What happens if I don't pay the payday loans

Well that refinancing the loan does nothing but buyback the loan with the fee plus a principal payment of $25-$50 is what you are suggesting is what kaye06 is trying to avoid. Overall every payday he/she will still end up paying that refinance fee plus a small principal payment versus paying off the total balance. That will be more costly. I been there But I see your point in what you were suggesting. On the other hand, if the poster has no money to pay even the finance fee then he/she really is not going to have any money to do this as suggested, or even the EPP as they stated.

I merly suggested the EPP as a last option to try an stay in good standing with the company versus defaulting with a LEGAL lender and having to be harassed. I would hate for that to happen, we see it all to often. Every situation is not the same, but every situation must be handeld different. In this case if an EPP and buyback is not possible then I suggest the kaye06 contact corporate in a last attempt to try and workout a payment more feasable to him/her. This can be done, I have seen it in the past. If they are not willing to work with you then I suggest sending them small payments when possible untill the balance is paid off. Like I stated earlier you can only do what works best for you Any more suggestions would be helpful, thanks!

I'm not arguing against you, just placing an option out there. Also, remember that legal lenders do have the ability and right to use small claims. My scenario would keep a borrower out of small claims and avoid the huge cash outlay that would be required with the EPP. If a borrower can use the buy-down process for a few of their loans at the beginning, they would maintain the good standing with the lender to use the EPP at a later date when thier cashflow increases and can afford 4 equal payments.

This would keep control of their finances in the the borrowers hands and not the PDL or courts hands.

I never stated you argued. Where did you get that? :P

Anywayz, I stated I understood your suggestion, but buying back a loan costs more money in this situation simply. I agree with your suggestion for kaye06 to contact corporate an try another route. Buybacks and EPP works, but they are simply too exspensive for kaye06 at this point.

No problem, just stating that the "cheapest" route is to stay in good standing with the legal lenders!

Good luck kaye, keep us posted!

I agree and anytime, your advice is always taken in good listening

Good Luck Kaye

I have some payday loans and i can't keep up with them so I closed my account and now they are contacting my work and threatening me with garnishments can they do that? Here are my lenders:

500 cash was for 200.00 - online - already paid 525.00
Payday one was for 634.29 - online - already paid 1056.51
E Payday loan was for 300.00 - online - paid 715.00
1000cash was for 300.00 - online - paid 550.00
Payday Services was for 250.00 online - paid 450.00

I am not sure what I owe yet.

Oh wow you have overpaid these loans by way too much! I believe Payday One is licensed, if it is the correct one I am thinking of.

It is good you closed your bank account that is always the first step in securing your funds. Now what state do you live in?

You need to revoke the wage assignment that you signed with them when you took out the loans. There is a letter on this site that can help you do that. You also need to tell them in writing that you are not to be contacted at work. The other thing is that it looks like you've paid them above and beyond the state max they are allowed to collect.

Again, what state do you live in?

I live in Pa

Ugh, unfortunately PA is one of those states that allows a lender to lend into PA as long as they hold a valid license in ANY US state. That is the law last time I checked. Hope that has changed.

What I suggest you do is draft letters to all the lenders demanding they send you a valid license number and state they are licensed to do business in. PAYDAY One is a licensed lender, but they are easy to work with. Hopefully someone comes along with some more helpful advice.

That is true but the law changed on 2/1/2009. So if any of the loans were taken after that then they fall under the new law.

No it was before that date so they can garnish my wages

Only if they get a civil judgement in court.

Have you revoked all wage assigments?

Here is a sample letter you can send each PDl company.

OMG I am so sorry that your loan is before that date. Here is the new law We need to find out of the others are LEGAL.

You will find the Payday loan laws for Pennsylvania here (just select your state),
http://www.debtconsolidationcare.com...pdls-laws.html

What do you mean wage assigments I closed my checking account and they have not gone after my wages yet but they are threatening me that they will.