payday loan problems

jameshogg

Hi JNmetal,

I do agree that not all pdl companies are bad enough to deal with. But they do charge a lot of fees if one intends to postpone the repayment and the pay day. This is quite common with almost all companies and even if there are laws, these companies continue to harrass debtors. And charging a fee just because the pdl company won't accept the entire payment at a single go is something ridiculous but that's how these companies work.

Anyway, I think i read somewhere that you are into some debt management program. is it helping you to repay the payday loan?

Thanks

jbarto65 · Joined: 04 Nov 2007 Posts: 627 0.00 Dollars($)

I guess it is better than having a bunch of nsf fees.

jnmteal · Joined: 20 May 2008 Posts: 16 6.11 Dollars($)

yes the fees are so ridiculous! but if you have a choice of paying 300 in nsf charges (just an example) or 45 dollars, I think pdl is the lessor of the 2 evils! my debt consolidation company said they can try and work something out with the pdl but they have to accept to propsal first. and this wont stop them from taking money from my account in the meantime.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.03 Dollars($)

NSF fees are ridiculous. Can't you go to the bank and stop them from accessing your account?

erb1953 · Joined: 24 May 2008 Posts: 79 0.17 Dollars($)

Payday loans are very high intrest and can get you into a trap that it is hard to get out of, it is best to stay away from them if it is at all possible, I have read on the debt forum about people that have got caught in a viscious circle, they have them accessing their bank accounts and causing them overdrafts and clearing out their account, it is definately means that these are something that you can afford to stay away from.

jbarto65 · Joined: 04 Nov 2007 Posts: 627 0.00 Dollars($)

The intrest rates are really high and the fees that go along with them are outrageous too, you end up paying three times what you have borrowed, I know sometimes people feel they have no other choice and sometimes depending on the situation, this maybe true.

erb1953 · Joined: 24 May 2008 Posts: 79 0.17 Dollars($)

I could see where one could get themselves into this very easily these days with the rising costs of everything, needing a few dollars to get to the next payday is sometimes pretty rough.

If someone is contemplating taking out one of these loans they should onl borrow what they absolutely have too and pay it off in the following payday to make sure that they are not wrapped with all the crazy fees that go along with it.

They act as if they are doing you a favor by only collecting the $90 service fee while your principle never goes down until you start your $50 paydowns after the fourth $90 fee is collector. This is no matter what the loan amount is or how long you keep it out. I was reading through some of the debt forum posts, I can not believe how much they actually rack people for a $300 or $400 loan. I guess people get into desperate situations and have to take the loans out or feel they have no other choice but to do it. I hope that once people do this and then pay it all back that a lesson is learned to try and manage money a little better and make it from pay check to pay check.

jbarto65 · Joined: 04 Nov 2007 Posts: 627 0.00 Dollars($)

They do encourage you to pay them off on the very first payday, but then extend the offer to just pay the fee if that is all you can do, people often find themselves not being able to pay off the entire loan as soon as the first payday and this is where the trouble begins.

erb1953 · Joined: 24 May 2008 Posts: 79 0.17 Dollars($)

I would hope through sites like this that people will get the education they need to atleast make an informed choice about weather to take one of these loans out or not.

I would hope that these sites would educate people on the need to manage money and keep themselves payday loan free. It seems to me that the payday loan companies do in some part take of taking advantage of people in bad situations.

As far as encouraging people to pay them off with in the first paycheck, the fees are so high that people can not afford to pay them off with the first paycheck and end up making the payments and paying them two to three times what they have borrowed. I still think if they want to help people out they should lower their fees and be a little more user freindly when it comes to paying those ridiculous fees.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.03 Dollars($)

Two or three times is outragous. They just had a special on this scenario on TV. They even suggested that it would be better to take an item to a pawn shop before going this route. I guess most pawn shops will give you so much of a percentage of the items value and hold that item for a certain period of time to give you a chance to b uy it back. I am sure it would cost a little more to retrieve the item but it would be better than payday loans. I just wouldn't take grandmas jewels or any other personal item that you could risk losing.

tequilasueohmy · Joined: 30 Jun 2008 Posts: 2 2.01 Dollars($)

i have almost 6,000 of payday loans and i don't have any idea how i am going to pay them off. i have been paying over 1000 amonth just in fees that's 12000 ayear. i just decided to stop paying any of them. i get calls at work on my cell and my home phone all day long.they won't even let me make payments they want it all or they are going to turn them in for collection.i paid 10 per check to put a stop payment on them so i woulndn't get all the fees at he bank but they never stop. i make 50000 a year and i still don't know hoe i got myself into this mess

Niicss · Joined: 03 Oct 2005 Posts: 927 137.44 Dollars($)

Welcome tequilasueohmy.

You should try to make some settlement and pay them off ASAP. Otherwise it will be very tough for you as they charge so high you cannot get yourself out of the vicious circle of this payday loans. Pay then off and stay away from these payday loan companies if possible.

Let me know if you have any further queries.

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