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Posted: Thu Jan 04, 2007 9:56 pm

I owe several payday loans and live in maryland. Due to large decrease in income I dont have the money to pay back all at once. What can i do. This week alone I've paid one hundred eight-nine dollars in nsf. Which could have been paid on one of the loans.

Posted: Thu Jan 04, 2007 10:00 pm

Go to www,paydayloaninfo.org and check out Marylands laws. Kyside38

yogi · Posted: Thu Jan 04, 2007 10:20 pm

I typed in paydayloaninfo.org and site would not open.Did I type in wrong address?

Posted: Fri Jan 05, 2007 4:21 pm

Put in www.paydayloaninfo.org. That should work. Here's the info though if it still does not work:

http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

I'm from MD and have been where you are so don't fret! They are illegal in our state. Did you get these online or from storefronts in DC or VA?

yogi · Posted: Fri Jan 05, 2007 11:37 pm

I got four online and one in delaware. I started out only wanting one to pay car payment. But before I knew it (I was stupid to do this) I ended up borrowing from one to pay the other or even their minumum payment. I,ve paid every two weeks since sept. I couldnt get enough at one time to pay full amount. And the one I owe highest amount to is cashtransfers. I borrowed 1200 from them and the (rightfully so) want their money 1584 but all at once. So far my bank account has been overdrawn by two hundred and seventeen dollars. Is it legal to close this account before they are paid off. I do owe what I borrowed but if they keep taking this out and overdrawing my account I'll never get them paid off. Thanks for your help

Posted: Mon Jan 08, 2007 7:33 am

Yogi, I suggest that you calculate how much you owe each company and see how much you have paid them thus far. For the online loans, you are only obligated to pay back the principal amount since they are illegally lending to you in the first place. You need to go to your bank, explain the situation, and see if the account can either be closed or made to accept credits only. You will need to open another account and have any direct deposit you have transferred over. I recommend that you contact the store in Delaware to see if you can make payment arrangements with them. Usually the stores are more understanding and willing to work with you. I am not for sure which online lenders you have...some are better to deal with than others. If you have paid back the principal amount or more, do not give them anymore money. You should also draft a letter telling them that you are revoking their authorization from further withdrawing from your account and that you are willing to work out an alternate payment method, preferrably paying them via money order. The first thing to do is really close your bank account because that is the only way you will gain any control back of your finances. I hope this helps!