Payday Loans Question

Please help. I live in louisiana and have pdl with loanpoint usa, gocash, idelagelt, vip, united cash loans, one click cash. Does anyone know or have experiences with these companies relative to them working with customers to develop a repayment plan. I can\'t keep having all of these fees taken out of my account every two weeks. I\'m in way over my head and cannot pay my other bills. Also, does anyone know if these companies will call me at work or call my references? Finally, should I default on the loans so I can get to their collection departments and then work out a payment plan. Any advice would be really appreciated.

5 Answers

If they still continue making calls, send them a C&D letter in writing. Try repaying the debts by working out an alternative repayment plan with your lenders telling them about your financial hardship. You may also contact a debt settlement company to waive off a portion of your payday loan balance. However, all these steps must be taken only after making sure that the pdls are legal in your state.


Yes, once the accounts go to the collection departments, then it's a different process altogether. It might cause you a lot of pain to deal with the collection calls and all. If you don't like them to call you at work, you might simply ask them the first time.


These companies can call you at work regarding the loan payments. It will be better to negotiate with the payday loan companies before the accounts go to their collection departments.


You may get information from the Louisiana Office of Financial Institutions about the pdl companies whether or not they are licensed in your state. You will be responsible for both the principal and interest if they are licensed in your state. Otherwise, you can get rid of the debts by paying them only the principal amount. You can request your bank manager to put a hard debit check on your bank account so that they can’t debit money from your account. If you are not able to repay your full debts, then you may go for payday loan debt consolidation which will help you to replace your multiple bills into a single monthly payment.


Read the laws...  http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

I believe they have to be licenced and they cannot rollover loans.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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