In Desperate Need of Your Help

[FrugalChick]

Thank you for the extremely helpful information.

When I talked to the payday loan rep, he said that he would send me a new adjusted loan repayment plan agreement. I haven't received it yet (via email).

He said that since I gave them my voided check info, they would use that as proof of check fraud.

My repayment plan of $590 includes (reduced from much higher), $175 per month interest fee.
Loan guy said I could repay via bank account debit info (definitely not doing that),
western union, or a disposable debit/credit card.

If I get the paper agreement comfirming total owed per agreement, what is the safest way to repay so that I have clear documentation of the bill bring completely paid off.

Loan guy says that their website is often hacked and that they are aware of people from other countries calling and threatening borowers with arrest and jail if they don't make a payment. He saud they don't do that----but his initial call said I would be charged with Internet fraud/check fraud. I have already paid $350 in fees, and remaining amount to pay is $590 over the span of 5 months. Not sure what to do....not sure loan guy was honest about their site being hacked.

[thekid]

Loan guy was not honest about their site being hacked and that being the reason for the calls. Also, forget about criminal charges. Seriously, forget about it. A criminal offense requires proof beyond a reasonable doubt of criminal intent (called mens rea) above proof of the criminal act. That's very difficult to do. You would have to have a police detective and then public prosecutor (private parties can't bring criminal charges) think it worth their time and effort to investigate and build a fairly complicated case on what is essentially someone defaulting on a payday loan. Again, there is next to NO CHANCE of that happening. It is scare tactics, that is all.

I'm an attorney (canadian, not US). Don't worry about this. Call the number I provided in my link to check if the fees and interest charged are legal in your state.

[FrugalChick]

Thank you so much for your information and words of support.
I've been having some anxiety problems ever since the loan guy and have been freaking out a bit.

I also have an overdrawn bank account because of the payday loans trying to automatically debit my account. About $800 of the overdrawn amount is daily $35 NSF fees.

Will my bank be willing to do payment arrangements? Could they consider the NSF as check fraud?

I want to repay what I owe, it will just take me a little while.

I did find some comfort is writing down what each phone call was from, rather than not being sure. It turns out WFB called me like 5 times in one day. But I do have multiple accounts with about 5 of the companies they represent.

I also keep getting a stern call from something called CNU ...not sure what it is though.

[thekid]

Contact your bank and have the link to your bank account terminated. You have to stop the NSF fees immediately. Call them, explain the situation, stop any further NSF fees and work out a repayment plan with them.

[FrugalChick]

Thank you ever since the loan guy's call, I've been having anxiety all weekend---problems with sleeping, no appetite. I will call my bank tomorrow morning to make a payment arrangement. And I will send the payday loan companies that I haven't contacted a repayment plan request.

In regards to bankruptcy, I didn't know there was a significant amount of money to pay upfront? What does that pertain to? How much?

I've been praying and trying to de-stress. Very hard to right now. But I am trying.

[emanon1501]

Stop helping other people when you cannot even help yourself.

DO NOT GIVE PAY DAY LOAN ACCESS TO YOUR BANK ACCOUNT AND/OR CC. If you tell them to take $100 out of your bank account, they will take out as much as they can.

If you owe more than twice what you make, you may be better of filling bankruptcy. You have good reason as you fell hard time for health reason, not being stupid with CCs. Not everyone will agree with this, but the decision is for you to decide only.

[PetMom]

Why are you letting this payday loan shark company have access to your bank to debit out payments?

Change the bank or account.

You hold the cards by paying them with your check you write knowing full well how much is in your acct.

If they have free rein to your money via being able to debit it then they don't get the amount - that is how they are saying you are doing check fraud.

This has me irritated.

CHANGE YOUR BANK ACCOUNT TODAY!

Don't let those sharks have access to your banking info ever.

YOUR FRIEND:

Some have made suggestions. Some involving police, changing locks, etc... which might be needed but how about approaching this with him getting in contact with a social worker?

He seems to have or claim to have some disability that limits his working ability.

A social worker would be able to advise him on this and housing and other help.

You taking on someone in this dire of straights is not helping you.

You are stressed (understandably so) and exhausted - which makes decisions hard to do and still trying to do your work.

Your finances and most importantly YOUR WORK is the most important thing.

Also not letting these sharks have access to your account.

That is not check fraud when they demand access and take a debit/payment out at that hefty percentage rate and then claim you defrauded them and broke the law.

You have enough money to live on.

You need to have a firm repayment plan with your creditors which you pay.

You have to rebudget some of your expenses - I am baffled at how you don't have any food at times.

Also the $40.00 for soap and toiletries - you need to check out at library The Tighwad Gazette for more ideas of how to get your budget down even lower.

Once you get these crooks out of your bank account, this guy settled elsewhere and your budget more strict then you have the money to live on and still make reasonable payments.

Also: Budd Hibbs has a lot of info on his website about creditors.