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I have three outstanding payday loans:

Cash Net Usa - owe $900 in principal (original loan $1000, paid off $100 principle)

Geneva Roth Ventures - owe $225 (original loan $300, paid off $75 principle)

Interim Cash - owe $250 (original loan $250, paid nothing on principle yet)

All three our internet based loans.

How do I even start to take care of this mess? Just today, I opened another checking account with a different bank, and switched my direct deposit to it. But what should I do with the checking account that these companies have access to? In five days, the next interest payments are due, and there won't be any money in that account.

Any advice will be greatly appreciated!




I guess it would be helpful to post how much I've paid in total (including "finance charges")

Cash Net USA - approx $328.60
Interim Cash - $405.00
Geneva Roth - don't have exact amount, but at least $955.50

Sub: #1 posted on Sun, 07/13/2008 - 06:09

mz.ellaneous mz.ellaneous

(Posts: 9 | Credits: 1.91)

Hello mzellaneous and welcome to the community! :) What state do you reside in?

Sub: #2 posted on Sun, 07/13/2008 - 07:26

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

Florida...thanks!

Sub: #3 posted on Sun, 07/13/2008 - 07:35

mz.ellaneous mz.ellaneous

(Posts: 9 | Credits: 1.91)

I'm sorry, sometimes I'm a dunce lol, you're in FL, I will post your laws shortly. This account that you still have opened, why not close it? Is there a reason why you aren't closing it, if there is, place a hard debit block on it so no more money can be withdrawn from these companies. Then you can contact them and let them know you are going to make payments but you will need a physical address to send them. I would only send them money orders if I were you, and you can expect them to probably harass the heck out of you. Also, they will probably be very reluctant to set up payment plans with you but you're going to need to stand firm and make it clear you will pay them off through money orders only. You will also need to send them a letter (via email will do) revoking all wage assignments, then give a copy to your payroll person. After I post your laws we need to find out if these companies are licensed to lend to FL residents. :)

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

Sub: #4 posted on Sun, 07/13/2008 - 07:35

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

If youCLICK HERE you will find the FL licensee data base, you can search these companies to see if they are licensed to lend.

Sub: #5 posted on Sun, 07/13/2008 - 07:38

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

Thanks for the response, Shazzers.

No, there's no reason I can't close the first account...just have to wait until Monday when they open to do it. Are most banks willing to do the hard debit block? If not, what are other options?

Sub: #6 posted on Sun, 07/13/2008 - 07:40

mz.ellaneous mz.ellaneous

(Posts: 9 | Credits: 1.91)

Well hmmmm, that doesn't look like the correct data base, my bad. Well, anyway, we can do a search on these companies here at this forum by placing the name of the companies in the search box in the upper right hand corner of this forum, that will pull up numerous topics, these topics will contain information on these companies about how other members dealt with them. :D

Sub: #7 posted on Sun, 07/13/2008 - 07:41

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

Quote:

No, there's no reason I can't close the first account...just have to wait until Monday when they open to do it. Are most banks willing to do the hard debit block? If not, what are other options?


I can't think of any reason why they wouldn't place a hard debit block on it, but you will need to go into the bank and ask to speak with the Branch Manager. Just request that they place a hard debit block on your account, if you don't want to go into a long explanation why, just tell them you are securing your account due to some possible illegal activity.

Sub: #8 posted on Sun, 07/13/2008 - 07:44

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

The only problem with going into that bank is that it is in Colorado and I am here in Florida. Won't be able to go in person. I'll see what I can do over the phone.

Sub: #9 posted on Sun, 07/13/2008 - 07:46

mz.ellaneous mz.ellaneous

(Posts: 9 | Credits: 1.91)

Cash Net USA loaned you over the legal amount according the your laws, they shouldn't have loaned anymore than $500. READ THIS about them.

Sub: #10 posted on Sun, 07/13/2008 - 07:49

Shazzers Shazzers
Moderators Cum Industry Expert
(Posts: 17342 | Credits: 1592.85)

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