I believe you remember when I wrote about a nice lady I met on a website forum who had so much in common with me that she had to contact me? (If not, see blog titled “More Payday Loan Crunch Comments” to catch up.) Well we have been fast friends ever since and talk almost daily via text or e-mail. We have supported each other through many a crisis. I wanted to tell you some of the things she had been doing to get rid of her PayDay Loan debt.
She had nearly $15,000 in payday loan debt at one time. She had been paying out nearly $3,000 a month! A MONTH! to these monsters. Some of her loans, well lets see… she had a $900 loan that she estimated she has paid $3,000 total on and still owed $800. She had a $500 loan that she estimated she paid $1,500 on and still owed $500. And it goes on and on.
With my loans, I have kept from doing this as I paid them down and paid them off, then re-borrowed. This kept me current on most of them and never overpaying by too much. Hers have just run amuck for months on end.
What she did: She has been writing letters like crazy, faxing and e-mailing. She has been threatening the lenders, reporting them as illegal lenders in her state. Most recently, she has had some victories. She went to her bank and put a stop payment on several of the debits. She then followed up with faxed letters and emails stating how much she had paid on the loans, quoting state law for Payday lenders, and declaring that the account be considered PAID IN FULL. Guess what, it has worked! They sent her letters in return telling her the account has been closed as paid in full, and in two cases, she has received big refunds of money from the over-payments! YAY for her and for the many consumers who have been burned from these payday lenders!
This sounds like it was an easy process for her, but let me tell you, she was so scared! We both have read horror stories of people attempting this type of things with Payday Lenders who turn right around and debit your account for the whole amount they believe you still owe. It is truly amazing to have this work so well in her favor. She is not completely out of the woods with lenders, but her situation has improved tremendously!
If you are interested in learning more about where to find the forum and help that I mentioned, visit this site:
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