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kt_scarlett007 wrote:Excellent information and suggestions everyone, but question: Who is Dave Ramsey and how can I find more information about what he would suggest?
Thanks again.
Google is your friend when you need an answer.
I haven't read all the replies, so this may have already been mentioned.
Contact the companies first. Explain that you are in a tough situation. You can not afford to continue to pay like this. You feel that you are getting to a point where defaulting is your only option. You would like to try to work out some type of new repayment agreement. Make sure you let them know, you don't want to cheat them out of their money or just run and hide from them. You'd like to pay them back but you are having difficulties.
Tell them you can pay XX amount every X week for X weeks until it is paid if they willl not add anymore interest from this point on. Get a signed agreement from them.
There are a lot who will rather just say no and not try to work with you. However, there are a few that will work with you. Suing you cost them time/money and they want their money as soon as possible. Many realize it is better to work with you.
My mother got in this situation and this is what she had to do. Of the however many she had(I really don't know, I think 4) there was only 1 that wouldn't do anything to help her.
Thanks for the helpful suggestions--
Here are the loans I have--but going to the websites I could NOT find where they were located. I live in Colorado, though.
Okay they are:
www.usfastcash.com
www.500fastcash.com (I think these two are related somehow)
and the third one is phone based--very odd--all of the customer service agents sound like they are in India--
Their phone number is 1-877-282-5450
and their "webpage" (just has this number on it) is http://www.big-int.com/
If you can help me further with how to proceed, I would much appreciate it. Thanks!
Certain states require that a payday lender be licensed in the state that they are doing business in but some states only require that the lender be licensed in the state where their physical address is. Minnesota never used to require states to be licensed in MN, but now they do as of Oct 1. Check out this website...it's VERY helpful to find out if you loans were legal or not. If they weren't legal than the contract would be null and void! Do your research. All of mine were legal so-called "reputiable" companies so I do have to pay back the $ but for the most part they have been very good to work with.
http://www.paydayloaninfo.org/chelp.cfm
I'm just telling you this....no matter how "nice" they are to work with they WILL still take out the $ from your account even if you ask them not to take out the scheduled payment. Call them and tell them you can't make the payment, but if they say they can't stop the payment from coming out try to at the minimum freeze your account for deposits only.
@Anonymous wrote:I live in Colorado
@johnsj21 wrote:
Everything that I'm reading online pretty much reads that if a payday loan lender wants to loan to a resident of colorado that the lender must be licensed in Colorado, if they are not then the loan would be null and void. Check with you specific lenders to see if they are licensed in CO.
He is abosulutely right. They had no grounds to lend to you, therefor have no grounds to collect. The ones you mentioned are three of the ones I had..BIG INT is the WORST. They are located in the UK and as soon as you defualt, will call you and call you and call you. They just stopped calling me after over a year of 3-8 calls every day. Clsoe your checking account and open a new one a completley different bank. IF you reopen at the same bank, they have ways to send ACH debits through, even without your permission. Either payback what you borrowed, or cut ties ALL TOGETHER and avoid their calls or tell them you died, no seriously. The threats of being arrested and going to jail and fraud will come and come with a vengence. Ignore them as they are attempting to scare you into paying. Do alittle research online and you will see exactly what I'm talking about.
@johnsj21 wrote:
Everything that I'm reading online pretty much reads that if a payday loan lender wants to loan to a resident of colorado that the lender must be licensed in Colorado, if they are not then the loan would be null and void. Check with you specific lenders to see if they are licensed in CO.
@Anonymous wrote:
@johnsj21 wrote:
Everything that I'm reading online pretty much reads that if a payday loan lender wants to loan to a resident of colorado that the lender must be licensed in Colorado, if they are not then the loan would be null and void. Check with you specific lenders to see if they are licensed in CO.
Actually, my point was that according to CO statutes, even a licensed PD loan company can only extend ONE loan at a time to a consumer.
Of course, after re-reading her original post, it seems as though she might have gotten the 3 loans from 3 different PDLCs ... perhaps making that statute moot.
Still good non-the-less!
place a stop payment on all checks. Call the pdl lenders 2 days after the checks were to have cleared. Tell them you will pay them over a certain period of time. no need to close your account. If it is an electronic debit, you will have to know what the debit comes out as.
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Edited to remove unneccesary and unproductive information.