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 Posted: Wed Sep 05, 2007 7:59 am |
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I live in Indiana and I have taken out several online PDL's. A few of them have just charged me the interest for over a year now. I am in a trap and can't seem to get out of it. $300 a week is taken out of my checking account and that is just the fees. The companies I deal with or have Dealt with are Cash Direct, Up Front Pay Day, Paycheck Today, Discount Advances, Interim, Instant Cash Til Pay Day, One Click Cash, MTE, and Zip Cash. Any suggestions would be helpful.
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BikerGirl
Joined: 05 Sep 2007
Posts: 89
Debtcc Points: 2645
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| Posted: Wed Sep 05, 2007 8:02 am |
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You've come to the right place!!! Everyone here has been where you are, and gotten great help through this forum.........hang in there!!!
If you post what you've already paid on those loans (altogether, including "fees"), versus what the principal of the loan was, you'll get a bit better feedback.
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tree2510
Joined: 28 Aug 2007
Posts: 34
Debtcc Points: 1002
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| Posted: Wed Sep 05, 2007 8:36 am |
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Welcome Harleybarbie...I am from Indiana too. IPDLS must be licensed in Indiana. If you can please post how much each loan was for and the total amount that has been paid on each...we can walk you through what to do.
The 2nd thing we need you to do is please read the info at the top of the page on closing your bank account. You will need to do this to get control of your money again.
Once you have this all together please post your info and we can walk you through the next steps..When I came here I had 10 ipdls...there are many many of us here that came from the same situations. We can help you...your not alone.
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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| Posted: Wed Sep 05, 2007 8:39 am |
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Here is the Indiana Law...
| Quote: | Payday Loan Laws - IN
The rules and regulations issuers of payday loans must abide by in the state of Indiana.
Legal Status:
Legal
Loan Terms:
Maximum Loan Amount: $500 (not to exceed 15% of borrower's monthly gross income)
Loan Term: Min: 14 days
Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)
Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plan: After 6 consecutive loans, lender must impose a 7 day cooling off period or convert to an installment loan payable in more than 4 installments at a rate no greater than 36% APR
Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Indiana Department of Financial Institutions
Address: 30 South Mer idian Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey,, Supervisor, Consumer Credit
http://www.in.gov/dfi/ |
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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| Posted: Wed Sep 05, 2007 8:41 am |
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Hi Harleybarbie. Welcome to the forum. Have you thought of closing your existing checking account and opening another one at another bank? This is what helped me the most. Once I defaulted then the interest stopped and it put me back in control of my money. Also, have you called and asked about payment arrangements. This is most likely not going to happen, but it is always worth a shot.
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14311
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| Posted: Wed Sep 05, 2007 8:43 am |
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InstantCashLoan 300+90 renewed 1 time
Paycheck Today 300+90 renewed 2 times
Discount Advance 300+26 renewed 1 time
Interim Cash 225+55 renewed 2 times
MTE 300+90 1 renewal
Nationwide Cash 200+30 renewed 1 time
CMG 250+75 had account opened since 10/23/06
Whistler 300+90 had account opened since 7/14/06
B&L Marketing 250+75 had account opened since 6/30/06
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BikerGirl
Joined: 05 Sep 2007
Posts: 89
Debtcc Points: 2645
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| Posted: Wed Sep 05, 2007 8:47 am |
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OK...sorry but I need a little more clrification...when you say 300+ 90 renewed once...are you saying the loan was for 300 and you have only paid 90 1x on it?? We need the total amount deducted for each one. For instance..on CMG have you been paying $75. every 2 weeks since 10/06?? What would the total amount be?? Bet you have already paid that one off...
When we have all the actual totals we can look at your laws and see where you stand.
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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| Posted: Wed Sep 05, 2007 8:47 am |
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harley, please listen to morningstarr. She is in Indiana. You need to do something regarding your bank account. A few of these you have been paying just the "fees" for over a year. Please read about closing your account. Morningstarr will be able to help you.
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9374
Debtcc Points: 124815
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| Posted: Wed Sep 05, 2007 8:50 am |
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Give me a little time...I am going to check if any of these are licensed...I doubt it but we need to check...
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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| Posted: Wed Sep 05, 2007 8:50 am |
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Yes, correct, I stated how many times I have renewed. And yes, I have been paying on those last three since those dates and still am. I'm scared!!!
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BikerGirl
Joined: 05 Sep 2007
Posts: 89
Debtcc Points: 2645
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| Posted: Wed Sep 05, 2007 8:52 am |
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Don't be scared....they can not arrest you...they can call and drive you crazy but you have us for support now. Many here have been in a much worse condition and are here to tell the story. List those totals for us while I check licenses. You will be fine...read the info on closing your bank account as that will be your next move...have patience, be back in a little while.
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2337
Debtcc Points: 39294
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| Posted: Wed Sep 05, 2007 9:03 am |
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CMG so far have paid $1800 in finance charges
Whistler so far have paid $2790 finance charges
B&L so far have paid $2475 finance charges
WOW, can't believe that and I'm still paying!!
Do you think I can work out something with them, they have more than well got their money out of me!!!
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BikerGirl
Joined: 05 Sep 2007
Posts: 89
Debtcc Points: 2645
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| Posted: Wed Sep 05, 2007 9:04 am |
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Harley - Don't be scared. Just follow Morningstar's advice. She is from your state and has been through this! She knows her stuff!
Almost all of us here have been in your shoes. We know what you are going through, how you feel, and what steps you must take to rid yourself of these loans.
Ask any questions you have. We can answer. Anytime you want to vent your frustrations, post. We can support you through this!
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111631
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111631
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| Posted: Wed Sep 05, 2007 9:07 am |
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awww, thank you. I'm worried about the phone calls, the harrassment and everything else that goes with it.
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BikerGirl
Joined: 05 Sep 2007
Posts: 89
Debtcc Points: 2645
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| Posted: Wed Sep 05, 2007 9:12 am |
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Just know that all they can do is call you and harrass you. NONE of their threats are real. They cannot do anything to you. They are the criminals, not you. You've done nothing wrong.
I would recommend doing a search on this site for the company names you are dealing with. That way you can read other's experiences with them and get a general idea of what to expect. Just be prepared. Have some fun with them. Talk all gibberish or something. Another thing that can be fun is if they say that the cops will be there soon to arrest you, ask them to hold. Come back a minute later and say you have the sherrif's office on your other line and they told you that you can't be arrested for defualting on a pdl, and that it is illegal for the company to threaten you with such. Then tell them you will be filing a police report and they can expect the cops to be at their place of employment in 20 minutes!
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goudah2424
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