payment to them. Any advice? Should I stay with them or would I be better off doing this on my own?

Thank you in advance!




Can you afford the principal amount you owe? If you can, then pay and relax. If you can't pay off them you can approach the settlement company to pay off your payday loan debt.

Sub: #1 posted on Fri, 08/03/2018 - 18:20

sanderspatricia29 sanderspatricia29

(Posts: 696 | Credits: 72.88)

Thank you!! So I decided yesterday to cancel my plan with the settlement company and try this on my own. After thankfully finding this forum and doing research, I thought I could do their work for free and save myself 20%! My first email went to Lendgreen...I told them they weren't legal and that they actually owed me a refund. To my complete shock after reading the part of the email where they are tribal and don't follow state laws...blah blah... the end said that as a courtesy they have accepted the payments I have already made and I now have a zero balance. I'll be keeping that for sure if I ever need it! So I went ahead and sent similar emails to all the rest. So thankful I found this forum!

So they settlement company takes 20% of all the debt I owe as their compensation. What is crazy is I'm not sure they would have gotten Lendgreen to agree to close the account and I wouldn't have to pay...I would have paid that unnecessarily and also paid them their 20%. Now I'll just wait to see if I get my first payment back that I already made to the settlement company. They said the refund would take 30 days and the amount would be less "administrative fees". Oh well, I think I'm on a much better road thanks to all the info here! THANK YOU!!!

Sub: #2 posted on Fri, 08/03/2018 - 20:54

Karen Karen

(Posts: 4 | Credits: 0.58)

Good work Karen. you are on the right track. You don't have to a single dollar more to the illegal lenders. Now negotiate with all of them one by one.
I hope you'll be out of your debts very soon :)

Sub: #3 posted on Mon, 08/06/2018 - 11:59

Barbara Delinsky Barbara Delinsky

(Posts: 312 | Credits: 31.07)

The settlement company would have done the same thing that you're doing. Nothing special. Read the sticky threads. You'll get tons of information. More power to you. All the best!!!

Sub: #4 posted on Mon, 08/06/2018 - 14:49

Nick Jonas Nick Jonas

(Posts: 40 | Credits: 4.23)

Thank you so much! I have received emails from all Payday Loan Lenders that they have closed all loans and are listed as paid in full. Makes me wonder if the settlement company would have done that and I wouldn’t have had to pay. I think they would have just settled for less so they could also get paid instead of me not having to pay any more since they were all illegal and over paid. So happy I found this information before I was put any other money!

Sub: #5 posted on Wed, 08/08/2018 - 03:43

Karen Karen

(Posts: 4 | Credits: 0.58)

Great news! Yes, since they are illegal, you don't have to pay them. Okay. do visit our forums again for more insights!

Sub: #6 posted on Fri, 08/10/2018 - 18:46

sanderspatricia29 sanderspatricia29

(Posts: 696 | Credits: 72.88)

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