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 Posted: Tue Oct 16, 2007 7:30 am |
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I have just once again renewed an online payday loan and have two more that are outstanding the the fees roll over on. I am a single mom and can't seem to get out of this and I am drwoning. Can someone please offer some advice to me? I'm in North Carolina
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angell
Joined: 16 Oct 2007
Posts: 304
Debtcc Points: 376
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| Posted: Tue Oct 16, 2007 7:34 am |
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| Quote: | North Carolina State Information
Legal Status: Prohibited (N.C. Gen. Stat. § 53-281 authorizing payday loans allowed to sunset in 2001)
Citation:
The consumer finance act applies. N.C. Gen. Stat. § 53-173
Small Loan Rate Cap
36% per year
Where to Complain, Get Information:
Regulator: North Carolina Attorney General (See also Commissioner of Banks)
Address: NC Attorney General's Office 9001 Mail Service Center Raleigh NC 27699-9001
Phone: (919) 716-6400
http://www.ncdoj.com/default.jsp |
ok, Here are the laws for your state , and as you can see these loans are prohibited in your state.
Please list for us the following
Who you have loans with
Amount borrowed
amount repaid to each. Please add fees and principle to get one total for each lende
Are your loans internet or store front.
As soon as we get this info, we can begin to help you.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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| Posted: Tue Oct 16, 2007 7:45 am |
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Hi Angela! Welcome.  There is hope for getting out of the cycle. I am living proof of this. Please be sure to get the info to us that Kash asked for, and try not to worry. There is a way out.
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14311
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| Posted: Tue Oct 16, 2007 7:49 am |
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The Loans are all over the internet.
One is to BIG for 275.00 and the fee is currently $70.00 and decreases by $5.00 each pay period ( two payments a month)
One is to My1 Direst for $100 and the payment is $30.00 a pay period.
The last one I just had to renew was for $700 with a fee of $296 which will be due on Nov. 15th.
The other nightmare is with a place called Cash Call where I obtained a $2500 loan at 99.6% interest to help cover divorce legal expenses.
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angell
Joined: 16 Oct 2007
Posts: 304
Debtcc Points: 376
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| Posted: Tue Oct 16, 2007 7:56 am |
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Angela, I with you in the Cash Call nightmare. I have a loan with them too and they are the worst to deal with. Thank you for putting the info where we could look at it with you. We need you to also tell us the total ammont you have paid each company. It will help us help you. You may have to go back through your bank statements to come up with the figure.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
Moderator
Joined: 03 Aug 2007
Posts: 4112
Debtcc Points: 11516
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| Posted: Tue Oct 16, 2007 8:02 am |
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Angela, cash call is 100% legal I am sorry to say. I am posting somre info for you to read regarding them. I can also tell you thata Big is 100% illegal. In fact they are not even in this country. Please get your figures for us
To all those looking for information regarding Cash Call:
Cash Call is NOT a payday loan! They are backed by a bank.
Federal Law allows them to operate when backed by an FDIC insured bank in any state without a seperate license. Federal law also allows them to import the interest rates from their home state.
Since they aren't a pdl, they don't follow the same laws. Cash Call will sue someone if they don't pay, and they will win because they are 100% legal.
Since they are backed by an FDIC insured bank, usually First Bank of Deleware, they are allowed to import their interest rates from their home state. So the interest rate of 99.24% is totally 100% LEGAL.
This company sucks! They are evil, evil, evil. If you don't pay them, they will sue you. But they won't sue you right away. They will wait a few months so that your balance ballons up, then sue you because they know that once a judgement has been entered against you they will not get their 99.24% interest any longer.
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kashzan
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Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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| Posted: Tue Oct 16, 2007 8:06 am |
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Holy Smokes!
I NEVER knew it was legal to charge these kinda interest rates... Don't they have a cap on int rates? Guess not.
YIKES!
Ang
_________________
You will not be punished FOR your anger; you will be punished BY your anger. --Buddah
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Ang
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Joined: 27 Jun 2006
Posts: 2349
Debtcc Points: 18782
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| Posted: Tue Oct 16, 2007 8:09 am |
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I'm OK with Cash Call because I can make the payment and plan to pay them off in the spring... Not much else I can do there I guess.
I will go back through and see what I've been paying on these and post back.
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angell
Joined: 16 Oct 2007
Posts: 304
Debtcc Points: 376
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| Posted: Tue Oct 16, 2007 8:09 am |
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Ang-I will try to find the link but I posted a really good article on here not too long ago about cash call that talks about the legality of interest rates.
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volleyballmom
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volleyballmom
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Joined: 27 Aug 2007
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| Posted: Tue Oct 16, 2007 8:15 am |
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Good article Volley. Thanks for posting it. cash Call is thank goodness one that I never have dealt with
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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| Posted: Tue Oct 16, 2007 8:15 am |
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WOW! Paying back $10,000 on a $2,600 loan is simply amazing!! Isn't this the same thing as using a loan shark? Hell a shark might be cheaper!
I'm in shock here,
Ang
P.S. oops sorry forgot to say Thanks for the article Volley!
_________________
You will not be punished FOR your anger; you will be punished BY your anger. --Buddah
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Ang
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Joined: 27 Jun 2006
Posts: 2349
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| Posted: Tue Oct 16, 2007 9:09 am |
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OK so here it goes... and I don't feel real good right now.
MY1 June 8th I took out a loan for $250 and paid $75 each payday Starting June 29 through August 31 for a total of $375 and I paid $150 to the principal and am now paying $30 every payday on $100 for a total of $90.00.
BIG New loan taken on 9-7 and have paid $80 on the 28th and $75 on the 15th. This fee decreases by $5.00 a payday until it gets to $35.00 a payday.
my cash now..
Took $500 loan on 8/30 to pay off the first BIG loan I had from August 15th and the $150 to MY1 (plus their fees) the loan comes out in full on your next payday (or depending the payday after) unless you go in and extend the loan. I forgot to do that so I paid the fee of $106.00 and $500 on 9/16 and fot a new loan for $500 on 9/17. The fees were $186.00 and were due 10-15. I had to renew the loan of coarse to cove these crappy fees and I can't afford the loan to come out of my 30th of the month check so I can pay rent so I now owe them a new loan of $700 plus $296 in fees for Nov. 15th.
I'm in such a nighmare...
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angell
Joined: 16 Oct 2007
Posts: 304
Debtcc Points: 376
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| Posted: Tue Oct 16, 2007 9:19 am |
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Ok, lets take this one at a time.
I am a bit confused here.You took out a 250.00 loan, and paid back 375.00 + 150.00 + 90.00 for a total of 615.00 is that correct. If yes then you have over paid this co. according to your state laws. I am not sure if I read your post correctly.
Big loan you took out 275.00 and repaid 155.00 . You owe on this only 155.00
my cash now, I have no idea what you are telling me , but I can tell you that you do not owe them 796.00 for a 500.00 loan/ Please clarify for me exactly how much you paid them on the 500.00 loan that you have now.
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kashzan
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Joined: 11 Jul 2007
Posts: 5458
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| Posted: Tue Oct 16, 2007 10:04 am |
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Sorry... I'm feeling very overwhelmed right now.
BIG loan was for $275 so far I've paid them fees only in the amount of $155.
MY1 was originally for 250.00 and I've paid $150.00 to the principal and still have a principal balance of $100 and I have paid them $465 in fees for a total paid to them to date of $615.00 on an original loan of $250.00.
my cash now I had a loan due yesterday for $500 and the fees were $186.20. The total of $686 was taken out of my account so I had to go in today and get a new loan with them for $700 and the fees for that are $296 so on the 15th of Nov. I will owe them 996.00...
That is why I can't get out of this....
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angell
Joined: 16 Oct 2007
Posts: 304
Debtcc Points: 376
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| Posted: Tue Oct 16, 2007 10:11 am |
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Wait, my cash now***You had to go in??? This is a store front?
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kashzan
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Joined: 11 Jul 2007
Posts: 5458
Debtcc Points: 38911
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