Back in 2009 I turned into a bit of a Payday Loan addict and had numerous loans from a number of payday loan companies.
One day I woke up and decided that enough was enough and I wasn’t going to pay for any more extensions or roll overs. Thus the end result was that I did not pay my Uncle Buck payday loan.
Why take out a Payday Loan with Uncle Buck?
I was taking out payday loans to cover payments for other payday loans and the whole thing was a complete mess looking back. I am pleased to say that I no longer take out payday loans and get into a mess with them. Lessons have certainly been learned although it took a long time to get there.
What happened when I didn’t Pay Uncle Buck?
To roll over my loan again would have been like kicking the can down the road, at some point I would be back with that can. I couldn’t carry on that way.
What happened after?
After several months the account was transferred to a debt collection agency. The agency being called Debt Recovery Solutions. I am now in an arrangement to pay with the Debt Collection agency and will be for some time. I find Debt Recovery Solutions all right so far as Debt Collectors go.
I was charged extra charges for defaulting on my loan but I don’t think much more interest was added. All in all the experience was not very stressful and so long as I keep on making my repayments I didn’t hear anything from anyone about the loan. I don’t recall anything bad being added to my credit file either which was a bonus.
Repaying the Debt
In 2013 I made a full and final settlement to repay my Uncle Buck Debt in Full. I got a good settlement figure which took away some of the pain I experienced in interest payments for my previous loans. I haven’t looked back since.
Since all this there has been a huge crackdown on Payday Loan Lenders and a number of them have simply shut up shop. Those that remain have to act in a much better way compared to 2009 and so you should find they are more sympathetic if you are facing financial difficulties.
PS check out my post that talks about how to set up a repayment plan with Lending Stream. Although a different company the premise is the same.