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Kansas Payday loan help...Please

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I stumbled across this site after worrying (again) all day on whether or not we will have a place to live and food to eat at the end of this month thanks to payday loans. I've learned that it's really the worst mistake I've ever made. I have read through some posts and for the first time, I feel like maybe some one out there may be able to help me with the answers I am looking for. I've been so scared about what is going to happen to myself and my family as a result of having 7 payday loans and a title loan. Can this site really help me?
I am posting this in the hopes that this forum (which seems almost too good to be true :cry:) will be the light at the end of the tunnel that I have been searching for. Here is my information:
Hubby and I fell into hard times and had to obtain a payday loan. As some of you know, one can turn into another, and it quickly did. I now have 7 payday loans and a title loan. I have wondered for a long time if I could just close my checking account and just let them all be returned to the lender and just make arrangements with them from there, but this scares me. I have tried to read and understand Kansas law, but I am still not certain on how to interpret everything. I have tons of questions and concerns. From reading other posts, I believe I need to include information here for help. Here goes....

I am a Kansas Resident
1. A-OK Inc./storefront/ 300.00 loan + 45.00 charge bi weekly/approx.1080.00 total so far.
2. Ace cash Express/storefront/ 400.00 loan + 60.00 finance charge bi weekly/ paid about 1440.00 total so far.
3. Advance America /storefront/ 500.00 loan/ 75.00 finance charge bi weekly/ approx. 1800.00 paid so far (this one is on a pay agreement and almost paid off.
4. Speedy Cash /Storefront/500.00 loan + 75.00 finance charge bi weekly/ approx 900.00 so far
5.Check n Go/ Storefront/400.00 loan + 60.00 finance charge biweekly (2 checks for 230.00) /paid 120.00 so far
6.Advance Payday Loans/ Storefront/ 350.00 loan + 52.50 bi weekly charge/ approx 735.00 total so far
7.Advance Cash/Storefront/ 250.00 loan + 37.50 charge bi weekly/ approx. 900.00 so far
8. Title Loan w/ Anderson Financial Services/ Storefront/ 1500.00 loan/ paid 2200.00 so far

As you can see, we have been paying on these loans for a very long time and will have paid out over 10,000.00 in interest before long. My questions are this. What happens if I close my checking account and put a stop payment on all of these checks? I have every intention of paying them back, but the interest keeps me from paying them down every month. Can they take me to court, or will they work with me on a payment arrangement after I have stopped payment with them? I thought I read somewhere in searching that they can only hold me to 3% of the loan amount monthly until the loan is paid off. We've tried arrangements in the past, but have failed and had to keep re-writing. Many places say that they don't offer any arrangements.
These are all paper checks. Also, I'm not sure what ach payments are, so I'm not sure if I have any. My husband has a direct deposit into our checking account with his paychecks and we have one payment to insurance and one to a student loan that is a pre-authorized debit every month. What are my options?
I can't tell you all how finding this site has helped me this evening. I'm really hoping to finally find some answers here.
Also...My husband is EXTREMELY concerned about each of these places contacting him at work. This could put his job at risk. Is there a way to keep this from EVER happening? I mentioned closing our checking and working with the lenders, but he was adamantly against this because of how he thinks it could affect his job. Can someone please help? I would be eternally grateful!




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #1 Oh my good gosh :shock: according to your post, you have soooooo
Wed, 01/23/2008 - 15:53

Oh my good gosh :shock: according to your post, you have sooooooooo over paid your loans. I am in shock at the money you have paid these companies. Please PLEASE get your bank account closed pronto, so they can not take any more of your money! And do NOT tell them you are going to close it, or they will suck you dry! First things first, get that account closed, reopen another one at a different bank, then you can start working on obtaining the information needed and start working on getting rid of these vultures! I am not familiar with the Kansas pdl laws, or the companies you have loans with, but I am sure someone will be along to help you shortly. And yes, you have definitely come to the right place for good advice on how to handle this situation. Hang in there, someone WILL help you!




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #2 I see that these are all store front loans, correct?
Wed, 01/23/2008 - 15:54

I see that these are all store front loans, correct?




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #3 You will find the Payday loan laws for Kansas here (just select
Wed, 01/23/2008 - 15:57

You will find the Payday loan laws for Kansas here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-p dls-laws.html




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #4 Oh and, please read the link below before closing your account.
Wed, 01/23/2008 - 16:00

Oh and, please read the link below before closing your account.
http://www.debtconsolidationcare.com/paydayloan/close-acc ount.html




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #5 You will probably need to put a stop payment on those checks too
Wed, 01/23/2008 - 16:06

You will probably need to put a stop payment on those checks too. Hopefully, someone with more knowledge will be around to help you soon, just hang in there!




missycalrissian
Posts: 4
Credits: 291.85

Sub: #6 Thank you for your responses. Yes, I'm ashamed at just how much
Wed, 01/23/2008 - 16:31

Thank you for your responses. Yes, I'm ashamed at just how much money I have given these people over the last year. Yes, they are all storefront loans. I didn't even realize that online loans were available until I found this forum and that's probably a good thing. I guess it just took me a while to realize that there might be another option besides paying and re-writing every 2 weeks, hoping to have a little money to pay one down. But, it never worked out that way. That was another question I had, was whether or not I would need to put a stop payment on the checks with my bank. That will cost me 30.00 a piece and I'm not looking forward to that. I suppose it's a small price to pay for not having to pay thousands more on loans. I think before I can close the account though, I will need to open another one and have hubby's direct deposit moved to that one as well as the pre-authorized debits we have each month, right? I definitely don't want to get myself into any more trouble.
I looked at the laws you posted Shazzers, but I'm not sure what to make of them. How can they help me?
Thank you for the warm welcome! I am starting to feel a little optimism regarding this situation. I think this board is going to be a true blessing for me =D




Shazzers


Posts: 17419
Credits: 159278.85

Sub: #7 I know those laws are very hard to interpret, and I am definitel
Wed, 01/23/2008 - 16:38

I know those laws are very hard to interpret, and I am definitely not the one to try and do that for you as I wouldn't want to give you the wrong info. But there will be someone along who can. And don't be ashamed, we have all been there, we understand the vicious circle of payday loans. Just make sure you read the sticky (the link I posted) at the top of this forum BEFORE you close your account. You want to make sure you do everything within the law.




missycalrissian
Posts: 4
Credits: 291.85

Sub: #8 Thank you. I have read all of the information you suggested. I i
Wed, 01/23/2008 - 17:02

Thank you. I have read all of the information you suggested. I indeed want to be EXTREMELY careful if I close my account. I am terrified of talking to my bank though. I'm still not sure if I should talk to my bank about my situation or just call and place stop payments on all of those checks. Can't some pdl's request payment by a different method when a paper check is returned?




volleyballmom

Posts: 4143
Credits: 28451.95

Sub: #9 One thing to be cautious of is recommending someone close thier
Wed, 01/23/2008 - 17:31

One thing to be cautious of is recommending someone close thier account until we know the laws, especially with storefronts and a title loan on this list. All of these loans listed above can take legal action.



missycalrissian-Reading your post, so I understand, do you go in and "re-loan" every 2 weeks? Just want to get a handle on how the finance charges are being paid bi-weekly. Is your title loan on any type of ACH agreement linked to your checking account?

The laws for title loans are loose and do not follow these PDl laws.




volleyballmom

Posts: 4143
Credits: 28451.95

Sub: #10 From what I can tell, if you are reloaning, they (unfortunately)
Wed, 01/23/2008 - 17:46

From what I can tell, if you are reloaning, they (unfortunately) are charging fees allowed by the PDL law...basically $15.00 per $100.


Are these loans in default, because if not, you can see if these PDLs are members of the CFSA and can offer you an EPP, which would allow you to pay off the principal of the loan in 4 installments.

Edit: I just re-read your post and it said you re-write every 2 weeks,




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