DebtConsolidationCare [A+ on BBB] Logo
DebtConsolidationCare Forums
Discuss your problems and get out of debt
Get honest and blunt feedback on your debt issues from Experts for FREE
For Free Debt Counseling: Call 800-DEBT-913 or

Wisconsin - I did research, but need help (PDL Trouble)

member profile picture
Posts: 91
Credits: 1709.35
[Donate]

Hello,

I've been reading on this site for months, trying to figure out how to get myself out of the hole I dug myself regarding payday loans. I've read the success stories and about closing bank accounts, but I'm terrified of doing that because I don't want to default on anything--I'm paranoid!

I guess I really don't know where to start the ball rolling in terms of cutting out the loan/re-loan cycle that I've been involved in for 3 years now. Can anyone help me get started? I can't find much info on Wisconsin, and what kind of communication I am allowed to send to the payday loan companies.

Here is what I have out for PDL's(I've actually used these companies for years, and keep paying off the loan and re-borrowing, because I don't have the $$ to pay my regular bills!):

500fastcash: Borrowed $400, Paid $120 so far

PaydayOne: Borrowed $500, Paid $87.50 so far

CashTransferCenters: Borrowed $700, will have $840 taken out of my bank on Friday. (this is the main reason I keep having to re-borrow from the others!) :(

CashCentral: Borrowed $400, Paid $400 in 4 rollovers; $500 is due to be taken out on 5/12. (**I faxed them a letter today advising that I will not be able to pay the entire amount, requested to revoke the ACH withdrawl, and wish to make payment arrangements--no response yet. Was this ok to do?)


I have three store front PDL's that I've been rolling over and over--I have been told by all three that they do not make settlement offers, so I'm not sure what I can do with that. Here is what I owe:

Check Into Cash: Borrowed $500; I pay $110 every two weeks then pay off at the 4th rollover--and reborrow the same day.

Check Advance: Borrowed $700; I pay $160 every two weeks just to roll it over--they let me rollover as much as I want(gee, how nice)

Check n Go: Borrowed $700; I pay $160 every two weeks then pay off at the 4th rollover, then borrow it over again the same day!

I really need assistance on how to end this cycle--I have NEVER defaulted on any of the loans since starting them up years ago, so you can see that I'm pretty good at "paycheck juggling" in order to make sure I have sufficient funds in my account.

I make good money--unfortunately, it all goes to this and I have nothing left to show--my credit cards are maxed right now because of this and I'm frustrated every payday. If anyone can help me straighten out my mess, it would be sincerely appreciated!

Thank you for any help you can give me!




goudah2424

Posts: 7938
Credits: 122486.05

Sub: #1 Unfortunatly, the majority of your loans are legal licensed comp
Wed, 05/07/2008 - 11:48

Unfortunatly, the majority of your loans are legal licensed companies. That means the debts are collectible, and you will have to figure out arrangements to pay them off.

500 Fast Cash and Cash Transfer Centers are the only unlicensed loans you have. Those 2 you should request marked paid in full.




goudah2424

Posts: 7938
Credits: 122486.05

Sub: #2 Also, you will have to default - It's the only way to stop the c
Wed, 05/07/2008 - 11:49

Also, you will have to default - It's the only way to stop the cycle.

The storefronts are CFSA members, so ask them about an Extended Payment Plan. You have to do this a few days before your loan due date, so make sure you go in a few days early. This will allow you to pay off the loans in 4 equal installments.




Elle_Marie
Posts: 91
Credits: 1709.35

Sub: #3 Thanks for the feedback, Goudah--since my storefront loans are d
Wed, 05/07/2008 - 12:12

Thanks for the feedback, Goudah--since my storefront loans are due on Friday, I'm assuming that I'll have to pay the rollovers and ask them about the extended payment plans after that? How could they tell me that they don't accept installments if they have Extended Payment Plans? I don't see anything about that in the paperwork that I signed.




goudah2424

Posts: 7938
Credits: 122486.05

Sub: #4 It's a CFSA thing - I know at least Check into Cash and Check an
Wed, 05/07/2008 - 12:24

It's a CFSA thing - I know at least Check into Cash and Check and Go are CFSA members . . . . This means that they should allow for an extended payment plan. But you have to specifically ask for it.




Elle_Marie
Posts: 91
Credits: 1709.35

Sub: #5 Ok...thank you very much. I'm just so ashamed and afraid to ASK
Wed, 05/07/2008 - 12:33

Ok...thank you very much. I'm just so ashamed and afraid to ASK for something from them, since I'm the one that got myself into this mess. :(

I will go ahead and pay the rollovers this week, then next week go to them to request the payment plans from Check into Cash and Check n Go--the other one I'll just have to try to keep paying down as much as I can.

The online payday loans will be much tougher to deal with, especially since I'm so afraid to do anything about closing my account--I've heard horror stories about doing that and owing $100's in fees both from the PDL's and the bank itself!




goudah2424

Posts: 7938
Credits: 122486.05

Sub: #6 Check and see if the other storefront is a member of the CFSA -
Wed, 05/07/2008 - 14:31

Check and see if the other storefront is a member of the CFSA - They may be, I just don't know off the top of my head.

Read the sticky about closing your bank account - If you make sure certain precautions are in place, you will not be out a bunch of money.




Elle_Marie
Posts: 91
Credits: 1709.35

Sub: #7 Cashtransfercenters
Thu, 05/08/2008 - 06:07

I contacted Cashtransfercenters customer relations department because I wanted to make payment arrangements instead of them taking the entire $840 taken out tomorrow--they take out in two transactions and the operator advised that as long as I had enough funds to cover one of the debits, I could pay the other half by Western Union at my next payday.

I think this would be better for me so I had some extra money to pay off my regular bills--has anyone had experience with Western Union? Is this a safe way to send money to a PDL company?




RoxyNY

Posts: 4178
Credits: 13312.501837385

Sub: #8 Saxy, How much have you paid Cash Transfer Ceters so far?
Thu, 05/08/2008 - 10:53

Saxy, How much have you paid Cash Transfer Ceters so far?

Quote:
500 Fast Cash and Cash Transfer Centers are the only unlicensed loans you have. Those 2 you should request marked paid in full.


If you have paid them more than 700.00 so far, you have overpaid them. They are not licensed or legal in your state. Please try to stop that debit from taking place.




Elle_Marie
Posts: 91
Credits: 1709.35

Sub: #9 Hi Roxy--the trouble is with those two, I have re-loaned with th
Thu, 05/08/2008 - 11:05

Hi Roxy--the trouble is with those two, I have re-loaned with them, so as of two weeks ago it's on their site as a new loan.

I think I'm just going to have to pay them in full, even though I will actually default on the CTC one by only having half the amount in my bank tomorrow.

I did contact Cashcentral.com and requested an EPP, as they are listed under the CFSA and they worked out 4 payments for me to get that paid off.

I'm going to my storefronts today to try to get the EPP as well.




RoxyNY

Posts: 4178
Credits: 13312.501837385

Sub: #10 Well that stinks about those two. Please check your account fir
Thu, 05/08/2008 - 11:12

Well that stinks about those two. Please check your account first thing to be sure they only took out what they were supposed to. Looks like you have your bases covered. Please let us know if you have any issues you need help with. Good luck with the store fronts.




Add new comment

Attachment
More information
  • Files must be less than 2 MB.
  • Allowed file types: txt pdf jpg jpeg png.
CAPTCHA
This question (Case Insensitive) is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA

Share post
-->

Page loaded in 1.076 seconds.