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hi Im new to this board or forum, yes iam was dum dum dum amd took out four payday loans and iam trying to pay them off but its killing me my quitions is should I go through a debt relife company, i did contact one that said I pay then a flat rate every month and after 12 months Ithe amout I owe will be giving to the payday loan compants but what happens in the mean time the payday loan compant are nt going to wait that long i dont know should i make arrangments myself with them toget them paid off any advice will be helpful. and please i already know that it was dum to take these out and i know i owe the money so telling me how dum i was wont help. thanks
These people know what they are doing. They even have sample letters and dialogue to use when dealing with these predators. I helped a relative a few years ago who got into this trap. She got out of it by settling with them. I sent them a letter on her behalf and she talked to them over the phone about a settlement. She still paid them back but without all those outrageous fees.
Good luck and do this quickly!!
In the medical profession we dumb down the language to consent our patients for risky procedures, because we see patients from all walks of life. Everything is explained to the patients line by line and they are asked to repeat back what was said to test their comprehension. It's too bad this is not applied to fields where the intent is to sign as many people up without care to see whether they realize what they are agreeing to. I don't have the stomach for that line of job to dupe ignorant folks, but I guess there are plenty of Guidos or Vinnys who do.
Your only defense is to hope for a contract defense of illegality (ie the contract is forcing you to do something against the law). Loan sharking is not illegal in the minds of congress as another poster said due to great lobbying efforts. However price-gouging is. The difference is subtle.
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Well, if people take out a ton of payday loans this seems like a reasonable solution.
Me personally, I'm digging for pirate treasure in my backyard.
Ok, One day a long time ago I got an email about how I could have up to 1500 in my account the next day by just filling out a form. While, I filled it out, and they put 500 in my account. Well, the next paycheck they only took out 90 dollars. They started to just take out 90 dollars every pay, and I thought they were just taking 90 out every two weeks until I paid off my 500 and then I would be done. Well this went on for about a year. I started to get concerened. Then I called and found out that whole time I was just renewing the loan. I needed 590 to pay it completely off!
I then got a new payday loan so I could pay that one off. Well then that one started to take its toll. During this time I needed to get another because the one I had was taking all of my extra spending cash. Put it this way. Two months later, I got even two more to help keep up with those original two. What do I do? Can I file bankruptsy! Next time I get paid I am going to have pretty much my whole paycheck being just consumed by these payday loans being renewed. I can't pay them off. This sucks I can't work possibly anymore.
I've made some dumb decisions financially but damn.
Location: Huntersville/Charlotte, NC and Washington, DC
26,700 posts, read 41,718,665 times
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Quote:
Originally Posted by bs13690
Those payday loans are a waste of money. I was stupid enough to get them when I was in the USMC and wasted a ton of money on them. The one that Gary Coleman pitches for CashCall has a 99.25% interest rate.
It seems like they always push those loans to E-4s and under in the military. There are a whole mess of them in every military town.
Just out of curiosity I went to an online PDL site and looked around. What I see is that it's supposed to work like an advance on you paycheck, to be paid back in full + interest when you get you next check. While I figured out that many of these places are scum and often are not even legal and can take over your bank account once you give them accces (a whole other level of dumb), I don't get how anyone could take out one of these loans and not expect to pay it back in full + interest from their very next check. And not realize that if they don't they will be paying big fees each time they postpone payment. I mean, it right in the FAQ's.
I don't expect everyone to be financially savvy, it took me a long time to master my finances too, but I do expect people to read the website. Am I wrong?
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I needed 590 to pay it completely off!
I can't work possibly anymore.