pay day loans

[nomoneynomore]

"While in bankruptcy you are not allowed to take on new debt without the Trustees approval, this includes pay day loans."

This isn't always true. We are in Kansas, and were told that we could take out a pay day loan, but we would not be able to include it in the bankruptcy and would have to pay it back.

That being said, we are living proof that pay day loans are BAD BAD BAD news! It's one of those things that trap you. You get one, then get another to pay off the first one and so on and you spend your checks juggling to pay off the pay day loans week after week.

We were finally able to get ours paid off after struggling like crazy, and I promise you, I will NEVER, no matter what, EVER get another pay day loan.

[liz417]

Hi Cali, you were missed, yesterday.

OK, I pawned my wedding ring as we had an emergency until my SS comes. It is quite old and has a diamond so was a good asset for pawn. I never used a Pawn shop before however I want to get it out ASAP as the interest is outragious. I miss the ring.

'Hub

Hey Cat,

Your wedding ring??? I've never used a pawn shop (thought about it a lot the last few months), but aren't you allowed to "buy" back your items???

[momof2furbies]

OK - UPDATE - We will NOT use a Payday loan. Period. We did use those years ago, and have decided to try and borrow some from my mother. I too thought about pawning my jewelry, I have a .78 carat diamond and diamond earring, my husband said he would never forgive me if I did, but I am hoping borrowing from my mother will be enough. Also, isn't your jewelry also part of your trustee's property (?) and you can't sell or dispose of that as well?

[AngelinaCatHub]

Hey Cat,

Your wedding ring??? I've never used a pawn shop (thought about it a lot the last few months), but aren't you allowed to "buy" back your items???

[AngelinaCat]

I was not a happy camper when I found that 'Hub did this. I did a lot of screaming, et. al.

However, remember, all of us collectively posting here, things go in cycles. I can tell you of the horrors my grandmother went through trying to preserve our land. My grandmother, father, and aunt went through the same type of problems that we all now are having, and it IS cyclical.

My Grandmothers’ diamond ring was pawned many times, as were cows, and tractors.

I am the Family Archivist, as well as the last of the line. I have a documented family history of this same piece of property for about 100 years, and we are codifying and preserving all this history for the next generations.

Shortly, I will post a new thread in the General Bankruptcy Forum for anyone interested in the ‘Old Knowledge’.

[liz417]

Mr and Mrs Cat,

Whew! I'm glad you'll get the ring back...'hub, I guess I misread your 1st post, I guess I was reading in past tense and thought you pawned it a long time ago!

Mr 'Hub, you're lucky mrs cat is an understanding woman! I would be mad too! But yes, when you are in a bind, you've got to do what you've got to do (legally of course!).

Mrs Cat, I can't wait to read the history! Exciting. Make sure you post here to let us know when you post. I usually don't travel over to the "general topics" section.

[southernbelle]

"While in bankruptcy you are not allowed to take on new debt without the Trustees approval, this includes pay day loans."

This isn't always true. We are in Kansas, and were told that we could take out a pay day loan, but we would not be able to include it in the bankruptcy and would have to pay it back.

That being said, we are living proof that pay day loans are BAD BAD BAD news! It's one of those things that trap you. You get one, then get another to pay off the first one and so on and you spend your checks juggling to pay off the pay day loans week after week.

We were finally able to get ours paid off after struggling like crazy, and I promise you, I will NEVER, no matter what, EVER get another pay day loan.

This might be too little too late, but I considered a payday loan before my discharge because I had a couple of automatic payments about to hit my checking account and I would have been overdrawn. I made a few calls locally and found that (in Louisiana at least) they won't loan you money if you are in an open bankruptcy. As it turns out, it was cheaper to pay the overdraft charges from my bank than to go the Payday loan route.

And I'm also guilty of pawning and selling jewelry before filing just to pay bills to stay afloat. Not something I'm proud of, but my marriage was long over and I didn't feel any sentimental attachment to rings given to me by my ex.