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I am stuck in a cycle of multiple payday loans

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I am stuck in a horrible cycle of multiple payday loans and do not know how to end it. I owe almost more than I make per week in mere fees. Let alone paying my other bills. Has anyone recovered from this or have any advice?




joshua1987tree
Posts: 453
Credits: 9232.25

Sub: #1 You have come to the right place for help! Many of us have dealt
Mon, 08/06/2007 - 14:05

You have come to the right place for help! Many of us have dealt with payday loans, and understand the pain and stress of what seems to be a never-ending cycle. There are a lot of suggestions we can make for your situation, but we need a little more information to help you out.

In which state do you live?
Are you dealing with storefronts and internet lenders?
What are their names?
How much was the original loan amount and how much have you paid so far?

This may seem to be a lot of info to gather, but we will need it to give you the best advice for your situation!




joshua1987tree
Posts: 453
Credits: 9232.25

Sub: #2 Also read this thread to find out what to know before you close
Mon, 08/06/2007 - 14:08

Also read this thread to find out what to know before you close your bank account:

http://www.debtconsolidationcare.com/paydayloan/close-acc ount.html

Many times, the best thing you can do to regain financial control and take care of your important bills is to close your bank account.




eleroo
Posts: 1220
Credits: 15392.3

Sub: #3 Welcome to the forum. I know your pain well. I was so caught in
Mon, 08/06/2007 - 14:09

Welcome to the forum. I know your pain well. I was so caught in the cycle that is had problems eating, sleeping, and performing my duties at work. I can say that the best advice I got was to close my checking account and open another one...at another bank if possible. Things seemed hopeless until I did that. I felt almost immediate relief as soon as I got my first "full" paycheck in over a year!!! Once you regain control of your paycheck then you can regain control of the situation and have some leverage with the pdls. Good luck! :-)




bahahakris
Posts: 4
Credits: 446.7

Sub: #4 Thank you!
Mon, 08/06/2007 - 14:20

I am in Ohio and all of the laons were internet lenders:

Payday Select loan=$450 paid 240
cashborrower= $500 paid only refinances of $150 each
ameriloan=$300 paid only refinances of $90 each
Emerald =$300 paid only refinance fees of $90 each
Cash Net=$300 paid only refinance fees of $105 each
Check Into Cash =$300 payoff every week $345
Arrow=$300 to pay refinance fee of $90 each




joshua1987tree
Posts: 453
Credits: 9232.25

Sub: #5 Ok, for Cashborrower, ameriloan, Emerald, Check, and Arrow, can
Mon, 08/06/2007 - 14:25

Ok, for Cashborrower, ameriloan, Emerald, Check, and Arrow, can you tell us for each what you paid in total for the refinance fees? In Ohio, rollovers are not permitted. Here are the laws for your state:

Ohio State Information here http://www.debtconsolidationcare.com/paydayloan/explain-p dls-laws.html


It looks like for most of them, they have been way overcharging you for these illegal rollover/refinance fees as well.




bahahakris
Posts: 4
Credits: 446.7

Sub: #6 Cash borrower=1 refinance fee $150 ameriloan, Emerald, Arrow=1
Mon, 08/06/2007 - 14:29

Cash borrower=1 refinance fee $150
ameriloan, Emerald, Arrow=1 refinance fee $90 each
Cashnet=2 refinance fees at $105 each




bahahakris
Posts: 4
Credits: 446.7

Sub: #7 These are SO far...my payday is Friday...
Mon, 08/06/2007 - 14:32

These are SO far...my payday is Friday...




cannr

Posts: 9317
Credits: 129842.7

Sub: #8 baha
Mon, 08/06/2007 - 20:05

baha, Ohio states pdl's are for "check cashers only". More than likely means internet lenders are illegal in your state. Some of your pdl's are not even licensed at all. Which means illegal.




Unregistered

Sub: #9 So if they are illegal they cannot try to collect or only the am
Tue, 08/07/2007 - 06:29

So if they are illegal they cannot try to collect or only the amount borrowed is due? I am new to this mess. What should my next step be? Should I contact them? Will they start harassing my family/friends/work? Would it be easier to let someone more skilled handle my issues or deal with them myself? I deeply appreciate any help or advice anyone can offer...




kashzan
Posts: 5401
Credits: 40830.4

Sub: #10 Stick with this forum. Some one will be along who will guide you
Tue, 08/07/2007 - 06:37

Stick with this forum. Some one will be along who will guide you. I have recieved wonderful help and guidence here. I no longer feel alone and ashamed of the mess I have gotten into.I am now trying my best to do the work I need to do to take care of the pdl nightmare.Be patient, follow the advice given, and you will see results




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