HELP! Online PayDay loan!

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RustyDusty

RustyDusty

Rabid Cross-eyed Opossum!
Joined
Jul 26, 2010
Messages
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Location
Columbus, OH
I know they're awful, but a few months ago a payday loan was all that kept my girlfriend and I in our apartment. Here is my dilemma... They charged me when the loan was due, and it bounced. So in order to collect their fees they keep splitting the total amount due into a couple smaller charges.

I owe $900, so after that bounced they tried 3 $300 charges to see if they could get any of that. When all of those bounced they continue to try over and over. At a $35 fee per bounce by the bank they have eaten EVERY SINGLE DIME I have! Is this legal to split transactions like that?

Due to this I have no money for gas, food, this months rent, and my credit is crashing. I've got a $15 gift card to Taco Bell, I better figure out how to stretch that reallllly far. Also, when I tried to make the Mr. DC shirts for FABO, and the printer wouldn't print it due to copyright laws, but took my money... they still haven't paid me back yet, so I've had to pay about $800 out of pocket to take care of my FABO friends. On top of that, January is my slowest month of the year, I'm going to make a whopping $600 all month. I was supposed to start working at a dealership in January and just got a call they're pushing hiring back to spring. I'm sinking fast and am not sure what to do exactly. I screwed!

Sorry I'm not usually one to post downer threads. Ya'll are all I have to go to for advice with this stuff though. :sad5:

I appreciate the help,
Drake
 
Hate to say it, but all you did was postpone the inevitable. Much of this payday loan stuff is barely legal, but that won't stop them. Have a heart to heart with your bank manager, maybe they will reverse the fees if you come clean. Then, straight to credit counseling.

Now, on to more important stuff. How is this affecting you? I've been bankrupt twice, so I know where you are at. This can be very tough on you phsycologically and very likely will bring on some serious depression if it has not already done so. Best advice I can offer is that there will be better days ahead.
 
Gryzynx said:
Hate to say it, but all you did was postpone the inevitable. Much of this payday loan stuff is barely legal, but that won't stop them. Have a heart to heart with your bank manager, maybe they will reverse the fees if you come clean. Then, straight to credit counseling.

Now, on to more important stuff. How is this affecting you? I've been bankrupt twice, so I know where you are at. This can be very tough on you phsycologically and very likely will bring on some serious depression if it has not already done so. Best advice I can offer is that there will be better days ahead.
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Thanks Gryzynx. I appreciate it. I will call my bank tomorrow and see if I can get any sort of help from them.

It's beating me up psychologically. I'm constantly stressed, wake up at night trying to figure out what I'm going to do. I've even had dreams about how I found a way to get everything paid back, then wake up\ believing it's true for about 10 minutes, only to realize nothing has changed, or it's gotten worse.

It's rough, because before 2 months ago I was perfectly fine financially, then I hit a real hard spot. Now that hard spot has drug out all the way until now, and who knows how much longer. I've called some payday debt relief places, they double what you owe and then spread it out over a year. I'm not sure whats worse, or who/what to turn to.

Heck 3 months ago I was supposed to buy a duster shell from AZMopar. I finally just got one small payment off to him this week to try and keep good on my word. Mark is a great guy.
 
It's 3AM here and I'm up at the keyboard. It's been 20 years since my problems, so that may help explain some of the long term consequence from what you are going thru.

Credit counseling is very different from those consolidation rackets. In Canada, there is something you can go thru which amounts to a proposal to your creditors. It may be pennies on the dollar, but it freezes the interest charges and is better than a full out bankruptcy. It's administered thru the courts and I think the US has a similar provision within their bankruptcy laws. Financial trouble can gather very fast. Sometimes, that 2 month setback can take years to sort out. A bankruptcy will rape your credit rating and your self esteem, but 7 years of no credit cards will return you to a clean slate. It's real tough to face your bank manager at a time like this, but they may be able to give you some good advice as to how to recover. Even if you owe money, they would rather see you clear it up and take the loss than spend the next few years hounding you for repayment they may never get. It's actually cheaper for them in the long run.

I sure hope this helps. It was painful aquiring this knowledge, but I'm nearing retirement now and things are looking good for me. I would hope you can do the same.
 
Gryzynx said:
It's 3AM here and I'm up at the keyboard. It's been 20 years since my problems, so that may help explain some of the long term consequence from what you are going thru.

Credit counseling is very different from those consolidation rackets. In Canada, there is something you can go thru which amounts to a proposal to your creditors. It may be pennies on the dollar, but it freezes the interest charges and is better than a full out bankruptcy. It's administered thru the courts and I think the US has a similar provision within their bankruptcy laws. Financial trouble can gather very fast. Sometimes, that 2 month setback can take years to sort out. A bankruptcy will rape your credit rating and your self esteem, but 7 years of no credit cards will return you to a clean slate. It's real tough to face your bank manager at a time like this, but they may be able to give you some good advice as to how to recover. Even if you owe money, they would rather see you clear it up and take the loss than spend the next few years hounding you for repayment they may never get. It's actually cheaper for them in the long run.

I sure hope this helps. It was painful aquiring this knowledge, but I'm nearing retirement now and things are looking good for me. I would hope you can do the same.
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Gryzynx,
I can't thank you enough for this encouragement and help. I will speak with my bank manager tomorrow, and seek a sort of credit counseling like you are mentioning. It's 6am here. I've been up all night applying for jobs. Hopefully I get one!!!

Thanks a ton,
Drake
 
Just a suggestion, I had some similar fees on my account at one time...go in person and talk to your bank manager. It's real easy for them to blow it off when it's just somebody calling on the phone, if you go in person, you are a real human being with a problem that is actually pretty easy to fix. When I did this, they took a few minutes to think about it, and then agreed to waive all but the first fee. They also made it very clear this would be a one time deal. I don't think it would have worked over the phone. Hope this helps.
 
RustyDusty said:
Heck 3 months ago I was supposed to buy a duster shell from AZMopar. I finally just got one small payment off to him this week to try and keep good on my word. Mark is a great guy.
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I think you had better kiss that Duster shell deposit money good bye and rethink what is important. Based off what you have said you should be selling anything you have to payoff that payday loan. Then start making some better decisions.

Sounds like you have your priorities all screwed up.
 
Hadahemi said:
Just a suggestion, I had some similar fees on my account at one time...go in person and talk to your bank manager. It's real easy for them to blow it off when it's just somebody calling on the phone, if you go in person, you are a real human being with a problem that is actually pretty easy to fix. When I did this, they took a few minutes to think about it, and then agreed to waive all but the first fee. They also made it very clear this would be a one time deal. I don't think it would have worked over the phone. Hope this helps.
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This looks like very good advice.
 
I know it's hard but we all have been there and had to sell the things we have gathered in life that make us happy, I see you are a musician and trying to get SAE certified or something like that, I seen my son Creed sell every Guitar and tool he had because he was Job less and helping a girl friend with truck payments and he was on the streets looking for any job he can do... House builder, finished carpenter, Body shop work, mowing yards and even doing some detail work cleaning cars at a friends shop.
Back in 81 I sold my Barracuda we was in what they call a resection and I was laid off working as a electrician and had my first child at the time, I went to the coffee houses in town and found work mixing mud for tile setters and finishing concrete.
I knew some farmers that has trash piles of old electric motors and scrapper the copper out of them. Then one day I was hired on as a bar back and the owner added more pay and hours because I could clean his a/c units and hang new light fixtures.
Good luck and I hope you are on your way to the bank to resolve this and see if they will help.
 
I can remember when charging 25% intrest was usary and the people who did that were called loan sharks and went to jail. Now they are called Payday Loan Officers and go to the bank. Try to break free from them any way you can because now the law is on their side. Payday loans, Title Loans, Credit consolidation, all scams. When you talk to your bank manager IN PERSON ask him/her about a legitimate credit counselor. The bank officers will better understand the laws and the scams relating to intrest and credit.
 
If you wrote the payday company a check you may be able to stop payment or electronic check withdrawals from you bank. There might be a fee though, and I am not sure how many times the bank will allow them to keep trying. You could also go to your bank open another acct and close this one. But be prepared the payday blood suckers will sue for payment pretty quickly. You should go talk to someone at your bank and see what they can do about the fees and the constant requests for payment from the same place. I am pretty sure you can sign something at the bank to stop a particular company from debiting your acct.
 
no beatings here, take everything with some sense. really determine what is of value to you. Seriously. Hard choices. If you have: cable...satellite tv...shut it off. Cell phone you can get out of without punishment from the carrier ..get rid of it. Buying coffee and donuts, other junk food...stop. Unnecessary trips to wherever...stop. Evaluate everything you spend money on!

GET HELP!Think of everything you can do to save money or make money.

Get your head out of the depression, it is not hard to do, but tell yourself that it can be done, look forward to what you want, keep the goals and dreams in mind, you need something to drive you. Think about the good stuff, it is harder to think about the bad stuff at the same time. Some may call un realistic..oh well.
 
Couple of words of advice from someone in the financial world. Like 3404 said, cut out everything that is not necessary. It sucks but you have to do it. Abgsolutely walk into the bank and explain everything. When in trouble with any financial institution it is better to be proactive and honest. They are more likely to work with you. As for the payday loans. NEVER get one of those. The interest is rediculous even for 1980's standards and they have fine print that will allow them to do exactly what they are doing to you now. The chances of stopping them is slim so see if your bank will let you close out that account and then open a new one. From there it is budget, budget, budget.
 
Drake....if you would be willing accept, I could paypal you a bit of $$$ so at least you could eat, it will not be much as I am waiting for next months disability payment, but at least you would be able to eat for a few days. Does your girlfriend have a bank account? If so, probably would be best if it went to her....I will be out of the house most of today, but let me know. Would be glad to help you out. Be a gift or loan, whichever you prefer.....
 
inkjunkie said:
Drake....if you would be willing accept, I could paypal you a bit of $$$ so at least you could eat, it will not be much as I am waiting for next months disability payment, but at least you would be able to eat for a few days. Does your girlfriend have a bank account? If so, probably would be best if it went to her....I will be out of the house most of today, but let me know. Would be glad to help you out. Be a gift or loan, whichever you prefer.....
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I maybe could help out with a few bucks but maybe instead of paypal since he would have to transfer it to is bank to recieve it. It might be gone when he needs it. Can we buy a gift card to say walmart over the net? Atleast he could get food, tolietries, and other things there and even gas our walmart has a gas station hooked to it.
 
Inkjunkie & 72TrampScamp - I can not thank you enough for offering me some financial aid. That is above and beyond, and means a lot to me. I will get through this own my own though. Money is tight to an extent for all of us. I don't want to put any of you in the same situation as me accidentally. FABO has some of the greatest people!


zhandfull said:
Sounds like you have your priorities all screwed up.
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I tend to think financially I've always had my priorities straight. The only reason I'm concerned about the Duster is because I promised him I'd buy it and he's gotten offers since and declined them since he was waiting on me. That's about keeping my word and integrity. Heck, If I had that Duster today, she'd be for sale!

I think what's making this so hard is I already live so cheaply I don't have much to cut. I don't have cable/satellite TV, I have the absolute cheapest internet available, always try to consolidate drives/trips eat very cheaply off the dollar menu or at home. Etc.

I've already sold near everything that I don't use to make my living with (TV, Engine Hoist, Engine Stand, I'm taking my /6 and tranny to the scrap yard today as well , and it was enough to get me this months rent. I'm only 21, so I haven't acquired much to sell that's worth a decent amount of money though.

Chase Bank is reversing 5 of the 11 fees I received, but the next time the payday loan company tries to charge my account they will not refund the bounce fee. They would not close and reopen my account so that I could avoid fees because it is illegal.

I've submitted 15 applications today trying to get a second job, hopefully this pans out!!!

Thanks a ton FABO, you guys are great!:cheers::cheers::cheers:
Drake
 
Life is all about choices regardless of age. Making mistakes is how you learn and evolve into an adult. Heck I haven’t made the best choices and odds are nobody on this forum has made all the right choices. Helping people when able is one way you learn how to be a human being.


Maybe call the loan place and work out a payment plan and stick to it. That way they aren’t socking your account each time they probe for money.
 
i also, with inkjunkie ans trampstamp, would like to help. i have a gift card for walmart you can have with no strings attached, just pm me a address to send to. i have no actual cash to offer right now. sorry



just look at my picture, how could you refuse this beautiful smile???????????????????????????????????????????????????????????
 
You all are great. I can't thank you enough for the help guys! I appreciate the offers, but I'm going to get through this fine.


Good news. My parent's usually never lend me money, especially $900! I was talking with my mom about what to do, and different ways of handling this problem. Once she noticed I was absolutely headed for rock bottom and honestly had no cash, an overdrafted bank account, and creditors licking their chops, she stepped in and paid the full loan back for me. We've set up a monthly payment plan that gets her all paid back at an amount I can still live on!! This is a huge weight lifted off my shoulders!

I'm off to walk to TacoBell and celebrate with my gift card!!! :cheers::cheers::cheers::cheers:

THANKS FABO!!!!

If any of you ever need any help and I can be of any assistance, I will be there for you!
 
well, while you are at it, could you send me a chalupa.lol nah, i do not even know what one is, but seen it on a commercial.lmao
 
RustyDusty said:
Chase Bank is reversing 5 of the 11 fees I received, but the next time the payday loan company tries to charge my account they will not refund the bounce fee. They would not close and reopen my account so that I could avoid fees because it is illegal.Drake
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Let me guess you had $210.00 in the account so they only charged you for 6 and refunded the 5 others you didn't have any money for.

You need to close that account. Don't give the bank an option! Don't worry about opening another account at that bank. Go down the street to another bank if you must have an account.

You also need to get to the payday out fit and make some kind of agreement that lets them know your not trying to stiff them. Maybe offer to pay them with a tax return or xx amount of dollars a week make it as little as possible. Then you need to pay it off a.s.a.p. that has to be a priority. I would pay them before I would pay rent if it was me.

Don't worry about the Duster its the last thing you need. I understand your word and all. However we all know its not sold till all the money is in your hand. Someone else will step up and buy that shell if its a good deal. Just let the seller know its not going to be you.

It really pisses me off the bank telling you they can't close the account. If you have .01 cent or more go in and withdraw it and tell them to close that account.

Sorry man hate it when people (banks) take advantage of young people for personal gain.
 
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