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Hi, I am in desperate need of some help w/ pay day loans. I currently have 7 loans out and am almost 30 days late w/ our mortgage. Currently none of my loans are past due, but w/ next week arriving I cannot make a single payment. I have taken on these loans to help w/ last months mortgage payment, and bills, and now find myself in one big fix. Prior to last month I have had 2 loans that were consecutive. Listed below are the companies and payments. If anyone has advice please help.
All online
Payday max borrowed 680, paid 208.01 still due 806.62 due 8/29
first bank of delaware borowed 1500.00 paid 1607.05 still have 4 payments of 321.44 due 8/29
paper check borrowed 500.00 paid 327.00 still due 552.00
cash central borroed 250.00 paid 0 due 8/27
the loan center borrowed 250.00 paid 0 due 9/10

2 walk in
Check n go borrowed 255.00 have rolled over about 10times
check into cash borrowed 255.00 have rolled over about 8 times

thank you




hi-forgot my state which is California

thanks again

Sub: #1 posted on Sat, 08/23/2008 - 03:26

ajim77 ajim77

(Posts: 3 | Credits: 0.89)

I am in pretty much the same boat. You may want to research the law for your state and make sure all these companies are legal ie, ipdl, I currently have six and have shut down my account. I posted a question under the topic Indiana last night and got good response. I once even told a payday lender of my extreme circumstance, i called settlement department and spoke with sup who let me set up a 5 month payment plan. With the store front loans you may need to close your debit acount due to ach authorization, switch up your check if that is direct deposit and deal with accounts once they hit collections, although the acct with wage garnishment app in addition to loan app you may want to revoke authorization, get addresses of all lenders and contact your attorney general, do alot of research under these forums. this was my first day on here and I have learned alot. Hopefully someone more experieced will reply soon, but I know closing your account and taking control is only way to secure your funds for the moment , however you will have to make arrangements for other bills that are ach and reestablish other payments by other means until you open another account or block each lender through itemized form, i did that once to at my bank

Sub: #2 posted on Sat, 08/23/2008 - 04:31

Unregistered


I appreciate all your help and info. How can you find out if the pdl company you are dealing w/ is legal or illegal in your state?

Sub: #3 posted on Sat, 08/23/2008 - 05:51

ajim77 ajim77

(Posts: 3 | Credits: 0.89)

California requires Internet based pdl's to be licensed by that state.

Quote:
California State Information

Legal Status: Legal

Citation:
Cal. Fin. Code ???????? 23000 to 23106

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677
Fax:
Regulatory Contact: ,
Regulator Website

Sub: #4 posted on Sat, 08/23/2008 - 08:23

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

Quote:
PayDayMax is ILLEGAL everywhere. They operate out of Canada.
CLICK HERE to read about them.
[quote]
I hope the information below will help you. :)
You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter. :)[/quote]

Sub: #5 posted on Sat, 08/23/2008 - 08:32

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

How do I find out if a lender is licensed in Indiana

Sub: #6 posted on Sun, 08/24/2008 - 00:42

Unregistered


Indiana is another state that requires the payday lender be licensed in your state to be able to lend to Indiana residents, I have posted the laws below. If you CLICK HEREyou can download a list of licensed lenders, however, keep in mind that some lenders go by different names.


Quote:
Indiana State Information

Legal Status: Legal

Citation:
Ind. Code Ann. ???? 24-4-4.5-7-101 et seq.

Loan Terms:
Maximum Loan Amount: $550 (not to exceed 20% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments at no additional cost

Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Indiana Department of Financial Institutions
Address: 30 South Meridi.an Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit
Regulator Website

Licensee Database

Complaint Instructions

Complaint Form Link

Sub: #7 posted on Sun, 08/24/2008 - 02:36

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.88)

can they have you arrested by coming to your job.

Sub: #8 posted on Tue, 08/26/2008 - 02:54

Unregistered


a company name spellman and roman have been harrasing me and i need to know are they legal before i send them any money because this is the same people but a different name who called me the last time and i was sending them 75.00 bi weekly and the woman said it wasn't enough.

Sub: #9 posted on Tue, 08/26/2008 - 02:59

Unregistered


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