New...payday loan debt stuggler

iVillage Member
Registered: 01-06-2013
New...payday loan debt stuggler
12
Sun, 01-06-2013 - 5:52pm

Hello! Not sure how this works but figured I'd try...maybe help alleviate the stress I've been going through and maybe get a little bit of advice or feedback. A little about me...single bartender/full-time student who has recently found herself in a snowball of debt and headaches. I've accumulated numerous payday advances. Had one....got another to pay the first off...got another to pay the second off...and so on. This has gone on for about a year until I finally got to the point that I couldn't keep going with the cycle and the outstanding fees. (Cycle meaning...pay a loan off, just to take another out - at each company) All of them have gone into default and as a result my bank account is over $1000 overdrawn in fees. (Oh...and to top it off I just got into a car accident where I have a $500 deductible.) I calculated a budget for myself for the entire year to try to figure out how much I could pay to these companies to get the loans paid off. With $50 - $100 a month to each company, I can have all of the loans paid off before the end of the year (including interest) and be able to pay my other bills (i.e. rent, electric/gas, food, gas, car payment, etc.) on time. The only issue...is getting these payday companies to start working with me and stop calling me...AND my family and employer. Has anyone been in this situation?? For example...Checksmart calls me 3 times a day even though I tell them each day (I don't ignore their calls) that I am unable to pay. Their response is they will continue to call until my debt is paid and I have to pay the debt in full before the end of the month. Now I know I borrowed from them so it is my obligation to pay them back...and that is my intention...I'm not running and hiding. Some would say...borrow from family and friends...obviously if I had family and friends that were able to help I wouldn't have taken out the advances at first.

I've spent the last two weeks on the phone with these companies trying to explain my situation and have gotten no where. If big banks can get a bail out, why can't little ol' me get one for 6 months :)

Any feedback (no lectures...believe me I'm beating myself up and learning from my irresponsible actions. I can't talk to my friends and family...they have enough to deal with...plus this is my problem, not theirs.

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iVillage Member
Registered: 04-16-2013
Tue, 04-16-2013 - 11:14am

Start working at home with Google! It's by-far the best job Ive had. Last Monday I got a new Alfa Romeo from bringing in $7778. I started this 9 months ago and practically straight away started making more than $83 per hour. I work through this link, Mojo50.com

iVillage Member
Registered: 07-27-2009
Tue, 01-22-2013 - 3:20pm

When they call you at work, simply ask the name of the company. Be persistent. Write down the name of the company and the time they called. Ask for the name of the representative and their ID number. Again, be persistent. Write all of this down and tell them that this is a business phone and they may not call it again. Period. Hang up the phone. When they call again document it again. Tell them again that it is a business phone and this is the second (third, forth, etc.) time that you have asked the company to stop calling and that you will be contacting your attorney if they call again. Follow through by contacting an attorney if they continue. I know that it would be a pain, but many times they will take on contingency and take a portion of the judgment if it comes to that.

They are a debt collector and they should follow the Fair Debt Collection Practices Act. They also are not allowed to let others know the nature of the call if they are calling your family and friends. If they do, it is grounds for penalties as well. Documentation with dates, times, names, etc will aid you in recovery if this harassment continues.

JenAaron.jpg picture by jen2075


Community Leader
Registered: 08-25-2006
Thu, 01-10-2013 - 7:28pm
Oh, I remember those days! I didn't get in the pickle you are describing, but I do remember how relieved I was when I stopped getting those loans. I would suggest seeing if you can talk to an attorney, or someone (maybe even on here) who can give you specific words to either tell them on the phone, or to put in a letter. I may depend where you live. I am not sure. But I am surprised after regulations and such have changed over the years, that they can call you like that. I have a feeling they can't, and do until someone says the magic words before they stop. I still get calls for my xH and even his brother. (just like you described them calling your family) and when I tell them they are not at this number they ask if I have a number for them and then apologize for the inconvenience and they quit calling. I don't know if there enough hours in the day for you to maybe bartend somewhere else, or not. But just an idea. Marie always talks about thinking outside of the box. Maybe there something out there that had never crossed your mind you to do. But as far as the calls, sounds like you need to find the magic words to make them stop calling you at work. Hope you stick around!
Serenity
iVillage Member
Registered: 01-06-2013
Tue, 01-08-2013 - 12:12am
Thank you...it isn't easy and impacts my focus on my studies. I just want to get back on track and keep going with my schooling so I can make a living that doesn't require turning to means such as these.
iVillage Member
Registered: 01-06-2013
Tue, 01-08-2013 - 12:08am

Thank you...I will have to try that approach. Once again, they left me three messages at my work...none on my personal phone. I contacted them...while I was at work this evening and again, let them know they could not contact me at work and its a disruption to me making the money I need to pay them back. I was stressed out that we were going to have a slow night, that my fellow employees and managers were questioning the messages when I called them back. When I spoke to the "team member" that was handling my account, I asked her what the point was to call me continuously every day until the debt was paid...after I had stated my situation and when I would be able to make payment. She responded it is what they are required to do. I responded, with them interrupting me at work that interferes with me making the money I need to in order to pay them. Calling numerous times would not make the money appear any faster. She continued to try to talk over me and said it was necessary to continue the calls until the debt was paid in full and hung up on me...prior to telling me to have a nice day. "Have a nice day", really?! You once again hounded me and didn't work with me when I'm doing all I can to make the money to pay you back!! I dread getting up in the morning only to be awakened by their calls...I dread going into work, knowing that our business has declined and I will have to explain why there are people calling me numerous times. Stressing someone out, that is in debt, does not help the situation...nor does it get the people we owe their money any faster.

iVillage Member
Registered: 11-14-2008
Mon, 01-07-2013 - 11:24am

I don't know much about the payday loans other than they are bad so I feel for you. I wanted to say good for you for staying in school and that with your determination, you will get past this. Keep posting, we are happy to have you here!

iVillage Member
Registered: 04-08-2008
Sun, 01-06-2013 - 11:12pm

I would suggest that if you do not pick up your phone and they try calling you at work again...that you say, "My lawyer says under the X act that this is illegal. You have been asked not to call me at work and are jeopardizing my employment. Please let me speak to your supervisor." They will quite probably hang up on you and never call back (this is what happened when I told my DH to say this when he had a similar problem). But IF you get the supervisor then you ask, "did you know that I have asked not to be called at work? Have you authorized this illegal action?"

Basically, you will just be scaring them off your case until you can get those letters off.

Take a deep breath. Then shrug your shoulders and try to let this slide off your back. They will get their money when you can give it. Plain and simple. There is NOTHING else you can do. So stressing out or allowing it to impede your ability to pursue life, liberty and happiness serves absolutely NO purpose and does not help you at all.

You can do this!

Dee

iVillage Member
Registered: 01-06-2013
Sun, 01-06-2013 - 9:28pm

And thank you for no lecture :)

iVillage Member
Registered: 01-06-2013
Sun, 01-06-2013 - 9:27pm

As for work...its an independenly owned business...first business for the owner.  Was doing great (got up to four stars) but we lost our chef a couple months ago and we're all starting to feel the impact.  Picking up an extra shift makes up for what we used to make.  As for things to sell...absolutely nothing.  Already pawned whatever jewelry I had that was up for grabs (need my laptop for school...which is so old its probably worth $50)...still making payments on the car that was just in an accident...have sold what I could from my closet...and everything left in my apartment is over 10 years old and would have next to nothing in value.  I even stayed late just last night hoping we'd pick up...walked out with $60 I have to split with the other bartender. (We used to average at least $200 each a night)  I even started waiting tables...but everyone is fighting for those shifts.  And it doesn't help when these people (i.e. Checksmart) are calling me at work...as if I'm not thinking about the 1000s I need to make to pay them and others.

It just throws me...all of these payday advance places are in low income areas and prey on low income...financially strapped people.  (I should know...I had to drive at least 15-20 minutes from my place because there are no cash advance places in my neighborhood.)  I don't leave beyond my means...tried to sell my car...got rid of cable almost a year ago...rent is only $500...keep my electric at a low...eat what I can at work...last time I "went out" was 6 months ago and it was for an hour...etc. 

iVillage Member
Registered: 04-10-2003
Sun, 01-06-2013 - 8:42pm

Hi there. No worries, you won't get lectures here! We're all here for a reason. I personally hate pay day loans. They are so predatory and the taxes and fees they charge should be illegal IMO.

Okay, I'm sure you've thought of this but just in case, do you have any way of raising extra funds? Is there anything you can sell to raise some quick cash to pay these loans off? What about picking up extra shifts at your current job? You mentioned that you were looking for another job. I bartended my way through school and its common for owners to own more than one bar (in my case they owned several) so when I needed extra shifts they often had them at other bars.

I'm not sure how many loans we're talking about or total amount of dollars, but keep your chin up. There is a light at the end of the tunnel!


Bex -

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