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Posted: Wed Dec 06, 2006 9:13 am Subject: Losing my Mind

Earlier this year I had to have a couple of wisdom teeth removed, but my company insurance didn't cover the anastisa which i had to pay that day which was close to $500. I got behind on my car payment, and the rest of my bills, because that was better then a weeks pay for me, plus I had to buy my meds. which Thank God I have good insurance/copay... But from having to do that checks started bouncing, my checking account was getting lower and lower. There was no one to go to. My credit union told me that I could reloan from them once my car payment was caught up, which they deferred to help out because of the situation. Well when I reapplied for the loan they told me I'd be able to get, they denied me based on that I had bad credit history with them. But mind you this is the same place that I have money deposited into weekly, and even had my loans set up to take the payments from the savings account. So that really hurt, that would of been $900 that i could of totally used to get everything settled, but it didn't work out.
I've ended up with over 13 payday loans, and the total payback for all of them is like $3600, my checking account is negative, and I have no idea what to do. I actually fear that I'll end up losing everything, and then there are moments that I feel there is some hope.
Well that's my story.. sorry if it didn'tmake much sense.

Posted: Wed Dec 06, 2006 9:16 am Subject:

Hi Flow. Welcome to the forum. Your story makes perfect sense. Most of us here have been there. If you can give us some information about the pay day loans, we'll be able to help you. First, are they storefront loans or internet? Also, what state do you live in? What are the names of the pay day loan companies? How much were the principals borrowed on each, and how much have you paid back on each of them including fees and interest?

Posted: Wed Dec 06, 2006 9:17 am Subject:

Many of us here are in or have been in this sticky situation. If you read thru some of the posts you will see. What state are you in? Are these internet or storefront lenders? You also need to check your state laws regarding pdls. How long have you had out these loans and who are they with. Ive had a lot of help with everyone on this site and would like to return the favor and give what ever advice to you i may have.

Posted: Wed Dec 06, 2006 9:21 am Subject: info

Welcome flow to the forums. Here is the first step. Go to www.paydayloaninfo.org and look up your state laws. KYSIDE38

Posted: Wed Dec 06, 2006 9:28 am Subject:

Hi, welcome to the forums!

You're buying a car, right? If you have any equity in that at all, you'll want to protect. Have someone else buy it off of you.

Do you have any other debts? Perhaps debt consolidation could be for you. This site offers a free consultation with a debt counselor. They should be callng you soon, if you signed up on this site, and they'll go over the program benefits with you. You can combine your total debt into one-low monthly payment. Pay that out over a couple years.

Please stick around in the forums though.

Regards
Mike

Posted: Wed Dec 06, 2006 9:42 am Subject: Hello.. Thanks.. and here we go..

If you can give us some information about the pay day loans, we'll be able to help you.
First, are they storefront loans or internet? Internet
Also, what state do you live in? Kentucky
What are the names of the pay day loan companies?Omega Capital ($260), Apple Payday ($302.14), 200cash.com, Inc. ($260), Total Lending Inc. ($325), Upfront Payday ($390),Geneva-Roth Capital ($390), EZloansbyNet ($625), Access Processing ($260)Global Financial Service ($220), Fastbucks Now ($243), the amounts in parenthesis is the amount to be paid off. How much were the principals borrowed on each, and how much have you paid back on each of them including fees and interest?
I've had them since October, I've managed to pay some down on two.

Posted: Wed Dec 06, 2006 9:45 am Subject: To Help Others

Oh I definetly plan on staying a part of this site, and any other like it that I can find. Once I'm out of this trap, I want to work to help find ways to prevent others from falling into these quick fixes or as I call them 'The Legal Mob'.

Posted: Wed Dec 06, 2006 10:02 am Subject:

Okay, I just checked the laws for your state. They have to be licensed in order to be legal. Only one was licensed (Global Financial Services), but they are now inactive, so basically none of them are licensed, which is good for you because it means all you are required to pay back is the principal. Get your bank statements together, figure out how much you've paid towards the principal for each and then deduct that amount from each loan. That is all you are required to pay.

Next, if you haven't already, you're either going to have block these companies from debiting any more from your account or, what most of us found the easiest to do, close your account and open a new one. Remember, these companies are not legal so regardless of what they threaten you with, you've got the law on your side. Expect them to threaten to "garnish" your wages or have you arrested. They will try anything.

Next, check your contracts with them. If you have any voluntary wage assignments, you need to contact your payroll office immediately and have any and all wage assignments revoked. Next, you will need to send a letter to these payday loan companies (you can do a google search for Pollyandsay's blog. She has a template PDL letter). Insert your state's laws. Also tell them you are revoking any wage assignments.

And, this is very important, file a formal complaint with your attorney general's office against these companies for operating illegally. Many AG's are cracking down on these companies and may be able to assist you.

I know this is a lot to throw at you all at once. Just go through it. If you have any questions, we can help you. Good luck.

Posted: Wed Dec 06, 2006 10:05 am Subject: loans

Flow payday lending is legal in KY to check cashers only. The maximum you can be charge is 15 per hundred. Also no rollovers are permitted. Pay back the principal and what your state allows in interest also file complaints with your Attorney General. The more complaints they get hopefully the faster they will take action. KYSIDE38

Posted: Wed Dec 06, 2006 10:33 am Subject:

Posted: Wed Dec 06, 2006 10:48 am Subject: Wow

That is alot of information, I'll get to working on this ASAP. Thank you so much, this is a great start. I was actually beginning to lose hope that I"d find anything or way to be helped.

Posted: Wed Dec 06, 2006 10:51 am Subject:

Welcome to the forums, flow!

We're glad you're here. You'll find great info, and friendly, helpful people who have been through the same thing (and worse, believe it or not) that you are going through at this moment. We have all been there, and some of us are STILL dealing with it. Once you work through your situation, we'd love to have you stay and help out newcomers - our community is growing fast, and together, we can have a voice in what happens with these PDL companies and unscrupulous collection companies.

Posted: Wed Dec 06, 2006 11:10 am Subject: Thank You All

Thanks to everyone. You have been so open, and friendly. It is a big relief to not just know that you're not the only one in this situation, but there is someplace to get support. This is a good thing you're doing.

Posted: Wed Dec 06, 2006 12:11 pm Subject: info

You are welcome Flow now get to work. LOL KYSIDE38

Posted: Wed Dec 06, 2006 4:18 pm Subject:

Flow, I used to not answer my phone cuz I knew it was a collection agency. After reading alot of the posts in here and getting smart on the laws, I look forward to answering the phone now just so I can fight back. It feels good when you are in control and can piss off a collection agency. I have no use for most of them. There a few professionals, but they are far and few between. I hate payday loans even more. You were right calling them the mob. I was stuck in that trap once before. not a good feeling. SO hang in there and listen to all these people. Then apply what you have learned. Everyone has sample letters that are good to use to.

Posted: Wed Dec 06, 2006 4:46 pm Subject:

Welcome to the forum Flo Very Happy

Alot of us have been in your shoes! When I came in this forum almost a year ago, I had no hope and alot of debt. Now I have paid off my last pdl, and almost all my cc debt, thanks to the people and becoming educated in debt. Hang in there, we'll walk you through it!..Karen

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