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 Posted: Tue Dec 18, 2007 10:02 pm |
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Hello, I'm recently caught up in trying to pay off 6 different payday loans. I'm really trapped. Please advise. Thank you
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lanae2971
Joined: 09 Oct 2007
Posts: 1
Debtcc Points: 113
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| Posted: Wed Dec 19, 2007 8:55 am |
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Lanae
Please list what state you live in. How much each loan is for, the amount you have paid back, including fees and if the loans are internet or store front.
Also, you need to talk with your bank about closing your account or putting it on deposit only status.
If you list the information requested, there are many knowledgeable people on this site who can help you.
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khill2
Joined: 05 Nov 2007
Posts: 37
Debtcc Points: 1102
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| Posted: Wed Dec 19, 2007 9:07 am |
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Hello khill, Happy Holidays to you & yours.
$508.00-cash transfer (internet)
$287.00-cash net usa (internet)
$235.00-cash central (internet)
$400.00-payday serv.+$150.00(finance fee) (internet)
$200.00-itsmypayday +$45.00 (finance charge (internet)
$300.00-loanpoint +$90.00(finance fee) (internet)
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LANAE
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Debtcc Points: 100
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| Posted: Wed Dec 19, 2007 9:14 am |
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Hi Lanae please list what state you reside in so that we can look up your pdl laws for your state, someone will be along shortly to assist you in determining your state laws.
ladybug
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ladybug
Joined: 29 May 2007
Posts: 2745
Debtcc Points: 24743
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| Posted: Wed Dec 19, 2007 9:21 am |
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Hello Ladybug, Happy Holidays to you & yours.
I reside in California
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LANAE
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Debtcc Points: 100
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| Posted: Wed Dec 19, 2007 9:27 am |
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| Quote: | California State Information
Legal Status: Legal
Citation:
Cal. Fin. Code ยงยง 23000 to 23106
Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)
Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677
Fax:
Regulatory Contact: ,
Regulator Website
http://www.corp.ca.gov/
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How much have you paid back in total to each lender.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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| Posted: Wed Dec 19, 2007 9:35 am |
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You are going to have to close your bank account. If your bank will NOT close your account tell them you need to put it on deposit only status or you need a hard debit block on it. Tell them there has been some illegal activity on it and you need it closed. You will probably need to talk with a bank manager.
If you have direct deposit, get a paper check until you can get a new account opened.
Please read the information below before closing your account.
| Quote: | Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.
Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches! |
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khill2
Joined: 05 Nov 2007
Posts: 37
Debtcc Points: 1102
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| Posted: Wed Dec 19, 2007 10:09 am |
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I currently bank with a credit union do you thnk they would put a deposit only on my account?
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LANAE
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| Posted: Wed Dec 19, 2007 10:41 am |
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i would think thats a start, how much have you paid lanae?
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jaydanielle1
Joined: 24 Oct 2007
Posts: 553
Debtcc Points: 5761
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| Posted: Wed Dec 19, 2007 9:35 pm |
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I am also having problems with paying off payday loans. I reside in Mississippi, and I have 4 loans. Any advice?
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lynnwilson24
Joined: 19 Dec 2007
Posts: 1
Debtcc Points: 16
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| Posted: Thu Dec 20, 2007 8:46 am |
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Lanae,
Happy Holidays to you too!!
Please see the link below. Some of these companies have Cease and Desist Orders against them, which means that they cannot lend to consumers who live in the State of California. If they do, they (PDL) can be charged criminally and civilly.
http://www.debtconsolidationcare.com/paydayloan/ceasedesit-listing.htm l
Also, the loans are invalid and definitely illegal.
If these companies are illegal and on the Cease and Desist Orders, contact the Department of corporations immediately.
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PDLInvestigator
Joined: 24 Feb 2006
Posts: 148
Debtcc Points: 4315
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| Posted: Wed Dec 26, 2007 7:37 pm |
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I have a question are there anymore alternatives besides closing my bank account???
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LANAE
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| Posted: Thu Dec 27, 2007 7:56 am |
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It's really a necessary thing. The pdl's will not stop debiting the account. They will try for months, if not years, to hit the account. It really has to be closed if you ever want to have your money safe.
Why do you not want to close the account? We have a banking forum here, and there are people that are experts at finding a new bank for someone that has negative items on their Chexsystems report or other banking problems.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
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| Posted: Thu Dec 27, 2007 8:15 am |
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HELLO GOUDAH, HAPPY HOLIDAYS.
I was wondering If I can close that account and open a new account with the same bank.
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LANAE
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| Posted: Sat Jan 05, 2008 2:44 pm |
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I am in the same sitch, have about 5 payday loans out, have been paying for months and months...need to get out from under, I live in New Hampshire what can I do? If I close my acct? I will pay back these companies, I just cannot go on this way...any advice?
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h86
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| Posted: Wed Jan 23, 2008 1:16 pm |
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I am in the same situation. I owe 6 payday loan companies and they are tearing my account up. I can not give them any money because they are blowing my account up. I have talk to my bank and there isn't anything they can do at this moment.
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lrppriest
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