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Posted: Wed May 07, 2008 11:19 am

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!) Sad

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!

Posted: Wed May 07, 2008 11:48 am

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.

Posted: Wed May 07, 2008 11:49 am

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.

Posted: Wed May 07, 2008 12:12 pm

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.

Posted: Wed May 07, 2008 12:24 pm

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.

Posted: Wed May 07, 2008 12:33 pm

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. Sad

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!

Posted: Wed May 07, 2008 2:31 pm

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.

Posted: Thu May 08, 2008 6:07 am

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?

Posted: Thu May 08, 2008 10:53 am

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

Posted: Thu May 08, 2008 11:05 am

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.

Posted: Thu May 08, 2008 11:12 am

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.

Posted: Thu May 08, 2008 11:17 am

Thanmks Roxy...I can't believe I didn't take this action sooner. I've been so stressed out about this that it's affecting my personal life.

Hopefully I can get through all this without having to close my bank account. But, I am going to open another checking account at another bank and make arrangements to have my paychecks deposited there. That way I hope to feel like I have more control over my money.

This site is wonderful.

Posted: Thu May 08, 2008 11:26 am

SAxy, We are here to help and I am happy you were able to find us. This situation does stress you out and the enormous relief you feel when you get a plan, get it into action and make those payments is so awsome. Hang in there you are doing great. We are here if you need anything.

Posted: Fri May 09, 2008 5:49 am

Ok, I'm scared now--Cashtransfercenters took out their two withdrawals today, but I also had two other debits due to autopay for utilities and such that came AFTER the CTC withdrawals, which already set my account into the red. Does this mean that I'm going to have NSF for my two utility payments too? I submitted them for payment yesterday, but for some reason they came out today. I'm really worried about this. Sad

I've never bounced a payment before, much less 4 in the same day! Sad

I'm not sure if I should call my utility companies to explain or just wait to see what my bank does?

Posted: Fri May 09, 2008 7:58 am

saxy, from what I understand in banking; if the utility is paid by ach draft, it will not be returned. the bank just puts your account in the red and charge you for it; so you would receive 4 nsf's for the utilities and both ctc transactions. I am so sorry you are dealing with this.

I have worked with CTC too and asked them the same thing to only draw out one amount and they don't; they send them both for debit...The only thing I did once before I closed my account out was put a stop payment on the amounts so when they were returned, then it allowed me to set up a payment plan...

With that said though; the only best way for them to stop debiting your account is to close it completely.

Good luck...I know I wasn't much help....but i know until you protect your monies, they will keep debiting. You can do this...keep asking your questions & the help will be here for you.

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