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 Posted: Tue Sep 04, 2007 8:29 am |
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Okay, guys......my life insurance policy is looking better and better. I am in so far over my head in PDL debt, I may as well have someone start digging my grave. I live in Louisiana, I need to close my bank account and open another. I am willing to try and pay back the principal, but from reading here it looks like some of who I owe is illegal, and I may have paid too much already. I have 9 PDLs all internet. CashNetUSA, PaydayOne, PaydayYes, PaydayCashLink, MTE (this one has different names), BIG, GFSIL, PaydayOK, Cash Direct Express just off the top of my head. Can someone please guide me in the right direction as to what to do? I am a 6 year cancer survivor with 2 teenagers and times have been tough recently. I know it's my fault, so if anyone needs to beat on me go ahead. I've probably done enough of that for everyone.
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Drowning in Louisiana
Guest
Debtcc Points: 100
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| Posted: Tue Sep 04, 2007 10:38 am |
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| Quote: | Legal Status: Legal
Citation:
La. Stat. Ann. § 3578.1 et seq.
Loan Terms:
Maximum Loan Amount: $350
Loan Term: 60 days
Maximum Finance Rate and Fees: $5 documentation fee + the greater of 16.75% of check or $45 (After default: months 1-12: 36% per year; months 13 and beyond: 18% per year)
Finance Charge for 14-day $100 loan: $25
apr for 14-day $100 loan: 650%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or rollover but licensee may accept partial payment of 25% of amount advanced plus fees and enter into new loan)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One NSF fee of actual bank charge (if disclosed) + the greater of $25 or 5% of check (if disclosed); Court Costs; Reasonable Attorney's Fees
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Louisiana Office of Financial Institutions
Address: P.O. Box 94095 Baton Rouge LA 70804
Phone: (225) 925-4660
Fax: (225) 925-4548
Regulatory Contact: John J. Braud,, Deputy Chief Examiner
Regulator Website
http://www.ofi.state.la.us/ |
Here are the laws for your state. Please post for us the following info
Who you have loans with
Are they internet or store front
How much you borrowed and how much you have already paid back(fees and principle)
Please read the sticky regarding closing your checking account.
We do need the info I asked for to help you farther
Also you can click on the license database to see if tour loans are licensed. Chances are they are not.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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| Posted: Tue Sep 04, 2007 11:31 am |
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I am sorry to hear about your health problems. I hope that you are keeping well now. Please don't be overstressed with your pdls. Most of the companies run an illegal business and they want to make money from the innocent people. First find out how much you have paid in total towards each account. Then you will be able to calculate the balance on the principal amount and send it to the loan company. Before closing the account, make sure that you have checked the laws of your state.
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ricjil
Joined: 04 Nov 2005
Posts: 225
Debtcc Points: 3537
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| Posted: Tue Sep 04, 2007 12:56 pm |
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You should register and you will be entitled to a free debt consultation, who can help you and direct in the right direction. We are all here to help you. Just let us know if you need anything else and someone with the knowledge will respond to the post.
ladybug
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ladybug
Joined: 29 May 2007
Posts: 2759
Debtcc Points: 24754
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