Ameriloan and Cashzip - help with payment arrangements
First of all, let me say that I started visiting this forum a few months ago and I have learned so much. I can't believe I was so stupid to get caught up in this. Never again! But first...
I have two payday loans outstanding, one with ameriloan, the other with Cashzip.
I borrowed $250 from Ameriloan and paid $75, which they applied toward the principle, so I owe them $175. They have been open to repayment arrangements, but I don't have the money to repay them, at least not right now, as my husband is currently unemployed (and has been since the end of April). They are expecting a payment of $75 this week via money order and another payment in two weeks (when I get paid again) for $100 and I just can't do it. What should I do? I have considered sending them an ACH revoke as well as the laws for my state (New Mexico), pointing out that they're not even licensed to lend here. Then when our financial situation improves in a month or so, I thought I could repaying the $175 on MY terms - maybe $25 every two weeks. What do you all think?
Then for Cashzip. I borrowed $450 from them and they charged me $90 in fees/interest, so my balance is $540, according to them. I emailed them about a month ago to explain that my husband has been unemployed and that I would like to enter into repayment arrangements, as allowed by my state. They emailed me back and said that they would do payment arrangements with me, BUT as a South Dakota-based coporation, they are obliged to follow the rules of THAT state and not MY state. We agreed that they would debit my account every two weeks for $54 for 10 pay periods. So far, two of my pay periods have passed and they haven't taken any money from me. When I log into their website, it says "Loan overdue, You can avoid additional fees and prevent your account from being referred to a collection agency by making arrangements to settle your account now." It also lists my balance as $486, even though they haven't taken any money from my account since our email correspondence about payment arrangements.
I have checked the NM Regulation and Licensing Dept. website and NEITHER of these companies are licensed to lend in New Mexico.
I am open to any and all suggestions about how to start putting these mistakes behind me and reclaiming my hard-earned money.
Sorry this is so long!