OMG I'm an idiot caught in payday loan whirlwind!

[ygboi]

I'm such a moron it's not even funny. I read the thread here about someone having 7 payday loans all at once. Well, I'm now at 7 also! I honestly don't know what to do at this point. My reports are decent in my eyes at this time, and I thought I could keep up with these loans, but damn it spun outta control quick! Before they start calling my refs, work and family, is it at all possible to call them and ask them just to send me the bill for the loan? My checking account is completely outta whack and I'm pretty sure USAA is gonna close out on me soon. I'm at nearly $1.5k in loans. I'd rather have collection notices by mail, and pay them off as they come than to have auto ACH's from my bank at this time. I'm soooooooooooo mad at myself and frustrated. Chap 7 has crossed my mind to prevent calls. I'll finish this when I return from lunch.

[CramItCCCAs]

Not sure about your full story but there is no way you can file BK for $1500. That's not an option, put it on a CC

[idtheftvictim]

Cram, most likely the OP doesn't have good enough credit to get a CC...hence the payday loans...I remember when I was caught up in that BS....

 

I would take one out, then take another out when I paid the one back.....it was a never-ending cycle...

 

I wish I had more help for you, but I don't...just stop with the loans!

[BiteMe]

Do you have any credit cards you can use to pay some of this off? Do you have any family members that could loan you the money?

[CramItCCCAs]

Cram, most likely the OP doesn't have good enough credit to get a CC...hence the payday loans...I remember when I was caught up in that BS....

 

I would take one out, then take another out when I paid the one back.....it was a never-ending cycle...

 

I wish I had more help for you, but I don't...just stop with the loans!

 

Oh I hear ya, and I'm sure that's probably true, but the OP aluded that his/her score were good?

My reports are decent in my eyes at this time

And even if they aren't, the OP will need to find a friend with a CC.

[idtheftvictim]

yeah...good point cram....

 

But my reports in MY eyes aren't as bad as they are to OTHER peoples EYES....:roll:

 

hehehehehe

[Roland99]

Time for a 2nd job...even if just temporary to pay off those loans.

[BiteMe]

Time for a 2nd job...even if just temporary to pay off those loans.

 

GREAT POINT!

[curiousgirl9698]

I wouldn't recommend this, well yea I would cause I am......

 

Call USAA and have them put a hold on the automatic debits from the loan place or close said account and open a new one immediately. This will stop the automatic debits, but I will warn you, the payday loan place will come after you fast and hard.

 

My ex did one of these loans and they really tried to mess his account up. He did what I just recommended and they threatened to put him in jail for a hot check. They are not nice when it comes to collecting their money.

 

Good luck!

[old_trout]

I'll finish this when I return from lunch.

 

 

I'd save that lunch money!

[ygboi]

Wow, thanks for the replies everyone! I have no credit cards I can use, and I can't ask my family for any more as I'm overextended with them. :cry: As far as my credit, on current, open accounts I owe less than $500. On closed accounts, I owe close to $9k. (2 unpaid judgments that I'm on a repayment plan for make up $7k of this) I'm not concerned about these credit accounts because the OC's are working with me. It's these payday loan companies that I'm afraid of. Two are local, and rest are internet ones. One of the local ones, the loan is secured by my car! ($500) I can't even keep track of who's who, and when they're set to auto withdraw from my account. I absolutely want to pay these, with the interest of $60-90 per loan, but just want them to stop ACH'ing my bank account until I can sort these out and come up with a plan. I was considering BK, because it would take me 2 years anyway to pay the judgments and other accounts. I just want to take care of this without anyone on my reference list knowing. Do I just bear down, and knock each one down in full, one by one? Or do I just pay the interest on all of them until I can lump sum them? This sux, that's for sure. Is there anything I can tell USAA, and not pay additional to stop payments? Again thanks.....

[ygboi]

OK, just ran something through my head here.

 

1) I'm absolutely NOT going to default or be late on my repayment plan for the unpaid judgments, NO MATTER WHAT. Doing so, I'll be garnished immediately.

 

2) I'll find out who's already debited my account and when they are scheduled to do so again.

 

It's getting worse EVERYDAY, because USAA hits me with a $25 NSF everytime! I must save this bank account because they were the only one's who opened an account for me while I'm in CHEXSYSTEMS.

[curiousgirl9698]

The only way to avoid paying stop payment fees is to close the account and open a new one. USAA has been known to transfer the auto debits to the new account though. If you opt for doing this, you need to let them know NOT to link the two accounts. You stand the chance of losing your car, if you do not pay the loan which has your car for collateral. If I were you I would try and pay that loan off first and then worry about the rest. I have to agree with Roland99, if you can, you may want to get a temporary second job and save every penny you can.

[Feisty]

Re read this thread...there is a referance to writing post dated checks (which most of these payday loan places allow) and it refers to the Nevada pay day loans (which are where the internet places are located. USAA can put you in touch with their account services department who will stop these "unauthorized" ACH's with out stop payment fees.

 

As far as them contacting your ref's, I think you are out of luck. They are going to come after you.

 

 

 

http://www.creditboards.com/phpBB2/viewtop...9558&highlight=

[Mercedes]

I agree w/ the above, try to get that loan paid so that you can save your car....Call USAA and work something out w/ them, close the acct, do something. Although they do not report to Chex, they report to telecheck, so you don't want to be on telecheck's list. Try to get a second job since you can't borrow the money or sell something of value, or have a yard sale.

[ygboi]

Thanks for the advice everyone... it's VERY MUCH APPRECIATED! I've gathered all my emails and paperwork from these loan companies and it seems I'm not in as bad of shape as I thought. (I know, I know, just having these loans is terrible!) I just tried listing all the payday loan companies, and 4 of them are set to make a withdrawl on 9-1. (my next payday) 2 are past due for $60 and $90 right now and 1 has already successfully withdrawn the interest charge from USAA. Luckily, my car one is not due for another 2 1/2 weeks. I really thought I could handle all this and "space" them apart enough to do so. I'm trying to save face and my bank account. The confusing part is the check I wrote to the CA atty for $200 is caught in the middle of all these debits, not to mention the check I wrote to my mom for $300 (I'll tell her I HAVE to stop it) and then some ATM withdrawls somewhere in there. Not having real-time updates kills me. One day it seems all is well, and the next, NSF fever. I can't manage my money. Filing BK would only void all I've worked for in regards to cleaning my reports up for the past 4 months.

[douginsea]

close the account and open a new one wiht USAA. then deal with the payday loans places directly.

 

i still dont get how someone can get 7 at one time? dont they have some sort of system in place that keeps track of that...?

 

if usaa closes you out...you'll get reported to telecheck. and since your already on chex...that throws alot of stuff out the window.

 

also i think most banks have the ablity to block ACH debits now. but i would go the whole new account number route. also, i believe in some states if a check i returned account closed..yes they can forward it to law enforcment...you may want to check your local state laws. i'm not sure if it would apply to ACH transactions though, no physical check to turn over. anybody can get your account number and routing number and do an ACH now a days..

[CramItCCCAs]

close the account and open a new one wiht USAA. then deal with the payday loans places directly.

 

i still dont get how someone can get 7 at one time? dont they have some sort of system in place that keeps track of that...?

 

if usaa closes you out...you'll get reported to telecheck. and since your already on chex...that throws alot of stuff out the window.

 

also i think most banks have the ablity to block ACH debits now. but i would go the whole new account number route. also, i believe in some states if a check i returned account closed..yes they can forward it to law enforcment...you may want to check your local state laws. i'm not sure if it would apply to ACH transactions though, no physical check to turn over. anybody can get your account number and routing number and do an ACH now a days..

 

No, they want you in trouble and upside down! Just picture Brutus from Popeye grabbing whimpy by the ankles and shaking him upside down to get his pocket change to fall out, that's a payday loan. Preditory lending at it's very worst

[ygboi]

How to hit 7?

 

The process:

 

1) Auto title loan locally.

2) Across the street is a small payday loan place. Approved.

3) Within google, typed "payday advance"

4) Found one, faxed info, approved.

5) Found another, checked that they weren't affiliated with the other, faxed info, approved.

6) Repeated cycle.

7) Drowning in fees and debt.

8) Consult CB for help.

[BiteMe]

Ok New process:

 

1. Close checking account

2. Open new one so no more ACH debits

3. Make payments to each ONTIME via Money order or some other way so they dont have your NEW Checking account info.

4. NO MORE OPENING PAYDAY LOANS. :wink:

 

 

And in the middle of this any thought of a second job?

[ygboi]

Ok New process:

 

1. Close checking account

2. Open new one so no more ACH debits

3. Make payments to each ONTIME via Money order or some other way so they dont have your NEW Checking account info.

4. NO MORE OPENING PAYDAY LOANS. :wink:

 

 

And in the middle of this any thought of a second job?

 

 

Thanks Bite! Question:

 

Will USAA open a new account for me without extensive interrogation? What do I say? I can't just say I have a bunch of payments due and I'd like to avoid them, can I? Second, avoidance will lead to my worst fear - calling all references and calling me at work. I will NOT take out anymore loans, that's for sure. :wink:

[BiteMe]

I am not sure what to say to USAA. Never used them dont know how they work but I am sure someone here will be glad to answer that for you.

 

As far as the loan places. This is what I would do. Call them up and see when your payment is do. Let them know the checking account had to be closed for reasons you CANT DISCUSS to them and you will making payments VIA money order on said date. And as long as you send in your money you should be find. There should be no harassment to you at work or to relatives. If they do, sue the pants off of them.

 

And stop spending money on NSF fees. That is where a lot of your money seems to be going. Which I know I dont need to tell you this but you will get out of this I am sure.

 

Just make sure to pay them ontime.

 

Good luck! :!:

[ygboi]

I am not sure what to say to USAA. Never used them dont know how they work but I am sure someone here will be glad to answer that for you.

 

As far as the loan places. This is what I would do. Call them up and see when your payment is do. Let them know the checking account had to be closed for reasons you CANT DISCUSS to them and you will making payments VIA money order on said date. And as long as you send in your money you should be find. There should be no harassment to you at work or to relatives. If they do, sue the pants off of them.

 

And stop spending money on NSF fees. That is where a lot of your money seems to be going. Which I know I dont need to tell you this but you will get out of this I am sure.

 

 

 

 

Just make sure to pay them ontime.

 

Good luck! :!:

 

 

THANK YOU THANK YOU THANK YOU!

[SassyinAz]

Thanks for the advice everyone... it's VERY MUCH APPRECIATED! I've gathered all my emails and paperwork from these loan companies and it seems I'm not in as bad of shape as I thought. (I know, I know, just having these loans is terrible!) I just tried listing all the payday loan companies, and 4 of them are set to make a withdrawl on 9-1. (my next payday) 2 are past due for $60 and $90 right now and 1 has already successfully withdrawn the interest charge from USAA. Luckily, my car one is not due for another 2 1/2 weeks. I really thought I could handle all this and "space" them apart enough to do so. I'm trying to save face and my bank account. The confusing part is the check I wrote to the CA atty for $200 is caught in the middle of all these debits, not to mention the check I wrote to my mom for $300 (I'll tell her I HAVE to stop it) and then some ATM withdrawls somewhere in there. Not having real-time updates kills me. One day it seems all is well, and the next, NSF fever. I can't manage my money.

ygboi,

 

I hope you'll take this in the spirit intended, I see you're in a pickle and spiralling, working on your reports, and robbing Peter to pay Paul via those nasty payday loans.

 

I captured in red the problem -- you'll get out of this mess and continue to work on your reports but neither will do you much good if you don't address the need to learn how to budget and manage your money.

 

It all goes hand-in-hand together.

 

This is not a lecture, not a looking down, and definately not a judgment, because Lord knows I've been there as have most of us -- just pointing out to you the root and source of the problem. Gotta address that too, if you want the rest to come together, otherwise it's just an ugly spiral.

 

Sassy

[Roland99]

That's it, sassy.

 

ygboi, time to setup a simple Excel spreadsheet that budgets your monthly expenses.

 

Start with something like:

 

Rent

Car Payment

Gas/Oil Changes

Groceries

Child Support

Entertainment

Gas/Electric

Water

Phone/Cell Phone

Pets

Medical

Cable TV/Satellite

Internet Access

Haircuts

School Fees

Car Registration/Taxes (Reg., taxes, lic. fees / 12 months)

Car tires (Cost of new set of tires / 36 months)

Birthdays (Birthday gift budget / 12 months)

Christmas Fund (Christmas budget / 12 months)

 

 

Oh, and seriously consider a temporary 2nd job.