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Posted: Fri Jul 20, 2007 7:03 pm

Hello all,

I am new to this site and I have read alot of the posts. I am now asking for help. I live in California and I have 7 payday loans out right now. I cannot get out of the nightmre. I just got paid today and my entire $1100 check is gone due to paying back the loans. Actually I am mostly paying finance fees. I want to close my bank acct and try to pay off my loans with a better payment plans. I have so many loans but I keep having to get a new one since I can't pay off the old one and I have regular bills to pay. Here is a breakdown of my loans:

CashNetUSA - $250 (owe 294.13)

United Cash Loans - $400 ($520)

Cash Net 500/Payday - Loan Yes $300 (owe $390)

Tremont Financial - $500 (owe $650)

FashCash/Payday Today - $300 (owe $390)

PayCheck Today - $400 (owe $520)

CashAdvance Now - $200 (owe $250)

The first amount is my loan amount and the second one is what I owe to pay it off. If anyone has any advice as to what I should or could do please let me know. Again I live in California.

Thanks so much,
Janine77

Posted: Fri Jul 20, 2007 7:08 pm

janine - Post the loans so that it shows the loan amount (principle only) and then what you paid. What they "say" you owe is not actually true. So, put the amount borrowed (principle only) and how much you paid towards each one. Then we can get your state law and figure out how much you've probably overpaid. Or if you still owe anything. Because of the laws, you more than likely don't owe as much as you think you do. That's why we need to know how much you've paid on each one. Thanks!

Posted: Fri Jul 20, 2007 7:09 pm

Welcome to this forum. If you keep reading you can learn so much. Before you begin please read the sticky notes about closing your bank account...on the top of the first page of the forum. Now...are all of these internet payday loans? or storefronts? There is a big difference, Also can you please tell us how much you have paid on each one?? You may have to check through your bank statements to find out...and try not to get upset when you see what you may have given them. Then you can do a search for the Ca laws on lending...that will tell what you legally owe. Come back then and ask any questions you like...everyone here is very helpful and most of us have been in your shoes...

Posted: Fri Jul 20, 2007 7:10 pm

Welcome Janine77 - you've come to the right place for help. I'm fairly new to all this myself but I sure can relate to the trap you are in. I am up to 15 loans for all the same reasons. I've been working tons of Overtime to try and make enough for all the fees with something left for regular bills. Then one pay week I bounced a $50 dollar pay down to United Cash because all of the other fees had completely taken my entire paycheck. That was the moment I knew I couldn't do this anymore.
Someone with more experience will be by soon I'm sure but one thing that will help is to list what you have paid on all these loans not what you owe to pay them off. You will be surprised how much you've paid in fees against them - it's a real eye opener.

Posted: Fri Jul 20, 2007 7:12 pm

They are all online loans and I will look at my bank acct and see how much I have been paying. I have paid off the loans before and had to borrow the money right back like with CashNet USA.

Guest · Posted: Fri Jul 20, 2007 7:21 pm

Hey, I just posted my entire story on here tonight. All I can say is keep your head up. Listen to the people on the board. Make sure you are upfront with your family. It is just too hard to do this alone. I too was at a point my entire paycheck was gone the day it deposited. Once I stopped some of the transactions and actually got a check again was awesome. Good luck to you.

Posted: Fri Jul 20, 2007 7:28 pm

Guest, why not register?? Stick around for awhile...

Posted: Fri Jul 20, 2007 7:28 pm

janine, when you post all your loans and the amount paid, break down the ones you had a loan with and paid - include the amount you paid. If you've had 3 loans with one pdl, put all three separately and put what you borrowed and what you paid. Don't lump them all together. You may have overpaid on the ones that you paid off (I'm sure you did).

Posted: Fri Jul 20, 2007 8:34 pm

Well I looked up how much I have paid and here are the details.
CashNetUSA - $250 (owe 294.13)

I borrowed $250 on 7/7/07 and they make me pay back the loan in full for the amount of $294.13. So then I have to renew the loan after every payday.

United Cash Loans - $400 ($520)

I borrowed $400 on 5/1/07 and I have paid back $500 so far.

Cash Net 500/Payday - Loan Yes $300 (owe $390)

I borrowed $300 on 4/6/07 and I have paid $715 so far.

Tremont Financial - $500 (owe $650)

This is a new loan that I did last payday. I have paid $250 as of today. The last loan I had from them I borrowed $400 and I paid back $803.

FashCash/Payday Today - $300 (owe $390)

I borrowed $300 on 6/25/07 and I have paid back $180.

PayCheck Today - $400 (owe $520)

I have paid them $650 so far.

CashAdvance Now - $200 (owe $250)

I have paid them $350 so far.

Posted: Fri Jul 20, 2007 8:52 pm

Can someone please post the pdl state law for California?? I can not for the life of me find it.

Posted: Fri Jul 20, 2007 9:20 pm

I found it on 2 different sites so I will post both of them

Posted: Sat Jul 21, 2007 11:13 am

janie - Here is what kscornell posted in anther thread when I posted for help with CA law. She apparently is a good source for advice regarding CA!
Quoting:
I can also sum up in a nutshell the following:
No criminal prosecution for defaulting on a PDL
Legal interest rate is 15 percent.
Max PDL loan amount is $300
Voluntary repayment plan
No rollovers

This is California PDL law as I know it and have dealt with it personally--hope it helps!

Posted: Sat Jul 21, 2007 8:43 pm

Welcome janine77-you have found the best site of your life! I was extremely distressed when I found this place and everyone was so helpful. I started with 10 payday loans and am down to 3 left!!!!! You can do this with the support of everyone here. First thing you need to do is CLOSE YOUR BANK ACCOUNT! These people will not stop just because you ask them to, trust me. Ask questions, have faith and most of all get determined to WIN!

Posted: Mon Jul 23, 2007 6:40 pm

janine, if you still need help figuring out your next steps, please go ahead and post. We can help you.

Posted: Wed Jul 25, 2007 9:50 am

Hello all,

I'm back. I have been so busy I haven't had a chance to read the replies. Well I closed my bank account and I do need advice on what to do next. So far no one has called me about owing the money but I'm sure iI will get harassing calls soon. Should I send them all letters or just call and try to make arrangements? I'm not sure what to even say. Can someone please help?

Posted: Wed Jul 25, 2007 9:55 am

First off, which ones are legal to do business in your state? Have you checked to see? See if they are licensed in your state. I can tell by looking that I'm sure some of them are not licensed at all, but you need to check just to be positive. And just by glancing (not calculating) it looks like you've paid or overpaid some of these. Some it looks like you still owe. You got your bank account closed, so that's the first step in the right direction. Now, see if they are licensed to do business in your state. Then we can figure out what you've paid/overpaid and then work on sending out letters.

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