In over our heads and ready to take control, 5 online PDL in TX
This forum is an absolutely Godsend. I had always heard horror stories about one PDL leading to another and another, but I thought, not us. We will pay in full the next payday, end of story. Our first payday loan was in August 2014, and the first couple of times we really did PIF and had no trouble. Things began to snowball though, and we now have 5 outstanding PDLs, all online. In fact, I am ashamed to admit that, in desperation, I had all but signed the contract on a 6th a few days ago, but I just couldn't bring myself to do it. I was acutely aware that it would take us only farther into the hole we needed to be fighting our way out of, and it was only when I stumbled across this board that I began to feel that maybe we did have a little power to take control of the situation. I have spent hours here reading and made a start in dealing with the pdl companies, but could really use some direction in how to proceed from here.
I am in Texas. I have online loans with:
Cash Central: Original loan $1000, paid $274.65 to refi on 12/26, current balance $1273.83
Rise Credit: Loan of $1500 on 10/19, made 4 payments totaling $1033.70 and then stupidly refinanced an additional $930 on 12/22. Current balance of $1560.30 with payment of $274.46 due 1/9.
Plain Green: Loan of $1000 on 11/25, made 2 payments of $126.74, current balance $1000.
Ace Cash Express: Have had several loans with them since August. A few refi's, but always kept payments current. The current loan was made on 12/15 for $1350. Refi ACH of $252, scheduled for 12/26, returned unpaid. Current balance $1602.75.
Mobiloans: Loan of $600 on 11/4, additional $80 on 12/11 (pathetic, I know) , 3 payments totaling $350 made to date. Not sure of balance after those payments because I am no longer able to log into that account, but that's ok because....
Thanks to what I learned here, I emailed a revocation of ACH authorization, requested that all contact be done through email or U.S. mail, and proposed repaying the remaining $330 principal in 3 payments of $110, beginning in January. This morning I received a reply that my repayment proposal was accepted, and " we have removed your contact numbers from our system and we will make no further ACH debits from your account." Success! Even though this was the smallest/least anxiety provoking of our pdl's, it is a great feeling to have started on the road of taking control, especially going into the new year! It was requested that I reply to the email to confirm the payment arrangements. In my reply I asked for confirmation that the loan will be considered PIF at the completion of the payment arrangement, and clarification on how to make the payments. ( I am willing to do so by money order or prepaid debit card)
I sent a similar email to plain green (ACH revocation, contact by email or U.S. mail only, offer to pay remaining principal of $746.52 @ $75 per month). I received a reply stating that "the request to update your account information has been completed". That's it. When I log in it now says in red letters "please contact customer service at blah blah blah to make a payment by debit card", indicating that they are honoring my request to stop ACH, but the original payment schedule (bi-weekly payments of $126.74) has not changed. Should I email again? Wait and make the proposed $75 payment and see what happens from there? I'm pretty clueless as to how to proceed based on their non-answer answer.
My email to Cash central also contained the ACH revocation and request to limit contact to mail/email. I proposed paying the balance of $1273.83 in payments of $100 each in January, Feb and March and increasing to $150 beginning in April. (at which time mobil will be paid off). No reply so far, and all info looks unchanged when I log in to my account.
Email to Ace was more of the same, with an offer to pay $200 per month until the balance is paid. No response yet.
I have not gotten up the nerve to email Rise yet. That payment is due on 1/9, so I thought I would see what response I get from the others before proceeding with them. Also, because no payment has been made following the $900 refi, I wonder if I should make at least one regularly scheduled payment before trying to make other arrangements with them?
I am most concerned about Ace and Rise. I'm afraid they are going to want much more per month than we can do. My only small consolation with those two is that I have successfully paid back several loans over the last few months, so maybe (?) they will see that we do take our obligations seriously and will follow through with arrangements made.