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 Posted: Wed Sep 19, 2007 6:54 am |
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Hello, my name is Tina I live in Mississippi I have 4 online payday loans I need to consolidate
Cashin30minutes 200.00=244.00 plus late fees now
Friendly Banker 325.00=396.00 current
My Cash Time 300.00=384.00 current
Cashnet Loans 400.00=520.00 current
My next payday is 09/28 and I need to get these taken care of before they try to post to my bank account can somone help. I did the debtcc thing online to see what my payments will be how do I get started with the payments to clear this stuff.
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farawaytravel_1
Joined: 19 Sep 2007
Posts: 1
Debtcc Points: 35
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| Posted: Wed Sep 19, 2007 7:05 am |
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Here are your state laws
| Quote: | Mississippi State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Miss. Code Ann. ยง 75-67-501 et seq.
Loan Terms:
Maximum Loan Amount: $400
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: 18% of check
Finance Charge for 14-day $100 loan: $22
APR for 14-day $100 loan: 572%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or otherwise extend)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: NSF fee; Court-awarded fees (if disclosed)
Criminal Action: Prohibited (When check returned due to NSF)
Where to Complain, Get Information:
Regulator: Mississippi Department of Banking and Consumer Finance
Address: 901 Woolfolk Building, Suite A 501 N. West Street Jackson MS 39201
Phone: (601) 359-1031
Fax: (601) 359-3557
Regulatory Contact: Ronny Harrison,, Chief Examiner, Consumer Finance Division
http://www.dbcf.state.ms.us/
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From what I read your state does not allow roll overs and thats what you have been paying every payday. So you need to contact your states AG and department of finance and file complaints. And from what I understand that you cannot get in trouble if the payments go back NSF it doesn't say anything about if the account has been closed. So then again I would contact your state to see what they say about the online lenders.
But you can also use a debt consolidation company that handles payday loans.
I know that someone here will be able to figure out if you have overpaid on fees (well yes you have because everything after the first fee should have been taken off of the principal) SO get ready for some info and how to fight these companies. You have overpaid and shouldn't pay anymore on these.
Good luck, and we will be here to support you all the way.
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puddlejmpr
Debt Samaritan
Joined: 15 Dec 2006
Posts: 1255
Debtcc Points: 3043
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| Posted: Wed Sep 19, 2007 7:16 am |
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Well I read the regulations for your state and they cannot do a wage assignment, so that is good news the only way they can get your wages is by garnishment and to do that they would have to take you to court.
and checking on the Mississippi check cashiers act it looks like they have to have to have a location in your state.
So I would contact your state. I am checking on if they are licensed in your state. But my computer is running slow now so someone else may tell you first.
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puddlejmpr
Debt Samaritan
Joined: 15 Dec 2006
Posts: 1255
Debtcc Points: 3043
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