Payday loan consolidation helps you take care of your pdls smartly
Date: Sat, 02/03/2007 - 17:48
Payday loan consolidation helps you take care of your pdls smartly
You should be able to buy some time while you are learning about your rights and stand strong against the lenders.
Stop all the direct deposits with your employer.
Close the bank accounts after verifying the laws in your state.
Get your paycheck, go to a check cashing place, cash it and buy money orders. Pay your other important bills.
This will help you in getting some control over your money. Dont let it eaten up by the loan sharks.
Once you have done this, the lenders will start sending emails knowing the fact that your account is already closed. You can imagine them losing control and nothing can be done now to harm you. Now, you can make them deal on your terms.
Put your point that your account was closed by the bank and you want to work out payment arrangements with them. Ask for the quickcollect info or the address where you will send the payments. Use the same strategy for all the pdl companies you owe money to.
There is a law that if you pay less than the promised amount, your account will be put into default, and they are not legally allowed to charge any interests on the account. Verify this law with your state first. Keep sending payments until you pay off the principal amount only, no interests. Your defense to be used here is that the original loan agreement was based on your payday bank direct deposit. Once the bank account is closed, the loan agreement got terminated. Now all you have to pay is the principal amount.
Don't be tensed of the pdl collectors. They will only intimidate you on the phone. It will take them very long to get a garnishment against you because you have followed the contract by paying the principal amount. Most IPDL are not licensed in the borrowers state, so they wont take the matter to the court. If they do, question them about their license and turn the judge's attention towards them.
Time the situation very nicely and with determination and strong will. And you can do this when you are putting something on the loan principal or have already paid it. If you are finding hard paying on your own, find some company doing payday loan consolidation.
sorry about the too many post.. My computer wasn't showing as po
sorry about the too many post.. My computer wasn't showing as posted! :(
Missouri is very strict about overdrawn accounts, they consider
Missouri is very strict about overdrawn accounts, they consider it passing bad checks which is a criminal offense. I understand I'm trying to find a way out of this payday loan situation but closing my account is not an option.
Payday loan hell
Just close your checking account down and open a new one in a different bank or credit union . And do not give the payday loans any new information on your bank or credit union or they will start taking your money again. Sit down and write every payday loan you have, and let them know you are going to pay them back but on your terms not theres. Send them money orders or cashier checks, do not tell them that you are going to send them money order because they want your banking information, and they will tell you they do not take cashier checks or money orders but most do if they want to be paid, plus you have record too if they cash them. But do not ingore the payday loan compaines as far as not paying them they will find you . Make sure you keep a balance log sheet of every payment you send them. And if you go on the internet and type payday loan laws in your own state it will tell you what payday loans can or can not do and sometimes in most states if the payday loans breaks any laws sometimes you can get away from not payting them at all. But you must read for your state ever state is different, and never ever get a payday loan again. It will take some time to get them all paid but use every extra money you have and pay the very first loan you took out first and pay them off and the next sort like first come first serve. I was in payday loan hell and never ever ever again will i take out another one. Good luck
If your state law has anything like that related to bad checks,
If your state law has anything like that related to bad checks, then protect yourself by emailing all of your lenders with an ACH revocation.
amount payed?
How much your balance did you pay back, did you pay back the entire principal or did you negotiate for less? One las thing, did you pay the entire sum to each place at one time or portions to each till all was paid. Thank you, your advice is right on.
amount payed?
How much your balance did you pay back, did you pay back the entire principal or did you negotiate for less? One las thing, did you pay the entire sum to each place at one time or portions to each till all was paid. Thank you, your advice is right on.
loan consolidation
sure is! a company like Be Free Financial has helped me from those pesky payday loan sharks,now after 6 months my debts are history....