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 Posted: Tue Jun 13, 2006 7:19 am Subject: Pay day loan advice |
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Please assist! I have 5 payday loans going. The intent was to borrow from one & pay back the other, but between paying back creditor & monthly bills, someone taking money out of my account from Romania, I've become quite overwhelmed & in need of some seroius finical help & guidance. Is there a company that consolidate payday loans? Please help me if you can. Thanks!
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ZPHI2000
Joined: 13 Jun 2006
Posts: 7
Debtcc Points: 587
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| Posted: Tue Jun 13, 2006 7:30 am Subject: |
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First, you need to tell us if they are storefront Payday loans or internet payday loans. Please share the names if they are PDL's from the internet. Many of us have dealt with them so we can help you on how to handle this. It will be ok. Please read the numerous threads on people just like you (and me). We have all been there and we have survived. We will get you through this.
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KittieKat
Debt Samaritan
Joined: 07 Dec 2005
Posts: 309
Location: New Jersey Debtcc Points: 3941
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| Posted: Tue Jun 13, 2006 7:35 am Subject: Pay Day Loan Help |
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They were all internet. USAPAYDAYLOAN.com, Americash, Premier Processing group, usfastcash.
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ZPHI2000
Joined: 13 Jun 2006
Posts: 7
Debtcc Points: 587
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| Posted: Tue Jun 13, 2006 7:45 am Subject: |
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ok, we can help. First thing you need to do is close your bank account so they can not hit you with anymore debits. PDL's have been known to try to hit accounts with any amount due and under numerous payer id codes. So, best bet is to close it. You can ask your bank if you can have a new account number and remember do not share that with ANYONE. Try to get this done asap. Meanwhile, please tell me how long you have had these loans, how much do you think you have paid them (have you paid well over what you borrowed?) and please tell me what state you live in. Let me know when you get your bank straighten out. We will go onto the next step in helping you
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KittieKat
Debt Samaritan
Joined: 07 Dec 2005
Posts: 309
Location: New Jersey Debtcc Points: 3941
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| Posted: Tue Jun 13, 2006 8:06 am Subject: |
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ZPH,
Don't feel bad, we were all in your situation. I was almost 3 times deeper in than you!
Everyone in this community wants to help, and once you close that account, you'll feel SO much better, PROMISE! 
Remember to come back and we can help you to either find a consolidation company or get rid of the loans altogether...you're not alone!
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I am working hard to take care of my debt...any point donations are greatly appreciated!
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Seeing_the_Light
Joined: 28 Mar 2006
Posts: 536
Debtcc Points: 13881
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| Posted: Tue Jun 13, 2006 8:13 am Subject: Pay day loan help |
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I closed my bank acct. last week & opened up a new one with my bank. I've had two of the loans since March, the last one Premier Processing Group since the 24th of May. The loans will renew themselves up to four times, then I must pay the finance charge & renewal fee starting with the 5th time. My credit is already messed up from college & I don't own, I rent.
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ZPHI2000
Joined: 13 Jun 2006
Posts: 7
Debtcc Points: 587
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| Posted: Tue Jun 13, 2006 8:15 am Subject: |
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ZPH12000 - did you already default on these loans? Are you presently paying them? Also, please tell me what state you live in
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KittieKat
Debt Samaritan
Joined: 07 Dec 2005
Posts: 309
Location: New Jersey Debtcc Points: 3941
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| Posted: Tue Jun 13, 2006 8:30 am Subject: Pay day loan help |
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No, I haven't defaulted yet, I live in North Carolina. One is due on the 15th of June, so I'll probably default on that one, with Premier Processing Group.
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ZPHI2000
Joined: 13 Jun 2006
Posts: 7
Debtcc Points: 587
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| Posted: Tue Jun 13, 2006 8:32 am Subject: |
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I've been paying them each month, but the money I'm paying out is killing me. I'm paid once a month at the very end of the month, I work for the government, so money is very, very tight due to the paying back on these loans.
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ZPHI2000
Joined: 13 Jun 2006
Posts: 7
Debtcc Points: 587
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| Posted: Tue Jun 13, 2006 8:39 am Subject: |
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I was confused when you said you had already closed your bank account. I just want to make sure they can not get your new bank info. You need to secure your money. Next try to figure out what you borrowed and what you paid in. Do you have the principal paid off, don't include interest. See below, you have a law that protects you. It's called Usury. You have a cap per year of 36%. Not the triple digit you were paying. Figure out what I asked you too, you might be due a refund.
| Quote: | North Carolina - Payday Loan Consumer information
http://www.paydayloaninfo.org/state_detail.cfm?id=NC
Legal Status: Prohibited
(N.C. Gen. Stat. § 53-281 authorizing payday loans allowed to sunset in 2001)
Citation:
The consumer finance act applies. N.C. Gen. Stat. § 53-173
Small Loan Rate Cap
36% per year
Where to Complain, Get Information:
Regulator: North Carolina Attorney General (See also Commissioner of Banks)
Address: NC Attorney General's Office 9001 Mail Service Center Raleigh, NC 27699-9001
Phone: (919) 716-6400
Fax:
Regulatory Contact:
Regulator's Website
Complaint Form
Complaint Instructions
Online Resources: |
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KittieKat
Debt Samaritan
Joined: 07 Dec 2005
Posts: 309
Location: New Jersey Debtcc Points: 3941
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| Posted: Tue Jun 13, 2006 8:41 am Subject: |
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from what I've read in the forums, PDL's are illegal in N. Carolina, which means that they were illegal in lending to you...you can DEFINITELY fight these loans! Search the forums for laws pertaining to NC, and I'll bet you'll find all the tools you'll need to fight back!
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Seeing_the_Light
Joined: 28 Mar 2006
Posts: 536
Debtcc Points: 13881
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| Posted: Tue Jun 13, 2006 9:24 am Subject: Payday Loan |
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Hello,
I live in Ohio and I am trying to help my mother relieve her payday loan situation. She got into a bad financial situation about 1 1/2 years ago using payday loans. She started with about six and over the last year we have been able to pay off 3 of them. All of these accounts were opened at Payday Loan stores in Ohio. Recently her job closed and she's not able to keep paying like she's been doing. She can pay something on all of them but not the full amount. What all would you recommend we do? I really want to help her get rid of these last 3 payday loans. She's been paying for a year and it's just not going anywhere.
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C Alexa
Guest
Debtcc Points: 100
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| Posted: Tue Jun 13, 2006 9:26 am Subject: |
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C Alexa,
please register with this site, and we will be glad to help you!
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Seeing_the_Light
Joined: 28 Mar 2006
Posts: 536
Debtcc Points: 13881
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| Posted: Tue Jun 13, 2006 9:55 am Subject: |
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You've done a great thing by coming here. This place is sooo helpful!
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landrylou
Joined: 04 Nov 2005
Posts: 310
Debtcc Points: 5184
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| Posted: Tue Jun 13, 2006 10:00 am Subject: Mom's payday loans |
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Hello,
I live in Ohio and I am trying to help my mother relieve her payday loan situation. She got into a bad financial situation about 1 1/2 years ago using payday loans. She started with about six and over the last year we have been able to pay off 3 of them. All of these accounts were opened at Payday Loan stores in Ohio. Recently her job closed and she's not able to keep paying like she's been doing. She can pay something on all of them but not the full amount. What all would you recommend we do? I really want to help her get rid of these last 3 payday loans. She's been paying for a year and it's just not going anywhere.
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calexander718
Joined: 31 May 2006
Posts: 5
Debtcc Points: 194
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| Posted: Tue Jun 13, 2006 10:05 am Subject: Payday loan debt |
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I have a total of 12 internet payday loans. I know you are probably saying, "how could you be so stupid?" Well I feel very foolish now. I originally borrowed to help me pay those in between bills, now I don't even have money to pay my basic bills! I am so overwhelmed with debt and I desperate to find a solution! I know that if I could get a loan to pay off the loans or at least pay the principle down, I could manage to pay them all off eventually. I don't qualify for a traditional loan with my credit and I don't have anyone who can co-sign for me. Can you help me?
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Tamika
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