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Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007

Re: PayDay Loans--Help!


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.

 

 

 

 

 

 

 

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New Contributor
kt_scarlett007
Posts: 63
Registered: ‎02-07-2008

Re: PayDay Loans--Help!

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!

Regular Contributor
johnsj21
Posts: 179
Registered: ‎09-23-2008

Re: PayDay Loans--Help!

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.

 

 

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Senior Contributor
Wonderin
Posts: 3,494
Registered: ‎05-25-2008

Re: PayDay Loans--Help!


kt_scarlett007 wrote:

I live in Colorado




According to johnsj21's post (Great one, johnsj21!!), according to CO code, you can only have ONE outstanding PD loan.

Wonder what that means? Does that nullify the other 2? I'm fair sure that the statute means that the PD company cannot legally extend more than one loan to a consumer at one time.

Anyone else want to chime in??

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Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
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Regular Contributor
johnsj21
Posts: 179
Registered: ‎09-23-2008

Re: PayDay Loans--Help!

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.
9/26/08 TU: 528 EQ: 558 EX: 560
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12/27/11 TU: 675 EQ:680
Established Contributor
Breakthecycle2
Posts: 785
Registered: ‎09-15-2008

Re: PayDay Loans--Help!


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.


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Senior Contributor
Wonderin
Posts: 3,494
Registered: ‎05-25-2008

Re: PayDay Loans--Help!


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. :smileysad:

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

Hubby's FICOs when we started: high 400s (June 2008)
Hubby's FICO NOW (04/06/09): TU: 679 EQ: 608 EX: ???
My FICOs: TU: 643, EQ: 606
Closed on new home: 1/20/2009 -- If we can do it, YOU can do it!!

Established Contributor
Breakthecycle2
Posts: 785
Registered: ‎09-15-2008

Re: PayDay Loans--Help!


Wonderin 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. :smileysad:

Still good non-the-less!


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Established Member
tanbat501
Posts: 14
Registered: ‎03-17-2008

Re: PayDay Loans--Help!

I was in almost the same situation 2 years ago myself. I had 12 pdl's and was pretty much broke because of it. I was sent to a credit counselor by my boss (who bailed me out BTW) and she suggested that I close my account and open a new one. After doing that they of course started calling me, my boss and my family to collect but for the most part once I actually spoke to them I got them paid back. Some for the amount of the principle without all the inflated interest. Talk to a supervisor if you have to but most of these companies would rather get something than nothing.
New Member
equality
Posts: 2
Registered: ‎03-07-2008

Re: PayDay Loans--Help!

[ Edited ]

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.

 

[Edited]

 

 

Edited to remove unneccesary and unproductive information.

Message Edited by sidewinder on 10-28-2008 08:31 AM

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