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About to take a title loan against my car

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Money Talk > Credit & Loans

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Wino
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LRobTed, I've read everything written so far. You have to first read the following sentence, and really think about it:

You cannot borrow money to get out of debt.

Did you listen to the advice to look up NFCC.org? These folks will help you work out a payment plan. The payday loan places are worse than vultures. At least vultures wait until something is dead before the gorge on it. The payday loan folks are one step below pond scum, because pond scum at least produces oxygen.

You need to follow Coaster's advice and get rid of the payday loans one by one. You're already behind on your other obligations, so another month shouldn't hurt too much. The problem you have now are the payday loans. Taking out another similar loan (the $2500 loan mentioned is even worse than your present predicament) will only make your situation worse.

You have shot down every other suggestion. You have a car. Get a job as a Wal-mart greeter. Another $200 per month would help you enormously. For some reason, you won't even consider making more, spending less, or selling anything. You need to make a hard decision, and you need to make it sooner rather than later.
Post Sun Jul 14, 2013 9:57 pm
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LRobTed
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For "Wino" - first of all, appreciate your post but you don't know me at all to say I'm not trying hard enough. I have worked all my life since age 16. I've worked for some Fortune 500 companies over the years as an Exec Assistant supporting senior management (CEO, CFO, etc) and before getting laid off at age 59 at my last employer (due to company-wide reduction in force during the "crash" of 08-09) I was making $75,000 per year plus bonus. After getting the severance package and COBRA I sent out no less than 500 resumes (I kept a spreadsheet) and over two years, I had "four" in-person interviews (where they actually called and wanted to see me). As it turned out I did realize age discrimination was going on first-hand and after exhausting Cobra benefits, unemployment benefits and finally going through my savings, I had no choice but to file for early retirement once I turned 62. I AM still pursuing part-time work to supplement my social security income but in the area where I live, there are not that many jobs and the ones that pop up go to mostly all the younger than I am people!!! I can't control that. I've signed up with all the temp agencies, I have a stellar resume and quite frankly this has led to some deep deep depression on my part. And it is difficult to be retired and not have money to travel, go to lunches, even buy some new clothes. I'm not feeling sorry but I just never saw this coming. And then without medical insurance I did have some rather major medical issues, hence "bills" that I must deal with. It is one thing to tell me to swallow my pride and "Go be a Walmart Greeter" (by the way Walmart in our area did away with "greeters") because I would do it, but do not tell this writer that I have not tired because I have been trying my entire life!!!
Post Mon Jul 15, 2013 2:16 pm
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oldguy
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quote:
And then without medical insurance I did have some rather major medical issues, hence "bills" that I must deal with. It is one thing to tell me to swallow my pride and "Go be a Walmart Greeter" (by the way Walmart in our area did away with "greeters") because I would do it, but do not tell this writer that I have not tired because I have been trying my entire life!!!


Well, I'm not buying it. Your story just sounds like normal life experience that happens to all of us, one way or another. We've all been fired, we've all been out of work, anyone over 55 has probably had some serius medical bills, and so on. It has nothing to do with 'swallowing pride', it has to do with fixing your problems.

When you need a job, you don't answer only Exec Asst jobs, you take whatever job is available. You make it sound like a Walmart greeter would be beneath you? I see Help Wanted signs in many places - fast food, taxi drivers, retail shops.
And of course some jobs have age issues - and they should. Recognize that you should not apply for ballet dancer jobs, professional ice skater, etc - accept it, don't complain about it. Employers hire workers to get the work done, not to be PC - would you hire a 62-yr-old to be a lumber-jack?
Post Mon Jul 15, 2013 3:37 pm
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LRobTed
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Older Guy - you are really starting to make me angry. Just last week I applied to be a "cashier" at a Truck Stop!@!@ So don't go on and on about nothing you know about me. I have GIVEN UP entirely on ever getting an office job again, they won't/don't want to hire older people. Period. And YES I have applied at various types of places of employment including Macy's, Penney's, Lowe's, Best Buy - all those places and more. I know a few people at a few of these places and they tell me that employers are afraid to hire older people because they may have "health" issues or if getting social security and don't like the job, can just walk off knowing they still have income. Other reasons pop up, too. I don't care what you're "not buying"....unless you're in MY SHOES in MY AREA there are very few opportunities open. I don't know where YOU live but when is the last time you tried getting a part time job unless you are a truck driver or lumber jack yourself? I'm a female, 63, 20lbs overweight but still have a very attractive appearance and trying as hard as I can. YOU, sir, are to stop insulting me. Have a nice day.
Post Mon Jul 15, 2013 3:54 pm
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oldguy
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Going forward - have you considered real estate? I took the classes and got my state real estate license.

The RE market in LA appears to be speeding up again, that might have money-making possibilities for you. I took night classes at a local brokerage - about 3 weeks, 3 nights a week, 3 hour classes. And then a 4 hours state examintion (it's available several times a year). The cost was around $500, then you hang your license with a local realtor. They don't "hire" you, you work for yourself, age doesn't matter, availability doesn't matter, you work as much or as little as you want to.

Houses in Irvine, etc, are moving in the $800,000 price range, the salesperson;s share of a commision is about 3% ($24,000) - two or 3 of those in a year would boost your current situation drastically.
Post Mon Jul 15, 2013 4:30 pm
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LRobTed
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I've decided to take the car title loan  Reply with quote  

I feel overwhelmed with these loans every month. It is just too stressful. I've decided to get the loan and stick to a plan to get it paid off in six months, that way getting back the title to my car sooner than later.

I'm not very good at contracts, details so I hope the organization I'm going to deal with is reputable. I'm wondering if there is a way I can check on them, if many complaints? I'm hoping it is a standard contract with specific payment amount each month spelled out that I'm accountable for. I'd like them to deduct it right from my checking account, therefore, once I get my social security check, they are the first ones paid off the top. In meantime, I won't be having to pay off all the other guys and I can just worry about this one payment. If I save and am careful, I think I can get this paid off. YES I'll be paying a huge amount but honestly, this stress of owing this money, trying to stay on top of it, is killing me and I'm 63, I can't take it. It is "worth" the extra $2,000 I'll pay just to relieve myself of the stress. Someone said to watch out for "hidden fees" within the contract. I don't know what that means - you sign something to pay monthly and there should be no other fees if I pay on time. I was warned if I missed ONE Day they come and repossess your car. My social security is guaranteed, always deposited, so their money will be there. I don't have any relatives or anybody else to turn to, so this is what I'm going to do. Wish me luck and thanks for your advice!
Post Tue Jul 16, 2013 3:56 am
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Wino
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quote:
Originally posted by LRobTed
... you don't know me at all to say I'm not trying hard enough.


Please go back and show where I said anything of the sort. I stated that folks had suggested many things, and you had shot down everything suggested. That was a fact, not an assumption, accusation, or opinion.

Since you have turned down everything else suggested - for whatever reasons - your only course of action is to eliminate the payday loans one by one. The only way to do that is to let other bills lapse. I suggest you let the medical bills lapse, but that's your call.

And that's what my post said: You need to make a hard decision now, not next month. You're only getting further behind the longer you wait.

edit: I just saw that you're going against all the advice given and getting another payday - now called "title" - loan. Good luck.
Post Tue Jul 16, 2013 7:13 am
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LRobTed
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Tim - why is it the "worst" possible thing to give them my account no? This way they will always get their money, don't you see? I'm sincerely curious why this is not a good idea? What if I move out of the area and can't go down to where they are and physically hand them a check? Or I'm in the hospital --- this is a way for me to guarantee they'll get paid so my car will never be taken away. Pleases explain why this is not a good idea? I was in collections a couple of years ago and
arranged for money to be taken out of my checking acct monthly by them -- it got paid off like clockwork and account was paid off and closed.

Let me know your concerns and I respect your opinion despite the fact that today I'm probably going to do this. Thank you ; )
Post Tue Jul 16, 2013 11:01 am
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LRobTed
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Tim - thanks for that "opening a separate account" for loan payment idea, I will do that for sure. I"ve always wondered how is it so easy for a company (any) company to just pull funds from your account without the bank getting your approval on it first??? It gives me pause now that I think about it. When that collection company took out $100 every month, the bank never asked me if this was ok to do - it could have been a phoney company. Fortunately, they've never abused it but one never knows.

I'm also concerned about my social security "security". Do you know that at all FIVE payday loan places they have my "Letter of confirmation" from social security with my amount I get and when I get it? I had to hand over a copy to them as it shows my income (my only income). But I'm wondering how easy it is for someone to hack into your social security??? I know anytime I've called Social Security for reasons they really put you through the paces to try to make sure of your identity but still??? I'm know I'm off topic here, so apologies.

I promised my spouse that I would not get a title loan with this car. He mad me promise. That is what is bothering me most, going against my promise to him. Also he casually mentioned that "he could find out" if I got a loan. Can anybody call the DMV to see if there is a lien against anybody's car title?? That is the only way he could find out. He has all my infor (VIN no., etc).

I have come to this forum for advice and I've gotten so much good information here. I hope I'm doing the right thing. Thank you so very very much.
Post Tue Jul 16, 2013 4:36 pm
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oldguy
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quote:
I promised my spouse that I would not get a title loan with this car. He mad me promise. That is what is bothering me most, going against my promise to him.


If he already knows that you are considering a title loan - and he asked you not to do it - then why don't you ask him to lend you $1500 for 5 months? That sounds about 10 times smarter than paying $4300 to borrow $2500 when you only need $1500. Wow, that sounds dumber everytime I type it. lol. (And before you start your rant - "no, I don't know you" - "no, I haven 't walked a mile in your shoes" - and so on).
Post Tue Jul 16, 2013 5:55 pm
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LRobTed
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Old Guy: My "other half" does not have $1500 to lend me. Otherwise I guess I would ask him but not sure I want him to know how dire straits I'm in although he does have hints. The car that I'm talking about is outright owned by "me" and "me" only so I think I should be able to do what I want with it.

I know this is desperate; the stress of owing all these people is going to give me a heart attack. If it comes to paying out $2K over what I borrow compared to dying from this stress, then so be it. Also I understand if I pay the monthly amount off more, let's say I pay them $400 or $450, I pay it off sooner and the payoff amount won't be quite so high. Thanks ; )
Post Tue Jul 16, 2013 6:15 pm
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littleroc02us
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quote:
Originally posted by LRobTed
I'm retired (I would "work" but part-time jobs are NOT going to 63 yr old people in my area, the younger people get hired first) but I am always looking. If I could land a job for $9-10 an hour for four hours a day would help me financially (and mentally, I'm bored out of my mind with retirement and I have no money to travel, buy things..etc.)



I just went back to what you said in this post. You said that younger people get hired first. That is just a lame excuse. Not when you own your own business. Businesses don't care what age you are. I just started up my own handyman business because I need the savings to buy my first flip. Why not start a lawn mowing sevice and place ads on people's doors, or offer to paint their home, or some other skill you have. Working for someone else won't get you the same income your looking for to pay off these payday loans. The only way I know how to get money is to work.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Tue Jul 16, 2013 7:53 pm
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LRobTed
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Well, it's done. I'm locked into $400 a month for a year but there is no payoff penalty and I'm hoping to get this paid down in six months. Expensive but it is my car and I did what I had to do. Thanks for your help everybody...getting a part time job would really expedite getting this thing paid off!! Will keep looking!
Post Wed Jul 17, 2013 1:52 am
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LRobTed
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Well, the rate went up because I don't start the first payment until Aug 30. Honestly, I'm very poor with numbers and math and I was so desperate to "breathe". Even if I pay them $100 extra each month it will draw the payoff period down a bit closer than a year. I know that if I miss 10 days not paying them the contract says they have the legal right to repossess my car. And I can't let that happen. It was hard signing over the pink slip. I get it back when I pay this off and can go register it with DMV removing them as lienholder. *sigh* again, thanks for your advice Tim. I can't even tell you how good it feels to get up and see some money in my account. Now I have to act wisely with it and never get into this position again.
Post Wed Jul 17, 2013 1:02 pm
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oldguy
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quote:
I can't even tell you how good it feels to get up and see some money in my account.


That's an odd thing to say. After paying your PayDay loans, you have less than $1000 in your account - the PinkSlip company owns your car - and you owe someone an extra $4800. Yipe! (I know you don't care - but $2500 at $400/m for 12 months is a 141% APR loan - I should get into the Loan Sharking business, lol)
Post Wed Jul 17, 2013 2:53 pm
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