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How do I fix a defaulted payday loan?  

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I am in deep and do not see anyway out. I had to use a payday loan to pay off a bill and now we can't pay back the payday loan, because we had some money taken out of our monthly pay check. We have no other resources. Does anyone have any clue how to get out of this mess? We're late on every other bill too so I can't borrow from one to catch up. I'm stuck!!
 

asked Nov 3, 2006 07:34 PM

swildmon

17Answers

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Welcome swildmon, which stater are you in and are these internet or storefront pdls?

answered Nov 4, 2006 02:15 AM

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North Carolina, internet pdls

answered Nov 4, 2006 08:14 AM

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PDLS are prohibited in NC, you are only obligated to pay back the principal. Here's the link to your http://www.paydayloaninfo.org/state_detail.cfm?id=NC state's pdl law:
It also gives you contact info. on the state's regulators, you need to file complaints against each of the pdls to all regulators including the AGs office. I would also send them settlement letters. If you have already paid back the principal in the so called roll over fees/illegal interest rates then demand they mark your account paid in full, and let them know you have filed formal complaints against them with your state's regulators and AGs office. You will also need to either revoke ACH authorization and block them from your account or close the account and open a new one.

answered Nov 4, 2006 09:16 AM

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Thank you! Thank you!! Thank you!!! That's the best news I have heard in months.

answered Nov 4, 2006 09:44 AM

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You're welcome! icon_biggrin.gif Here's the link to the settlement letter, just insert your state's pdl laws and demand they mark your account paid in full if you've already paid back the principal and then some. Also let them know you have filed formal complaints against them with your government regulators. Fax, e-mail, and usps these letters. And do not fall for their false threats of arrest and check fraud charges, that is a lie.

answered Nov 4, 2006 09:55 AM

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Sorry, here's the link : http://pollyandsay.yesdebtfree.org/template-letter/

answered Nov 4, 2006 09:55 AM

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Our bank is in Arkansas, cause my husband is military and we are just stationed in North Carolina. Does that make a difference? Do they consider us AR residents?

answered Nov 4, 2006 10:16 AM

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You are residing in NC right? And you receive mail there? And since he is in the Military the DOD is really coming down hard on these pdls that do this to military members and their families. You even have a bigger leg to stand on since he is in the military.

answered Nov 4, 2006 10:18 AM

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Read the article about how Congress passed a law to protect military members from these loan sharks:
http://www.msnbc.msn.com/id/15062520/

answered Nov 4, 2006 10:19 AM

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Again, Thank You! You have been a blessing. I will tell everyone I know about this forum.

answered Nov 4, 2006 10:21 AM

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