Payday loans

[plr60]

I have retained a law firm and am planning on filing. Unfortunately, I have had a previous bankruptcy and can't file again until Feb. I got into trouble with payday loans and that is why I am having to file. I have told all the companies that I am planning on filing. Two of them never contacted me again. The rest are being really aggressive. I had been told by my lawyers to just annoy the calls. Has anyone else had any experience with payday loan lenders harrassing them? Three of them are threatening me with further collection procedures. I don't know if I can hold them off for another 4 months. Please help !

[Acropora99]

Hello,
The agressive payday loan companies are only trying to scare you to try to get you to pay them now. Many of them may be illegal payday lenders and they will threaten all kinds of action against you; however, they can do nothing more than threaten you. Legal payday lenders have every right to sue you and most will do so agressively, until you formally file bankruptcy. Once you file, legitimate payday lenders will stop harassing you. Once you file, no payday lender can successfully sue you no matter how much they threaten.

[IamOld]

plr60 - welcome to the forum!!!

I can tell you from sad personal experience that if you borrowed from these financial rapists you're lucky if they're NOT legal in your state - if they're internet lenders, they are likely NOT to be legal in MO - do you know/can you find out if this is the case?

If yes, they CANNOT (and will not) sue you - will they threaten you? Yes. But that is all they can do...

[plr60]

Well, I believe they are all legal in MO. The one's that are being aggressive are big name companies like Check into Cash, etc...and I only owe them $200. I had been borrowing that same $200 over and over again for the past 6 years...so, think how much I've already paid them. It's insane. I don't know why they are being so mean. My lawyers have told me NOT to pay them...but, I don't know if I can hold them at bay for almost 4 more months. I can't imagine that they would try to sue me over $200...but, who knows. I owe both of the other companies that are being aggressive $500 each. I wish I could get this all over with sooner...but, I have to wait until Feb.

[AngelinaCatHub]

Well, I believe they are all legal in MO. The one's that are being aggressive are big name companies like Check into Cash, etc...and I only owe them $200. I had been borrowing that same $200 over and over again for the past 6 years...so, think how much I've already paid them. It's insane. I don't know why they are being so mean. My lawyers have told me NOT to pay them...but, I don't know if I can hold them at bay for almost 4 more months. I can't imagine that they would try to sue me over $200...but, who knows. I owe both of the other companies that are being aggressive $500 each. I wish I could get this all over with sooner...but, I have to wait until Feb.

You stated that you are having to BK due to pay day loans. Two for 500 and one for 200? That is less than your lawyer will cost. Pay them and never use them again. It was foolish to use them the first time. More than 300% apr. You can get a better deal from a Mafia Loan Shark. He used knee caps for collateral. 'Hub

[IamOld]

Hello! Yes Check into Cash etc., will make sure they are licensed. Does your state offer mandatory repayment plans that the financial rapist has to abide by...it seems so - I found this:

"Missouri 408.500 to 408.506 $500 or less

Any person, firm, or corporation may charge, contract for and receive interest on the unpaid principal balance at rates agreed to by the parties. No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75 percent of the initial loan amount on any single loan."

It SEEMS that once you've paid fees in excess of 75% of the loan (question is what do they consider a "single" loan" you cannot be asked to pay more fees...

According to the trade association of these characters: http://cfsaa.com/cfsa-member-best-practices.aspx ---their members should offer yuo a repayment plan...that is someone in your situation by their own trade association shouldn't pay any more...

They WILL threaten - bully - call etc...but - perhaps you can try and send them certified return receipt letters citing the above to them - BUT see if you can run this by your atty.

BECAUSE for such small amounts if they're licensed it's "easy" for them to go to small claims...

What do you think???

Well, I believe they are all legal in MO. The one's that are being aggressive are big name companies like Check into Cash, etc...and I only owe them $200. I had been borrowing that same $200 over and over again for the past 6 years...so, think how much I've already paid them. It's insane. I don't know why they are being so mean. My lawyers have told me NOT to pay them...but, I don't know if I can hold them at bay for almost 4 more months. I can't imagine that they would try to sue me over $200...but, who knows. I owe both of the other companies that are being aggressive $500 each. I wish I could get this all over with sooner...but, I have to wait until Feb.

[plr60]

Those 3 payday loans aren't my only debt. Those are just the 3 that are being real aggressive. All of my payday loans offered me a repayment plan...but, I had so many that I couldn't afford them all. So, I do have to file bankrupcy. I have several credit cards and loans as well. But, the real reason I got into this mess is because of payday loans. Don't ever get them...ever !!

[IamOld]

Those 3 payday loans aren't my only debt. Those are just the 3 that are being real aggressive. All of my payday loans offered me a repayment plan...but, I had so many that I couldn't afford them all. So, I do have to file bankrupcy. I have several credit cards and loans as well. But, the real reason I got into this mess is because of payday loans. Don't ever get them...ever !!

I understand - BELIEVE ME!!!!! I was just looking for possible strategies to hold them off for a while...what does your atty think them suing??

[AngelinaCatHub]

Those 3 payday loans aren't my only debt. Those are just the 3 that are being real aggressive. All of my payday loans offered me a repayment plan...but, I had so many that I couldn't afford them all. So, I do have to file bankrupcy. I have several credit cards and loans as well. But, the real reason I got into this mess is because of payday loans. Don't ever get them...ever !!

plr60, I'm not being judgmental, but you've been through this before. Seems you owe everyone. Are you employed? I assume so. (lucky stiff). So how'd this all happen? Just curious and you are anonymous. 'Hub

[plr60]

Well, after my first bankruptcy...things just went wrong...car repairs, doctor bills, etc.. I have nobody that will help me out...so in a pinch...I took out a payday loan. Then something else would happen...in order to pay the bills I had...I took out another payday loan...I always thought I'd pay it back. It never happened. I only had 2 credit cards up until a year ago...and then I took them out to just to help me live...food, gas, etc...It just snowballed. I do have a job and actually took a 2nd job...but, I could never get ahead. I want to change my life and this is the only way I know how. I don't go out and charge up credit cards with new clothes, expensive meals or trips. I was using them to pay my utilities, phone, groceries. I just can't do it anymore.

[IamOld]

prl60 - I do KNOW what you're going through - forgive the symbolism here, but this industry is truly the "devil" - it offers cash when you are DESPERATE - and I've been there...believe me - but any deal you make with the devil has a steep price....do what you must to get out of it - else you may never get out of it...

Well, after my first bankruptcy...things just went wrong...car repairs, doctor bills, etc.. I have nobody that will help me out...so in a pinch...I took out a payday loan. Then something else would happen...in order to pay the bills I had...I took out another payday loan...I always thought I'd pay it back. It never happened. I only had 2 credit cards up until a year ago...and then I took them out to just to help me live...food, gas, etc...It just snowballed. I do have a job and actually took a 2nd job...but, I could never get ahead. I want to change my life and this is the only way I know how. I don't go out and charge up credit cards with new clothes, expensive meals or trips. I was using them to pay my utilities, phone, groceries. I just can't do it anymore.

[plr60]

Iamold - Thank you! I hate even admitting that I had even one payday loan...let alone 6...but, knowing someone else knows what I am going through helps. You don't know how many times I have said that I hate my life...almost daily...for years. I want things to be better. I'm not a bad person. I keep telling myself that I just owe these people money...not my life !!

[IamOld]

Thank you! I hate even admitting that I had even one payday loan...let alone 6...but, knowing someone else knows what I am going through helps. You don't know how many times I have said that I hate my life...almost daily...for years. I want things to be better. I'm not a bad person. I keep telling myself that I just owe these people money...not my life !!

You're not a bad person!!! :-) :-) And you are taking the steps to take your life back - once you're through this though, you have to say to yourself NEVER AGAIN NEVER AGAIN NEVER AGAIN!!!!

[plr60]

You're not a bad person!!! :-) :-) And you are taking the steps to take your life back - once you're through this though, you have to say to yourself NEVER AGAIN NEVER AGAIN NEVER AGAIN!!!!

Trust me...I keep telling myself that daily. I want a better life.

[IamOld]

Trust me...I keep telling myself that daily. I want a better life.

My best hopes and wishes to you! May I ask for you to let us know how things go/turn out??