Internet's first get-out-of-debt community - 199,000 members

Shazzers · 09-10-2009, 08:22 PM

Quote:

Originally Posted by sorrowschains

so i know im going somewhat off subject here.......i have 4 pdl but they are not online they are storefront loans and my balances on them are starting to suffacate me finicially......also they have defaulted and i cant come up with the arragaments that they want me to keep.......im a blue collar guy i bring home less then 700 a check and all together they want me to pay about 650 a check what are my options here obvisouly i cant make those kind of payments......please someone help me out

Click the link below to see if any of your store front lenders are members of the CFSA (Community Financial Services Association of America), if they are, then you could be eligible for and EPP.
http://www.cfsa.net/MemberList.aspx
Next click the link below to read about the EPP, refer to number 11.
http://www.cfsa.net/industry_best_practices.html

10-12-2009, 03:34 PM

I live in michigan what are the laws about closing one's account to prevent payday loans. My pdl are:
oneclickcash
usfastcash
loanpoint
intergity advance
thinkcash
instantcash

Shazzers · 10-12-2009, 05:37 PM

Quote:

Originally Posted by Anonymous

I live in michigan what are the laws about closing one's account to prevent payday loans. My pdl are:
oneclickcash
usfastcash
loanpoint
intergity advance
thinkcash
instantcash

Thinkcash isn't a payday lender so they wouldn't follow the payday loan laws, they are an installment lender. The rest of your lenders aren't licensed to lend in MI. CLICK HERE to find out how to deal with illegal lenders.

10-14-2009, 09:39 AM

Now I have a question, I just recently told them I closed my checking account (it's joint w. my spouse) and gave them another open account I have( my very own). If I close the one I changed it too, will they just revert back to my original checking account to check if it's open???

Shazzers · 10-14-2009, 09:54 AM

Quote:

Originally Posted by Anonymous

Now I have a question, I just recently told them I closed my checking account (it's joint w. my spouse) and gave them another open account I have( my very own). If I close the one I changed it too, will they just revert back to my original checking account to check if it's open???

They might attempt to debit it, but obviously if it's closed they won't get anything.

10-18-2009, 07:34 AM

I'm in CA and have used PDLs to try to get by (HAHAHA). Anyway, I consulted a BK lawyer, who said to close my checking account and refer the PDL companies to his phone number. I haven't filed a BK yet, but plan to. I feel like SH_ _, as I did take out these "loans" but we have many bills piling up (lay-off from work, etc.) and just cannot do this on our own. Will these companies be able to harrass me, call my employer, etc., and is it LEGAL to close my checking account with these outstanding checks out there??

Shazzers · 10-18-2009, 08:20 AM

Quote:

Originally Posted by Anonymous

I'm in CA and have used PDLs to try to get by (HAHAHA). Anyway, I consulted a BK lawyer, who said to close my checking account and refer the PDL companies to his phone number. I haven't filed a BK yet, but plan to. I feel like SH_ _, as I did take out these "loans" but we have many bills piling up (lay-off from work, etc.) and just cannot do this on our own. Will these companies be able to harrass me, call my employer, etc., and is it LEGAL to close my checking account with these outstanding checks out there??

By law the pdl companies shouldn't call you or contact you after you file BK, they are only allowed to contact you one time but after they are referred to your attorney the calls should stop, however, if these payday lenders aren't licensed to lend in your state (and many aren't) they'll ignore the law and harass you anyway, they think they are above the law.

10-19-2009, 01:02 PM

Thanks Shazzers. I understand that once I FILE they won't contact me, but what about UNTIL I file? I've retained a lawyer - can he stop the harrassment even though it may take a month for us to file?

Shazzers · 10-19-2009, 01:33 PM

Quote:

Originally Posted by Anonymous

Thanks Shazzers. I understand that once I FILE they won't contact me, but what about UNTIL I file? I've retained a lawyer - can he stop the harrassment even though it may take a month for us to file?

That's a good question, my understanding was as soon as you retained an attorney and they began the process, you are to refer them to your attorney.

11-04-2009, 10:40 AM

thats a scare tactic they use it doesnt matter what computer you use , they want you to be terified when they talk to you.

11-18-2009, 09:25 PM

Hello,
I was in payday loan hell and I'm attempting to get out of it. I live in NY and all of my loans were internet-based. I'm working with Town & Country Acceptance who have been great so far. Even though these PDLs have made a fortune on me in interest, I am still willing to pay the balance on each and have been sending weekly payments to Town & Country. Yet I keep getting harassed at my work phone number by collection agents. I have sent cease & desist letters to the PDLs (obtained sample copies on this site--thank you for posting) and to the collection agencies, but some still call me and leave me threatening messages at work. One says that because I closed my checking account while still owing, I've committed fraud and will be reported to the sheriff in my county. I'm usually good at recognizing scare tactics, but I don't know the NY laws on this. Any info would help. I assume that since the loans are illegal in NY, closing my account would not be an issue. Here is my info and a few questions. Thanks for your time and help:

-Names of each pdl company
Paychecktoday.com - borrowed $800, owe $700
instantcashusa.com - borrowed $400, owe $250
cashadvancenetwork.com - borrowed $300, owe $200
cashjar.com - borrowed $500, owe $350
MMG Marketing - borrowed $300, owe $300
Vince Enterprises - borrowed $300, owe $200
Titan Group - borrowed $300, owe $200

Again, all were internet based and I live in New York. Some made hundreds, if not thousands off of me for months before I closed my account. I am working with Town & Country and they have been very helpful. They have sent proposals to all of these companies and I've been making payments for two months to T&C. I am able and willing to make my payments to them in order to pay back these companies. I just want them to STOP calling me at work and leaving me threatening messages there. Are there any suggestions/ideas? Also, any comments regarding how I'm approaching this so far? Is there anything I should do differently? Thank you again for your help.

Shazzers · 11-18-2009, 09:38 PM

Well, I do hope the T&C is able to work something out with these lenders, but, in my experience, when you are dealing with illegal lenders (and ALL of yours are illegal in the state of N.Y.) the chances of them negotiating is slim, and even if they do agree on a certain amount there is no guarantee they won't turn these over to collections, or continue harassing you, or even try to impose wage assignments to your employer. Why? Because they are illegal and didn't follow the law to begin with. They are nothing more than criminals and should NOT be trusted under NO circumstances. Most Internet payday lenders are located overseas, while they may have an address or PO Box in the states, they originate overseas and are untouchable by our laws, but you are untouchable by their laws also. It's too bad that you paid a company to do what you could have done yourself for free. I am not trying to discourage you, I am simply stating the facts. All these companies are entitled to legally is the principal amount you borrowed, but T&C won't enforce that because they are being paid to settle these debts as low as they can get them, however, no matter how low they DO get them ANYthing above the principal amount is TOO HIGH. CLICK HERE to find out how to deal with illegal lenders.

11-19-2009, 08:02 AM

Shazzers,
Thank you for your reply and for being such an enormous help on these forums.

I agree, I should have worked with them directly--the last thing they deserve is a penny more than what they should get--but I had read some good things on here about T&C and so far they have been very helpful. The threats from the collection agencies have begun to finally slow down. One was that because I had their last debit reversed and closed my account, I committed fraud and they were going to be notifying the sheriff in my county. I don't know the law in NY, but since their loans are illegal, I'm guessing reversing their debit attempt and closing my checking account was just fine. My bank was more than happy to help when I explained the situation (which surprised me). I guess they have to try and say whatever they can when they have no options. What a scary scary bunch. I kick myself for getting into this mess, and trying to get out of it has not been easy, but these forums are an enormous help.