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Five Loans in Oregon, Need Advice

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I am from Oregon and I have five internet loans.
Here is the info:

Think Cash: Borrowed - Borrowed 1750 / Paid 1850
Cash Transfer Centers - Borrowed 1500 / Paid Zero on current loan, but have reloaned with them several times.
Cash Advance Network - Borrowed 400 / Paid 240
PayDay Loan Yes - Borrowed 350 / Paid 210

I have been talking to a woman from Payday Loan Assistance Company (a debt settlement company) who says she can get me a monthly payment of 278 for 18 months to settle all the loans. She mentioned that these companies will most likely work with them because they aren't licensed to loan in Oregon, nor are they following Oregon's laws. My question is, if they aren't licensed to loan in Oregon, couldn't I hold them to Oregon's standards and work with them myself for much less?

Any advice would be greatly appreciated.
LuAnn




Oops, I only listed four of the loans. The fifth one is:

Paycheck Today: Borrowed 400 / Paid 520

Sub: #1 posted on Sat, 08/23/2008 - 05:06

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Anyone??

Sub: #2 posted on Mon, 08/25/2008 - 22:28

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Yes, you could do it yourself and save money.

I live in Oregon too. Their new laws are very tight when it comes to internet lenders.

The only legal lender you have is Think Cash. You will have to pay them off.

The rest of the loans are not licensed, and not following Oregon law.

Sub: #3 posted on Mon, 08/25/2008 - 22:31

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.92)

So, are you saying I don't have to pay the illegal lenders? Should I write them letters and tell them I do not intend to pay them because they are illegal? Do you know if there are potentially any criminal consequences for closing my checking account?

Sub: #4 posted on Tue, 08/26/2008 - 02:54

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There are no criminal consequences for closing your checking account.

You should always pay back what you borrowed, to cover yourself legally. But the excessive interest and fees, no, you don't owe them.

Take what you've paid in fees, deduct it from what you borrowed, and that is the amount you still owe the unlicensed lenders.

Sub: #5 posted on Tue, 08/26/2008 - 03:59

goudah2424 goudah2424

(Posts: 7936 | Credits: 1224.92)

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