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: 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


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

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