Monday, June 2, 2008

June 2008 Goals and Payday Loan Recovery

A new month, my Rent Check has cleared (or will by the end of the day) and I am setting some goals. There are going to be fairly modest as I am still starting out getting myself out of the mess I created, but here they are:

1. Do not get overdrafted by the Bank!
2. Stop Payday Loans forever!

So the progress on the Payday Loans goes like this: I disputed some charges with my Bank and was able to get $120 back that was debited from my account last week. I also spoke with Evil Payday Loan Company and let them know that what they were doing was actually illegal in New York State (who knew?!) and that I had filed a complaint with the Attorney General's Office. They agreed to stop debiting my account!

Now I know I shouldn't be so happy about this as they actually have taken a lot more than I actually owed them (no final numbers just yet, I'm working on it) but having taken out several of these loans in the past year, I sorta did know what I was getting into. I'm just glad it's going to STOP!

There is some recourse available to me to recover some of the money they took and I'm looking into it. This company, unlike several others I have dealt with, is extremely shady and even when I tried to pay them back, made it almost impossible. I need to wait until the next pay cycle to confirm it, but I think they are out of my life forever.

So that leaves one outstanding Payday Loan, Payoff amount = $325. I am fairly confident I can pay this whole amount on June 12, so I am only 12 days away from being free of the shackles of these stupid loans forever!

6 comments:

Jim ~ mydebtblog.com said...

There are two things that thrive off of poor people: payday loans and the lottery. I've never participated in either nor do I plan to in the future. Once these sharks are out of your life you will know better to not go back. I hope for your sake you can get some money they stole from you back. If you can't get it back, it becomes stupid tax you paid to learn a lesson. I've paid a lot money on stupid things too, so moving forward is key.

Chicky said...

I'm glad you will getting rid of payday loan journey forever.So were they taking from your account more than they are supposed to?After you're done with payday loan you might want to change your cheking account number so that no pyaday loan company can get your funds.

Breezie said...

The charges on Payday loans can add up, if someone doesn’t pay on time. Other than that, it’s a good option for someone that doesn’t want to get caught up with credit cards debts. They can also help in a tight situation, its quick, and most places are open longer hours than banks.

Anonymous said...

payday are a trap for the poor to stay away from. had to buy medicine for wife and got trapped in circle.

undercover vixen said...

your in the city too! so am i!! I guess our stories will have some parallels.
If you haven't already, can you do a post on what payday loans are and how they work

Sallie's Niece said...

I'm not in NYC.