Okay this made me angry
By taface412
@taface412 (3175)
United States
August 10, 2008 8:28am CST
I have been using the cash advance thing for quite awhile. Well, once I was able to clear it off at tax time, but then within a month or so had to reborrow to make ends meet and then the cycle started again. Okay I know this part was on me. SO whatever it is a bill that I mistakeningly have taken on and honor every 2 weeks to pay and have to reborrow. Well, last month I started going over my budget and realized that I may actually be able to clear it off completely and by Christmas be able to start saving some money up for an Emergency Fund so I never have to go there again. Right, good plan huh?
Well, then I went into the store last week to pay my bill. I found out that 2 months ao they changed their policies....which did not inform me and I am there every 2 weeks like clockwork....never missed it and only had them send it to my bank when I was intending to clear it off....well now they do not send it to the bank to cash it if you cannot make it in on time or want to clear it off. They now send it to the cold check division downtown....in other words as a bounced check.
I was livid. I asked them why and they said it was because it was a hassle for their customers to wait 2-4 weeks for the check to clear and they have to call the bank and etc. I am not ignorant. I know it is because "some" people were giving them cold checks. But what about the rest of us who actually pay our bill on time, have the funds there to pay it, and do not want to have to drive 30-45 minutes to clear it off? What a racket. I could understand if they ran it through once and it came back insufficient funds but to not even try once.....
Because once it goes to the cold check division you have other fees accruing implying you write bad checks. I know I work very hard to keep my name off that list and abide by laws. Plus, you would have ot keep reborrowing to clear it off....UGH.
Like I said I alreayd planned on clearing it off within the next month. ANd I am pulling some crazy hours like working 8-10 days straight to pull in the funds to do this. I learned my lesson and want to warn others out there.
I was mainly mad because they never informed me of this and if I really wnated to press the matter according to the contract I sign every 2 weeks they state they still send it to the bank to be cashed. But I want out of this mess they are Loan sharks from hell.
Anyone else have a scary cash advance story.....
4 responses
@Theresam (1177)
• United States
16 Aug 08
I have never personally had to use any of those cash advance places but I think you are doing to the right thing to work overtime to get it paid off. I would suggest reading Dave Ramsey's book Total Money Makeover. Once you get this cash advance paid off, start an emergency fund of $1k and then attack any credit cards that you have.
@piasabird (1737)
• United States
10 Aug 08
When I was barely making enough money to live on I had dealings with loan sharks like those. Just a few times but that was enough. Then I got a better paying job and have never had anything to do with companies like that again.
I hate those places! They took my son's car. Granted his wife should have never had anything to do with them in the first place but I hate them for taking their paid off car over a few hundred dollars!
I wish that no one would ever use those places again and they'd have to go out of business!
@taface412 (3175)
• United States
10 Aug 08
The one I deal with does not require you to put up your car...but I can see your point...they are horrible. I mean it's bad enough you are paying such high fees in the first place and then they make you feel like a criminal, and then take your stuff....well better paying job or not I am getting out of this one way or another..LOL
Thanks for your response and wish you and yours the best.
@writersedge (22563)
• United States
11 Aug 08
My husband missed a payment by a few days and they put his borrowing rate below what he had borrowed, in other words, he had $10,000 credit. He had borrowed $8,000. He was late, so they put his credit below what he had borrowed, $7,500. So the other $500 is under penalty and more fees. He would have had to pay $500 plus what he would make for a normal payment to clear it. He called them and they canceled his credit line entirely until he pays what he owes off so he can't use the card.
What a mess. I think they loan money to figure out ways to get people.
@alori61 (344)
• United States
10 Aug 08
I got involved in the same type of situation when I relocated 850 miles and couldn't get caught up. I had to keep going back every other week for months then I started adding up the fees I was paying and realized how bad it was so I suffered through two weeks broke as heck and never went back. It's a horrid horrid habit to get into.
