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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.
Without a radical change to your way of handling money, you're beyond help, I'm sorry to say. WISE UP!!!!
Payday loans are the financial equivalent of heroin. The initial high gets you hooked, and leads to nothing but constant and severe pain afterwards. Get yourself off those things by whatever means you can, and never take another payday loan.
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?
You're not wrong. I suspect some of the people who take out these loans have no intention of paying it back in full when they get their next paycheck. In fact, they probably take a loan for more than the amount of their paycheck.
Re-reading the op, the whole things sounds similar to a check kiting scheme.
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?
We should confiscate everyone's wage, make them live in government housing and eat in teh cafeteria with no spending monty until they graduate out of the government supervised spending program.
Seriously. See anything wrong with that? People are morons.....< points to cigarettes, crack cocaine and super sport motorcycles> what the heck are we to do in a free country besides let the STUPID die physically and financially if THEY SO CHOOSE.
Dear god, so much handwringing. I once watched a video of a guy on safari kicking a sleeping lion. He died. OMG we need legislation banning lions!
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.
Find someone educated that you trust. Follow their advice. Do the same for every other major decision in your life.
Math Guy - - the world can't all be as brilliant as you think you are.
Quote:
Originally Posted by Mathguy
My first question would be are the people getting these mentally competant enough to enter into a contract?
Sweet jesus, I don't stick my right arm into a running wood chipper to clear a jam....that would be crazy. You lose your left arm!
REALLY?? Please don't insult people here. Money can contribute to a complete mental meltdown and your comments are not helping anyone.
When my son went into the hospital suddenly at 13 and our lives went upside down... we had to have gas, parking and food and with no credit cards, family in a position to help financially - - you do what you have to do. You really should find something positive to do with your time. Not visit sites where people are asking for advice... and then shoot them down even further.
REALLY?? Please don't insult people here. Money can contribute to a complete mental meltdown and your comments are not helping anyone.
When my son went into the hospital suddenly at 13 and our lives went upside down... we had to have gas, parking and food and with no credit cards, family in a position to help financially - - you do what you have to do. You really should find something positive to do with your time. Not visit sites where people are asking for advice... and then shoot them down even further.
Why are you digging up a post from months ago anyway?
Tough love said in a loving way can help someone. Not trashing them or being self rightous about it. That never helped anybody.
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I needed 590 to pay it completely off!
I can't work possibly anymore.
No need to be ugly to someone who is hurting.
very helpful. not.
Math Guy - - the world can't all be as brilliant as you think you are.
