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Posted: Thu Mar 23, 2006 2:49 pm Subject: I want Refunds on payday loan interest

First I would like to say that since I have found this forum I feel so empowered. Now, truthfully, I have been in this vicious payday loan cycle since mid 2003. I started off with a loan from quickpayday. Then I found sonicpayday. Slowly but surely, it snowballed from there. I began to borrow more and more to keep up with the interest payments on my payday loans. Almost two weeks ago I found this forum while searching for ANOTHER loan to pay my huge mountain of interest payments coming up on March 31st. God sent me here because I had prayed that he do something as I was at the end of my rope.

Let me get to the point. I have signed up with T&C, sent out and faxed debt validation, cease and desist, and wage assignment revokation letters. I have changed my account number and there is hardly any action on my checking account because now the payday loan animals cannot hit it. My point is, if I were to add up ALL of the interest payments I have put in over the past 2 and a half years, I have paid these loans off a million times over. The laws in my state allow lenders to charge 10% interest plus a 5 dollar verification fee. If I calculate how much I have paid in, all of my lenders owe me a refund. I know that if I can get some of them to settle, I should be happy because that's the cost of a lesson learned. But just hearing what these people have put not only me, but all of you through, I WANT MY REFUND!!! I want every cent back that I am entitled to! I plan to get verification from each and every one of my payday lenders, even if I have to go into my bank and get a history of my account since the very first loan and add up everything I have paid them. Because believe me, it's a lot. I am so angry at myself for letting this get so far. I am a college educated professional who made a very stupid mistake. But now I look at money and debt in a completely different light now. I have learned so much from this experience.

And I am still gonna get my refunds...

Posted: Thu Mar 23, 2006 4:00 pm Subject:

Good luck. But remember you will only be able to bluff so many of them... meaning only some will be sufficiently scared of legal action to refund money.

Posted: Thu Mar 23, 2006 4:07 pm Subject:

I know. I have learned a very expensive lesson. I don't even want to total the amount of money I have paid these people.

Posted: Thu Mar 23, 2006 5:35 pm Subject:

on the bright side, you have learned a lesson and that is what life is about learning, especialy from our failures.

Posted: Thu Mar 23, 2006 5:37 pm Subject:

thanks jj

Posted: Thu Mar 23, 2006 6:04 pm Subject:

Even if you're successful in court what you're going to win is a judgment, not money. A judgment is like a shopping cart - it's up to you to fill it up. And there's a reason that a lot of these companies are not located in the U.S., I think.

Posted: Thu Mar 23, 2006 6:06 pm Subject:

You are a college educated professional, but when it comes to a desperate financial situation, not even a PhD will help us think straight. The important thing is that you now are thinking straight, you have found this place, and you are ready to move forward! 2 things that I have found useful - LAUGH! Find humor in the situation. If you don't do that, you will be miserable throughout. Second - make this your hobby! Enjoy it, and enjoy helping others. That's what I do!

~Mary

Posted: Thu Mar 23, 2006 6:19 pm Subject:

Iloveteaching,
You have come a long way! Use your anger to learn as much as you can. You never know what you can accomplish. Good luck!

Posted: Fri Mar 24, 2006 3:38 am Subject:

At this point, I don't know how high of a probability it will be to get that kind of refund. Honestly, like Virginia-Legal-Defense said, you can get a judgment but getting the money is another story. On the other hand, if you can make that type of committment then it's your choice. A lot of lenders probably won't send you a complete history of your account. I have asked for it from some and it hasn't happened. I've been able to settle with some of mine. I also get irritated when I think of the money that I've wasted on rollover and finance charges. Yet, I agreed to it so it's a hard lesson learned. I've been able to get some of my creditors to settle my debt and that is a big triumph in itself. Some have even forgiven the debt and that was a big relief.

Posted: Fri Mar 24, 2006 4:14 am Subject:

So God sent you huh? God? LOL! I believe you because he steered me here also. I wished he'd done it sooner, but I think he wanted to teach me a lesson. Serious."STAY AWAY FROM PAY DAY LOANNNNNSSSS!"
Welcome aboard and "Amen" about the empowerment. I honestly didn't believe I had options and I too have lost a lot of money. I'm about 4K in the hole and I'd be that much in the black had things not snow-balled. But we can all say that. We didn't mean to do it. It just got outta' hand because the system is set up that way. Good luck and I hope you get some of your interest back. It's gonna' be tough, but I'ma rootin' fer yeew.

Posted: Fri Mar 24, 2006 5:52 am Subject:

thanks guys!

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