I have 34 payay loans of my own and 3 of my husbands. He is having surgery and my overtime was cut at my job. I cannot pay all of these at once. 3 of his and 3 of mine are with the same companies..PAYDAY OK, PAYDAY ONE AND PAYDAY SELECT...I've contacted them and they will extend the due date for an additional fee but that's it. I tried to tell them to not debit my checking account for my loans and they said that because they deposited to that account they can deduct from that account and they only accept a payment if it is received by them before the due date. I need to pay household bills and the mortgage while my husband is out without pay for 4-6 months. He will be filing for disability, but there is no guarantee. Do I really need to close our checking account for will a stop pay be as effective? I live in CT. Is this considered fraud or bad checks. Can I be arrested? I am willing to make payments but the amount I can pay will not cover the additional interest they want to charge on a bi-weekly basis. Please help?

[jj]

NO you can't be arrested, yes closing /changing your checking account is the best thing to do. then recontact all your lenders and explain again whats up, and then start the road towards taking care of them. you have many options that you can do, the first step is to protect your finances, then you can deal with paying them

[vcarrigan]

Thank you soooooo much for covering this, I was going to ask this one my-self tonight. I guess the big thing to remembr is that the bank account belongs to you and only you the creditors can't threaten us into keeping a bank account open and then incurring an even worse situation when everything they try to post ends up bouncing.

[olive1276]

i suggest closing your acct. because i put stop payments on all ach debits and guess what they still were taken out on payday fri. but were eventually put back in guess when tues. so not too cool if you ask me

[polly]

brandi Ct has usury laws, and those are the only applicable laws...

Sec. 36a-563. (Formerly Sec. 36-233). Charges. Loan restrictions. (a) Every licensee under sections 36a-555 to 36a-573, inclusive, may loan any sum of money not exceeding fifteen thousand dollars, excluding charges, and may charge, contract for and receive thereon charges at a rate not to exceed the following: (1) On any loan which does not exceed one thousand eight hundred dollars, excluding charges, or on any unsecured loan or on any loan secured only by credit life insurance, seventeen dollars per one hundred dollars on that part of the cash advance, not exceeding six hundred dollars, and eleven dollars per one hundred dollars on any remainder when the loan is made payable over a period of one year, and proportionately at those rates over a longer or shorter term of loan; (2) on a loan which exceeds one thousand eight hundred dollars, excluding charges, and which is secured by property other than credit life insurance, eleven dollars per one hundred dollars on the entire cash advance when the loan is made payable over a period of one year, and proportionately at that rate over a longer or shorter term of loan. Such charges shall be computed at the time the loan is made on the full amount of the cash advance for the full term of the loan contract, notwithstanding any agreement to repay the loan in installments. Such charges shall be added to the cash advance and the resulting sum may become the face amount of the note. All payments made on account of any loan, except those applied to default and deferment charges, shall be deemed to be applied to the unpaid installments in the order in which they are due.
(b) For the purpose of computations, whether at the maximum rate or less, a month shall be that period of time from any date in one month to the corresponding date in the next month, but if there is no such corresponding date, then to the last day of the next month, and a day shall be considered one-thirtieth of a month when such computation is made for a fraction of a month. For loans originally scheduled to be repaid over a period of forty-eight months and fifteen days or less, the portion of the charges applicable to any particular monthly installment period, as originally scheduled or following a deferment, shall bear the same ratio to the total charges, excluding any adjustment made under subsection (c) of this section, as the balance scheduled to be outstanding during that monthly period bears to the sum of all the monthly balances scheduled originally by the contract of loan. For loans originally scheduled to be repaid over a period in excess of forty-eight months and fifteen days, the portion of the charges applicable to any particular monthly installment period, as originally scheduled or following a deferment, shall be the charges which would be incurred for that monthly installment period if the annual percentage rate disclosed to the borrower pursuant to sections 36a-675 to 36a-685, inclusive, were charged, by the actuarial method, on the disclosed amount financed and all payments were made according to schedule.
(c) Notwithstanding the requirement in subsection (a), a borrower and licensee may agree that the first installment due date may be not more than fifteen days more than one month, and the charge for each day in excess of one month shall be one-thirtieth of the portion of the charges applicable to a first installment period of one month. The charges for the extra days shall be added to the first installment, but shall be excluded in computing deferment charges and refunds. When a loan contract provides for extra days in a first installment period, for the purposes of sections 36a-555 to 36a-573, inclusive, such extra days shall be treated as the first days in the first installment period and the due dates of the remaining installments shall be calculated from the due date of such first installment.
(d) If any installment remains unpaid for ten or more consecutive days, including Sundays and holidays, after it is due, the licensee may charge and collect a default charge not exceeding the lesser of seven dollars and fifty cents or five cents per dollar, or fraction thereof, of such scheduled installment, except a minimum default charge of three dollars may be charged and collected. Default charges may be collected when due or at any time thereafter, but may not be accumulated until the last payment date.
(e) If, as of an installment due date, the payment date of all wholly unpaid installments is deferred one or more full months and the maturity of the contract is extended for a corresponding period, the licensee may charge and collect a deferment charge not exceeding the charge applicable to the first of the installments deferred, multiplied by the number of months in the deferment period. The deferment period is that period during which no payment is made or required by reason of such deferment, except that no deferment made pursuant to this subsection shall extend the maturity of any contract made under sections 36a-555 to 36a-573, inclusive, for more than (1) three months, for loans originally repayable in twenty-four months or less, (2) five months, for loans originally repayable in more than twenty-four months but not more than forty-eight months, and (3) eight months, for loans originally repayable in more than forty-eight months. The deferment charge may be collected at the time of deferment or at any time thereafter. The portion of the charges contracted for under subsection (a) applicable to each deferred balance and installment period following the deferment period shall remain the same as that applicable to such balance and period under the original contract of loan. No installment on which a default charge has been collected, or on account of which any partial payment has been made, shall be deferred or included in the computation of the deferment charge unless such default charge or partial payment is refunded to the borrower or credited to the deferment charge. Any payment received at the time of deferment may be applied first to the deferment charge and the remainder, if any, applied to the unpaid balance of the contract, but if such payment is sufficient to pay, in addition to the appropriate deferment charge, any installment which is in default and the applicable default charge, it shall be first so applied and any such installment shall not be deferred or subject to the deferment charge. If a loan is prepaid in full during the deferment period, the borrower shall receive, in addition to the refund required under subsection (f) of this section, a refund of that portion of the deferment charge applicable to any unexpired full month or months of such deferment period.
(f) If the contract of loan is prepaid in full by cash, a new loan or otherwise, before the final installment date, the portion of the charges applicable to the full installment periods, as scheduled originally in the loan contract or as rescheduled by reason of any deferment made pursuant to sections 36a-555 to 36a-573, inclusive, following the date of prepayment shall be refunded or credited to the borrower. Where prepayment occurs on other than a monthly installment due date, it shall be deemed to have occurred on the preceding or succeeding installment due date nearest to the date of prepayment. Where prepayment occurs on a date midpoint between the preceding and succeeding monthly installment due dates, it shall be deemed to have occurred on the preceding monthly due date. In all cases where prepayment occurs before the first monthly installment due date, it shall be deemed to have occurred on the first monthly installment due date. If judgment is obtained before the final installment date, the judgment shall reflect the refund which would be required for prepayment in full as of the date judgment is obtained. No refund of less than one dollar or for partial prepayments need be made.
(g) If part or all of the consideration for a loan contract is the unpaid balance, excluding default charges, of a prior loan with the same licensee, the cash advance under such new loan contract may include the balance of the prior contract which remains after giving the required refund.
(h) In addition to the charges provided for by sections 36a-555 to 36a-573, inclusive, and service charges that are imposed for a check that is dishonored as provided in subsection (i) of section 52-565a, no further or other charge or amount for any examination, service, brokerage, commission or other thing, or otherwise, shall be directly or indirectly charged, contracted for or received. If interest or any other charges in excess of those permitted by said sections are charged, contracted for or received, except as the result of a bona fide error, the contract of loan shall be void and the licensee shall have no right to collect or receive any principal, interest or charges. No person shall owe any licensee, as such, at any time more than fifteen thousand dollars for principal as a borrower, comaker or guarantor for loans made under said sections. No licensee shall induce or permit any borrower or borrowers to split or divide any loan or loans made under said sections, or permit any borrower to become obligated, directly or indirectly, under more than one contract of loan under said sections at the same time primarily for the purpose of obtaining a higher rate of charge than would otherwise be permitted by said sections. No contract made under said sections, except as deferred in accordance with subsection (e) of this section, shall provide for a greater rate of interest than twelve per cent per annum on the balance remaining unpaid twenty-four months and fifteen days after the date of making such contract if the original cash advance was one thousand dollars or less or thirty-six months and fifteen days if the original cash advance was in excess of one thousand dollars but not in excess of one thousand eight hundred dollars. No contract made under said sections with an original cash advance in excess of one thousand eight hundred dollars, except as deferred in accordance with subsection (e) of this section, shall provide for a greater rate of interest than twelve per cent per annum on the balance remaining unpaid on the scheduled maturity date of said contract. No part of the principal balance remaining unpaid by a borrower twenty-four months and fifteen days after making such contract where the original cash advance was one thousand dollars or less or thirty-six months and fifteen days where the original cash advance was in excess of one thousand dollars but not in excess of one thousand eight hundred dollars, shall directly or indirectly be renewed or refinanced by the lender who made such loan. If the maturity date of a loan made under said sections has been extended by deferred payments, the maximum renewal period that such loan may be extended shall be the number of months such loan is deferred. When a contract is renewed or refinanced prior to twenty-four months and fifteen days where the original cash advance was one thousand dollars or less or thirty-six months and fifteen days where the original cash advance exceeded one thousand dollars but did not exceed one thousand eight hundred dollars, from the date of making such contract, such renewal or refinancing shall, for the purposes of this section, be deemed a separate loan transaction.
(i) Notwithstanding the provisions of subsection (a) of this section, on any loan secured by real property a licensee may include in the amount of the loan the following closing costs, provided such costs are bona fide, reasonable in amount and not assessed for the purpose of circumventing or otherwise limiting any applicable provision of sections 36a-555 to 36a-573, inclusive: (1) Fees or premiums for title examination, abstract of title, title insurance, surveys, or similar purposes; (2) appraisals, if made by a person who is not an employee or affiliated with the licensee, and (3) fees and taxes paid to public officials for the recording and release of any document related to the real estate security. A licensee may collect costs incurred in the event of foreclosure which shall not include any attorney's fee.
(j) No agreement with respect to a loan under sections 36a-555 to 36a-573, inclusive, may provide for charges resulting from default by the borrower, other than those authorized by said sections.

http://search.cga.state.ct.us/dtsear..._statutes.html

[polly]

You should also check the licensing status of the companies that you are indebted too. Below is a complete list, coming from State of CT Department of Banking.

http://www.ct.gov/dob/cwp/view.asp?a...obNAV_GID=1663

Small Loan Companies
Licensed in Connecticut
[ Licensing Info ]

Persons engaging in the business of making loans of money or credit in the amount or to the value of five thousand dollars or less for loans made under Section 36a-563, or ten thousand dollars or less for loans made under Section 36a-565, and charge, contract for or receive a greater rate of interest, charge or consideration than twelve per cent per annum therefor, except a bank, an out-of-state bank, a Connecticut credit union, a federal credit union, an out-of-state credit union, a savings and loan association wholly owned subsidiary service corporation, a person to the extent that such person makes loans for agricultural, commercial, industrial or governmental use or extends credit through an open-end credit plan, as defined in subdivision (8) of Section 36a-676, for the retail purchase of consumer goods or services, or a licensed pawnbroker, must be licensed by the Banking Commissioner. (References are to sections of the Connecticut General Statutes).
Small loan lenders licensed to do business in Connecticut are listed alphabetically below by entity name. All listings include: license type (small loan company or "SLCO"), license number, entity name, address and telephone number. At present, 40 small loan companies are licensed in the state.




--------------------------------------------------------------------------------

Small Loan Companies (SLCO)


SLCO 9403 , American General Financial Services of America, Inc. 547 Boston Post Road, Ste. A Orange CT 06477-3506 , (203) 795-7048
SLCO 17029 , American General Financial Services of America, Inc. Parkade Shopping Center 394 W. Middle Turnpike Manchester CT 06040-3824 , (860) 646-8500
SLCO 17047 , American General Financial Services of America, Inc. 477 S. Broad Street, Suite 13 Meriden CT 06450-6660 , (203) 379-3066
SLCO 682 , Beneficial Connecticut Inc. 155 Hazard Avenue Trade Mart, Suite 171 Enfield CT 06083-4586 , (860) 763-3506
SLCO 573 , Beneficial Connecticut Inc. 72 Newtown Rd. Nutmeg Square Danbury CT 06810- , (203) 743-6356
SLCO 579 , Beneficial Connecticut Inc. 1257 S. Broad Street Best Buys Plaza Wallingford CT 06492-1737 , (203) 269-5531
SLCO 574 , Beneficial Connecticut Inc. 926 Main Street East Hartford CT 06108-2237 , (860) 289-3371
SLCO 577 , Beneficial Connecticut Inc. 60 Town Street Norwich CT 06360-2306 , (860) 889-7341
SLCO 576 , Beneficial Connecticut Inc. 360 Connecticut Ave., Shoprite Plaza Norwalk CT 06854- , (203) 853-4133
SLCO 580 , Beneficial Connecticut Inc. 170 Grand Street Waterbury CT 06702-1909 , (203) 753-3143
SLCO 14453 , Beneficial Connecticut, Inc. 185 Boston Post Road Hitchcock Plaza Orange CT 06477- , (203) 795-8070
SLCO 839 , Better Loan Society, Inc. 530 Silas Deane Highway Wethersfield CT 06109- , (860) 529-8628
SLCO 4157 , CitiFinancial Services, Inc. 656 New Haven Derby CT 06418- , (203) 734-1646
SLCO 7848 , CitiFinancial Services, Inc. Milford Post Plaza 321 Boston Post Rd. Milford CT 06460- , (203) 783-9977
SLCO 4159 , CitiFinancial Services, Inc. 397 Cromwell Ave. Rocky Hill CT 06067- , (860) 529-7227
SLCO 479 , CitiFinancial Services, Inc. 28 Fenn Road, Suite A Newington CT 06111- , (860) 666-1250
SLCO 8652 , CitiFinancial Services, Inc. Freshwater Commons 51 Palomba Drive Enfield CT 06082- , (860) 749-7399
SLCO 2079 , CitiFinancial Services, Inc. 143 Federal Road Brookfield CT 06804- , (203) 775-0848
SLCO 7844 , CitiFinancial Services, Inc. Meriden Parkade 1231 East Main St. Meriden CT 06450- , (203) 639-9244
SLCO 10602 , CitiFinancial Services, Inc. 1040 Barnum Avenue Stratford CT 06614- , (203) 783-9977
SLCO 9978 , CitiFinancial Services, Inc. 51 South Main Street Torrington Plaza Torrington CT 06790- , (860) 489-8626
SLCO 9281 , CitiFinancial Services, Inc. 113 Salem Turnpike Norwich CT 06360- , (860) 885-1906
SLCO 478 , CitiFinancial Services, Inc. 835 Wolcott St. Waterbury CT 06705- , (203) 756-7224
SLCO 8916 , CitiFinancial Services, Inc. 77 Farmington Avenue Bristol CT 06010- , (860) 584-0836
SLCO 4158 , CitiFinancial Services, Inc. 799 New Haven Rd. Naugatuck CT 06770- , (860) 276-9890
SLCO 10273 , CitiFinancial Services, Inc. 39 B Wintonbury Mall Wintonbury Mall Bloomfield CT 06002- , (860) 242-7306
SLCO 7695 , CitiFinancial Services. Inc. 1185 Tolland Turnpike Manchester CT 06040- , (860) 643-8188
SLCO 481 , Household Finance Corporation III 525 Tunxis Hill Cut-Off Tunxis Hill Shopping Center Fairfield CT 06430- , (203) 330-1770
SLCO 489 , Household Finance Corporation III 210 Chase Ave. Waterbury Plaza Waterbury CT 06704- , (203) 756-7851
SLCO 491 , Household Finance Corporation III 29 South Main St. Town Center West Hartford CT 06107- , (860) 521-7144
SLCO 490 , Household Finance Corporation III 220 Route 12, Suite 5 Groton Square Shopping Center Groton CT 06340- , (860) 446-0360
SLCO 486 , Household Finance Corporation III The Plaza at Buckland Hills 1540-H Pleasant Valley Rd., Ste. A-8 Manchester CT 06040- , (860) 644-1888
SLCO 487 , Household Finance Corporation III 1231 East Main St. Meriden Parkade Meriden CT 06450- , (203) 238-1281
SLCO 16524 , Household Finance Corporation III 1283 Silas Deane Highway Suite 167 Wethersfield CT 06109- , (860) 257-1374
SLCO 499 , People's Loan Company of Danielson, Inc. 157 Main St. Danielson CT 06239- , (860) 774-8446
SLCO 2403 , Wells Fargo Financial Connecticut, Inc. 77 Hartland St. East Hartford CT 06108- , (860) 895-1360
SLCO 13960 , Wells Fargo Financial Connecticut, Inc. 93 Lake Avenue Danbury CT 06810- , (203) 794-9023
SLCO 571 , Wells Fargo Financial Connecticut, Inc. 1781 Highland Ave. Cheshire CT 06410- , (203) 271-2023
SLCO 13212 , Wells Fargo Financial Connecticut, Inc. Merritt 7 Corporate Center 301 Merritt 7 Norwalk CT 06851- , (203) 846-6071
SLCO 2905 , Wells Fargo Financial Connecticut, Inc. 291 South Lambert Rd. Orange CT 06477- , (203) 799-7518

[polly]

If your lenders are not licensed, as a small loan lender, it would appear that this is the applicable law.

Sec. 36a-573. (Formerly Sec. 36-243). Charge of greater than legal interest. No person, except as authorized by the provisions of sections 36a-555 to 36a-573, inclusive, shall, directly or indirectly, charge, contract for or receive any interest, charge or consideration greater than twelve per cent per annum upon the loan, use or forbearance of money or credit of the amount or value of (1) five thousand dollars or less for any such transaction entered into before October 1, 1997, and (2) fifteen thousand dollars or less for any such transaction entered into on and after October 1, 1997. The provisions of this section shall apply to any person who, as security for any such loan, use or forbearance of money or credit, makes a pretended purchase of property from any person and permits the owner or pledgor to retain the possession thereof, or who, by any device or pretense of charging for the person's services or otherwise, seeks to obtain a greater compensation than twelve per cent per annum. No loan for which a greater rate of interest or charge than is allowed by the provisions of sections 36a-555 to 36a-573, inclusive, has been contracted for or received, wherever made, shall be enforced in this state, and any person in any way participating therein in this state shall be subject to the provisions of said sections, provided, a loan lawfully made after June 5, 1986, in compliance with a validly enacted licensed loan law of another state to a borrower who was not, at the time of the making of such loan, a resident of Connecticut but who has become a resident of Connecticut, may be acquired by a licensee and its interest provision shall be enforced in accordance with its terms.

I am not a lawyer, but I interpret that as saying if any of your unlicensed CT lenders have charged more than 12% interest than your state will not enforce it.

[polly]

I would recommend writing each unlicensed CT lender a letter, citing CT law, and demanding that your accounts be marked paid in full upon receipt of the letter.

[jeffrey.maglaqui]

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