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 Posted: Fri Oct 27, 2006 9:37 am Subject: Over my head and sinking... |
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I am completely in over my head and don't know what to do. I fell into the trap of payday loans shortly after my fiance left me in a financial lurch (and left me for another woman)
I have so many payday loans, that have apparantly only been charging me the fee for renewal every 2 wks (i get paid bi-weekly) that I have NO MONEY left after my paycheck is deposited. I have had to take a second job just to be able to put food on the table.
How is it possible that I have been paying these people for months and I haven't paid down almost any of their loans??? How can I get myself afloat again? I don't know what to do.. I'm sobbing as I write this.
Can anyone out there offer any advice?
I called each of the companies today and have the following balances due with these companies:
payday loan status as of 10/27
aeroadvance financial:$360
pd6 ventures zur::LOAN SHOP ONLINE: $200
us fast cash: $130
gfs:1-877-280-3359:: $200
united cash loans: $195
ameriloan: $130
authorized payday 888-355-6148:$390
The aeroadvance, loan shop online, gfs, and authorized payday have all been charging around 60-90 per pay period for the last 2 months, and my balance hasnt changed with them at all!
WHAT CAN I DO?!?!???
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tr1nn1e
Joined: 27 Oct 2006
Posts: 4
Debtcc Points: 164
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| Posted: Fri Oct 27, 2006 9:49 am Subject: |
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Welcome to the Commuinty  You have fallen into the trap so many of us have,for whatever reason. But there is help and hope here. Have a look at this at http://www.debtconsolidationcare.com/getting-loan/about15730.html see if there are licensed to do business first. This also gives alot of info on charges,etc. Since you are registered, someone will contact you for your free credit counseling, and you can discuss your finances and income, as well as your options. Good Luck!...Karen
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As long as you are alive, there's always hope
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Bossy4455
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Joined: 27 Feb 2006
Posts: 5304
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| Posted: Fri Oct 27, 2006 10:01 am Subject: |
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Ok, I just contacted the NH State banking department as listed, and the woman told me that NONE of the companies I have pdl's with are liscenced in this state. Interesting!
But what does this mean, exactly? What is my next step?
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tr1nn1e
Joined: 27 Oct 2006
Posts: 4
Debtcc Points: 164
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| Posted: Fri Oct 27, 2006 10:23 am Subject: |
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what state are u in?
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IN DEBT, BUT STILL BLESSED...
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TASHA_MOSELEY
Joined: 16 Aug 2006
Posts: 416
Debtcc Points: 10831
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| Posted: Fri Oct 27, 2006 10:38 am Subject: |
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New Hampshire
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tr1nn1e
Joined: 27 Oct 2006
Posts: 4
Debtcc Points: 164
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| Posted: Fri Oct 27, 2006 12:05 pm Subject: |
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.. So the rule continues that any internet or storefront lender must be licensed in a state before they lend money to the borrower. They are allowed to put the charges mentioned in the state after they follow the legal norms.
The company is violating the laws by not being licensed in your state and then making excessive charges. So you have a legal case against them. What is the mode of payment with these companies? Do they have access to your checking account? If yes, close it and open another account. This will be first step to stop your money from going to the wrong hands. Now, review your bank statements and see how much you have paid on each of the accounts. If you have paid the principal amount, you aren't supposed to pay anything more because they didn't follow your state laws and hence, can't add legal charges on the principal amount. If there is a balance, pay through money order and get the "PIF" in writing.
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Trenity
Joined: 14 Mar 2006
Posts: 510
Debtcc Points: 6278
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| Posted: Fri Oct 27, 2006 12:26 pm Subject: |
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This seems too easy..
So these are the steps I plan to take- please let me know if I am missing anything!
1. Monday-call work and have my direct deposit stopped.
2. Go to bank and close/open a new checking acct.
3. Since none of my loans was for greater than 200 or 300, I have far exceeded that in finance charges, rollover charges, etc. So I will fax and email a letter stating that the balances are paid in full in re:to Nh state law and the fact that none of them are liscensed.
What else is there?
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tr1nn1e
Joined: 27 Oct 2006
Posts: 4
Debtcc Points: 164
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| Posted: Fri Oct 27, 2006 12:29 pm Subject: |
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THATS IT...
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IN DEBT, BUT STILL BLESSED...
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TASHA_MOSELEY
Joined: 16 Aug 2006
Posts: 416
Debtcc Points: 10831
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| Posted: Fri Oct 27, 2006 1:23 pm Subject: |
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I put the legal pdl laws of your state so that you can make your point confidently.
| Quote: | Legal Status: Legal
Citation:
36 N.H. Rev. Stat. Ann. ยง 399-A:1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 7-30 days
Maximum Finance Rate and Fees: Not Specified (After default: 6% per year)
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot refinance, renew, extend; borrowers can renew to obtain additional cash but prior loan must be paid in full from proceeds of new loan and marked as such)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees:
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: New Hampshire State Banking Department
Address: 64B Old Suncook Road Concord, NH 03301
Phone: (603) 271-3561
Fax: (603) 271-0750
Regulatory Contact: Mary Jurta,, Director, Consumer Credit Division
http://www.nh.gov/banking/
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Trenity
Joined: 14 Mar 2006
Posts: 510
Debtcc Points: 6278
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| Posted: Fri Oct 27, 2006 6:04 pm Subject: payday loans |
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Payday Lending is Legal in NH also there is no cap on the interest. I am afraid you will not have any luck with your AG. The law states it is legal. You can try because maybe they can do something. I would close account and try to set up arrangements that you can afford. KYSIDE38
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KYSIDE38
Joined: 19 Jun 2006
Posts: 2502
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| Posted: Fri Oct 27, 2006 6:59 pm Subject: |
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You can try to get them to work with you and they may even write off what you owe because the amounts are small. Don't let it control your life, take control and you will get out of the mess. I had A LOT more than you do and am now successfully on top --- and it did not take that long. Good luck and best wishes! This is a great site for advice!
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Ability is what you're capable of doing. Motivation determines what you do. Attitude determines how well you do it. - Lou Holtz
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CycloneFan
Joined: 05 Dec 2005
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| Posted: Fri Oct 27, 2006 7:10 pm Subject: |
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Also, for PD6 Ventures/the Loan Shop (this place goes by many names), if you've paid over the principal amount, you have a good chance of getting the amount you overpaid back. I just dealt with them and got a $150 refund. Send them the template letter found under Pollyandsay's blog. Insert your state laws for PDLs. Figure out how much you overpaid and tell them you demand a refund. If you want to contact them via e-mail, the person to e-mail is JKimball(at)dmsmktg.com. He was very willing to work with me. Good luck.
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dbaker6
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| Posted: Sat Oct 28, 2006 12:37 pm Subject: |
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Welcome to the Community Have a look at this template letter at http://pollyandsay.yesdebtfree.org/template-letter/ you can fill in your own info from there..Good Luck...Karen
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As long as you are alive, there's always hope
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Bossy4455
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| Posted: Thu Nov 02, 2006 7:21 am Subject: Can I use this.. |
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Trinnie, my name is Ashley and I am taking on the IPDL industry. Can I use your post as an example for a submission to my local media for a possible future news/television segement. I won't use your nickname/name or any personal information and no one will contact you, I just want to submit to them an actual case example. Just let me know, thanks
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PDLFREE
Joined: 07 Oct 2006
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| Posted: Wed Nov 08, 2006 4:30 pm Subject: |
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Ashley---Kudos to you for wanting to do something proactive about these corrupt so-called businesses.
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Lorri
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