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I'm in Payday Loan Hell with the rest of you...need help.

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I recently fell into the spiral of payday loans, as well. It started with one to help me with moving expenses. And then another, and another..to the point that I have 5 now. I never intended it to get that far but when I was really broke and had nothing to my name and no one to borrow money from, that was the only option.

But now, between the five companies, they are deducting $910 per month and NONE of it is going to the principle on the loans. I make about $1000 per paycheck, and they are taking half of each paycheck.

If I don't do something, I'm not going to be able to pay my car payment, insurance, and rent--the three critical items.

I thought about closing my checking account and then sending them letters, stating that I will pay them off via money order by mail. I DO want to pay the loans but for example, last month, not only did I pay $910 in worthless interest, but about $150 in NSF fees resulting in them taking the money the day before scheduled because my payday fell on a Saturday and they took their money on the Friday before hand.

If I close my checking account, with no more money being drawn, out of each paycheck, I can pay ONE loan off at a time, thus in 5 pay periods, have EACH loan completely paid for.

I'm scared of the repercussions of closing my checking account, though. I'm afraid that (A) I'll never be able to get a checking account again, (B) in the time lapse of the 5 pay periods, or about 8 weeks, they will have sued me by then, or (C) will have gotten me in trouble at work. I work for an airline. They all have the main switchboard number and calls of such nature are NOT welcomed at my job.

In 5 pay periods, I can have all the loans paid off. I am just soooo scared of what will happen to me if I just go with it and close my checking account.

Any advice would be greatly appreciated.

Crystal


Email address removed as per forum rules - Mike




Are they internet lenders? I take it you are in texas?

Sub: #1 posted on Mon, 07/03/2006 - 22:23

polly polly

(Posts: 1709 | Credits: 253.2)

I forgot to mention that I am in Dallas, Texas. The lenders are:
Payday OK, 500 Fast Cash, NLS, Payday Services, and TenDollar Payday Loan/Rio Resources. They are all internet lenders. I read the contracts on a couple of them and it states that if they are unable to debit my checking, payment must be remitted by money order VIA mail. I can pay them each $50 per pay period till paid in full but I doubt they are going to accept that. And, I don't know that my credit union will be understanding either.

Sub: #2 posted on Mon, 07/03/2006 - 22:27

Unregistered


Go to my blog:

http://pollyandsay.yesdebtfree .org

You will find a template letter for settling with internet lenders.

I will be back in a few with texas law and licensing info.

Sub: #3 posted on Mon, 07/03/2006 - 22:29

polly polly

(Posts: 1709 | Credits: 253.2)

I am kind of new to this type of thing. I didn't see my post so I kept redo-ing it over and over.

Sub: #4 posted on Mon, 07/03/2006 - 22:33

Unregistered


Sub: #5 posted on Mon, 07/03/2006 - 22:43

polly polly

(Posts: 1709 | Credits: 253.2)

Here is the link to TX licensing:

http://168.39.159.59/default.asp

Sub: #6 posted on Mon, 07/03/2006 - 22:46

polly polly

(Posts: 1709 | Credits: 253.2)

I do apologize. I am able to write to express my basic thoughts on here. But other than this, I don't have much "book-smart."

I don't really understand the lingo in the template and am basically starting from nothing. I've been trying to read and research.

I don't really have anyone to physically help me in person and still feel blinded. I am trying to fill in the blanks but when it gets to the part about my state's codes, I don't know how much I really need to insert. Are any of you willing to proof-read?

Sub: #7 posted on Mon, 07/03/2006 - 23:21

Unregistered


crystal...if you join the site you can pm me your letters for proofing.

Sub: #8 posted on Mon, 07/03/2006 - 23:24

polly polly

(Posts: 1709 | Credits: 253.2)

Crystal---Listen to Polly, she will be a great person to help you with your letters, she has much experience. As for closing your checking account---why do you think you couldn't get another one if you closed this one? Just wait until you are between pay periods and all debits and checks have cleared, withdraw any money and close it before the next payperiod (which is when the PDL fees are withdrawn right), make sure if you have automatice deposit with your paycheck that you stop that. Then go to another bank and deposit your money. I did this just recently and did not have any problems.

Sub: #9 posted on Tue, 07/04/2006 - 12:42

Lorri Lorri
Moderators
(Posts: 1722 | Credits: 224.66)

ok so i have sent my message to the group asking for help, i was so excited when i read everyones experiences on how they got help with payday loans. but the only help i recieved was a phone call from a consolidation company that got my info from this group and he said he cant help me with paydayloans and that no one can and if they say they can its a scam. so then got a message from one of the group guides saying to join the group which i thougt i did. so i did it againg and sent a message and still over a week later havent recieved any advice so here is my last plea helpp!!!

Sub: #10 posted on Wed, 07/05/2006 - 21:12

sunshinegem76 sunshinegem76

(Posts: 4 | Credits: 1.69)

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