Signing up T/C to consolidate payday loans

Ted,

Some of us who are already with T&C are curious about your post? Did T&C tell you that they pay your creditors/payday loans off for you and then you pay them because that's not how I and some others understand it? We are paying T&C and then as we pay them they pay our creditors. T&C in Birmingham, Al is the company that we are with, is that the same that you are talking about?

Also I do have experience with Check into Cash and they have been great to work with. I do not recognize any of your others.

Sue

National Cash works with T&C I have an account with them and National Cash accepted T&C proposal. When I talked to T&C yesterday Jessica said she received my money order yesterday morning and will send out payments that day. So it sounds like they wait until they get your payment then they send out the payments to the creditors.

That is also how I understand it. Tammy and I were questioning what ted300 was talking about though because it sounded different from what we have been doing.

They told me basically the same thing yesterday. I am wondering why on earth a payday loan company would agree to be paid only $10 or $15 per month over a 22-month period. They seem to want to be paid off much quicker than that! Please advise...how has everyone's experiences w/T&C gone?

T&C could not get the payment plan approved. My lenders denied the plan. I read it is the efficiency of consolidator to get the plan accepted, then why T&C could not make it? They charge a retainer fee also. Also it is hard to talk to a rep, they seem to be slow. I am going to register with this site. People are happy with the service they received here. I will let you know how it works. Keep your finger crossed for me.

My experience with T&C has been wonderful and they did my payment plans approved so I'm not sure why you have had problems. I think the pdl companies are willing to work with them because they know they will get their money instead of someone filing bankruptcy and them not ever getting their money. T&C is a wonderful, helpful place that really cares about their customers.

I talked with T + C today and I will be sending my 1st payment this Friday. I will let you know how it goes. They do send a set payment to each creditor each time you pay T + C. Hopefully my PDL's will accept them. I do worry about the 21 month time frame in which the creditors get paid, but T + C told me it should not be a problem. I am also worried about whether or not the PDL's will try to cash their checks in the interim. I cannot afford to have my checking go overdrawn right now. I tried to close the account, but the bank told me the checks would cause the account to be automatically reopened as they were written prior to account closing.From the reply's here in the forum I've seen, it seems as though National Cash Advance and Check into Cash will agree. Anyone have experience with Cashland? They are the ones I am really worried about, from my experience, they are traditionally hard to deal with.
Ted

Now I AM confused b/c I called T&C today and spoke w/a customer service rep. My question to her was why the PDL people would be willing to accept $10-15 on average from my bi-weekly payments to T&C.

I was told that T&C pays off the loan amount to the PDL companies once they verify the amount owed. She then said that my bi-weekly payment to T&C will pay them back for this service. I repeated it back to her to verify and she said that's how it works.

This is T&C in Birmingham, AL...I received the 800 number via PM here. This is the same info that the first person I spoke w/yesterday told me. Wonder if they offer different types of programs?

You are the only person I know who is receiving this information. Maybe they DO have different programs? But, it seems that if it was the case that the PDL companies would not have any problem with working with T&C, and that they'd be happy to in fact, but we've heard from several people on here that some PDL's refuse to work with T&C...can someone, like Payday Loan Avenger mabye, who has worked with T&C for months, please shed some light, and clear up the confusion...thanks!

I'm still a little confused myself. When I 1st spoke with T + C, I was under the same impression as wswofford, that they pay the PDL's right away, and then your payments pay them back. However, I received the contract from T + C today and it showed a payment going to each creditor every month. Therefore, the creditors get paid off in 21 months from what I can tell.

I was never under the impression that T&C would pay off all loans first. They are supposed to call me tomorrow about some things, so I will ask and try to clear things up then.

I've received the same info from two different gals at T&C -- one yesterday, one today. I even repeated it back and asked if she was SURE...she point-blank told me that they would send off the money owed to the PDL companies within one week of contacting them. I told her it sounded too good to be true, but she assured me that my monthly payment to T&C was to pay them back for this service over a 21-month period. I honestly plan to double my payment when possible to clear it up by this time next year!

I think I'm going to call back tomorrow to the 205 number and speak to a third person and ask again about this. Seems so strange that two different people would give me the same answer...hope they're not saying what I want to hear in order to get me to send the retainer!

I am impressed w/what I've heard from others so far...and with their BBB record. Strange that ted300 and I both were told the same thing...doesn't seem likely that both of us would be easily confused.

Some lenders are there adament not to work with T&C.

I agree. It does seem odd that you would both get incorrect impressions. I hope we get it straightened out soon!

Okay everyone, here it goes. I have been with T&C since December. They do not pay off your payday loans and then just keep your money for themselves. They process the payments as you send them to them and then send their checks for your pdl payments to the pdl and other companies that you have included in your program. I'm not sure where the confusion is coming from but maybe Mishele and Tammy you can chime in also and back me up.

I know it seems strange that the pdl companies would agree to do this but they will. Some say they won't but almost all of them do. If you've never been in consolidation before that's how it works. I hope this helps. If there were a loan company they would pay them off and then you would make payments but they aren't and that's not what they do.

I thought the SAME EXACT thing when I called. She told me I would get receipts showing the acct paid in full & I would make the pymts to them from now on. Now I too feel a little nervous. I have already done the retainer fee.

Who did you talk to? What was her name?

Okay Sue, Thks for the info...I was not behind when I first contacted T&C (on pdl.) I have now been contacted by the pdl because I closed my bank acct. I told them they will be receiving a proposal & they have stopped calling. The pdl's won't keep adding finance charges will they?

Sue, I think maybe there just might be some confusion. I can't remember who I talked to, but I think when they tell you the accts will be paid in full when you first call it is misleading. It SOUNDS like they are going to pay them off up front. I totally understand now. They ARE VERY helpful & nice. I have totally felt a weight lifted off my shoulders. They really are great to work w/.

Some will try, some won't. I am working on mine now because a lot of the online ones are licensed in my state and have way overcharged me fees, etc. I'm not sure which ones you have but there are a lot of us on here with a lot of different ones so if you need to ask someone can probably help.

Sue, Thank you. I THINK I am ok for now....I have paydayok; quikpayday; liquidcash; rio; checkintocash; cashnet...What do you think. I have read BAD stuff about RIO, but like I said I have JUST NOW defaulted & told them they will be contacted & the calls stopped.

Rio hasn't been bad. The only thing is the overcharge fees that aren't allowed in my state (Iowa).

Okay here's the deal. According to the contract you send T&C your payment and as soon as they receive it, they pay the creditors. They do not pay off the debts and then you pay T&C back. Once you have paid an account in full, T&C will send you a paid in full letter and you have a choice of rolling over the payment to the next highest interest loan. That is the way I understand the contract. Also, if i read it right yearly they review your account, retotal the amount still owed to the creditors and your payment lowers.

when i initially called t&C, they had told me that "we will pay your lenders your balance so you will basically owe us. you will be paying your balance to us to pay off your account". Once i signed up i realized that was not the case, and that they in fact send payments to the lenders.

When I first called T&C, they told me I would pay them first, then they pay the creditors...I never heard it any other way.

I have recently signed up with T & C, paid my $155.00, also my first payment. They were very clear with me as to what would happen. They take your payments and disperse them to your creditors. Some will work with them and some will not. I am still in the very early stages of my dealings with them, but so far they have been great. I have been told by some of my pdl that they do not work with T & C at all, and others have said they wouldnt accept payments lower than a certain amount. I am just waiting to see if that changes once they accept my money. Good luck to everyone, and just remember, anything from this point on couldnt be any harder than what we have been putting ourselves through trying to pay all this stuff. Stephanie

I also was given this info about them paying off the pdl's and we pay them off. I think that the papers they sent that show the payment amount is to show us paying off what we owe T&C. The coustomer service rep told us to tell the pdl's that they would be paid off on Tuesday.

This really answered my problem, thank you!

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