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I have seven payday loans. First off I thought I was so alone until I stumbled across this website and I tell you what, I just thanked the lord for me finding it. Here is a listing of all my payday loans.

netcash usa-300.00 loan-paid 810.00
northway-635.00-coming up due
quickdraw-300.00 loan-pd. 360.00
its my payday-300.00-pd 90.00
national payday-300.00-75.00
magnum cash advance-569.00-pd 241.00

I live in Iowa.

Can someone help me in what I need to do.

Posted: Fri May 11, 2007 11:44 am Subject:

You will find the Payday loan laws for Iowa State here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Posted: Fri May 11, 2007 11:45 am Subject:

I forgot to add another payday place.
upfront money 200 loan-pd 559.30

Posted: Fri May 11, 2007 11:52 am Subject:

Thank you for that information

What would my next step be.

louise25

Posted: Fri May 11, 2007 12:02 pm Subject:

Your next step is to figure out what you legally owe for each loan. Then determine if you've overpaid them or still owe them money.

You will need to close your bank account. When you go to the bank to do this, please ask your bank what their policy is on ach transactions going through for closed accounts. Some banks will force the closed account open and allow the transactions to go through. If your bank does this, ask them to put the account on deposit only, or block all ach transactions before closing the account. Explain to them that you are trying to prevent fraud on your account, and that these companies have a history of debiting people's accounts without authorization.

Next you need to send letters to each pdl, certified mail. You need to have 4 main parts:

1. "I revoke any and all wage assignments I have signed with XXX Company."

2. "I revoke any and all authorization I gave you to debit any bank account I may have now or in the future. You may not attempt to withdraw funds from any account of mine in any form."

3. All communication in this matter needs to be done in writing. Phone calls from XXX Company will not be accepted. **See examples of cease and desist letters. This doesn't apply to the original creditor, but it may help stop them from calling at work.

4. According to Iowa laws (cite laws) I legally owe $xxx. I've paid $xxx so far to you, therefore I owe/do not owe $xxx. I demand that my loan with XXX Company be marked paid in full, no further collection activities be initiated, no negative remarks be left against me at any reporting agency, and proof of this be mailed to me at *address. I have filed complaints against your company with ***state attorney general's name. The case number is **case number. ***If you still owe money, offer up a payment plan.

You also need to file complaints against these companies with your state's attorney general's office and finanical dept.

Posted: Fri May 11, 2007 12:05 pm Subject:

First revise the laws in your state. You are supposed to pay according to the charges mentioned in your state. Be aware of the companies you are dealing with. Most of them do their business without a valid license. Check them with your attorney general and the Dept of Financial Corp.

Once you know about their business and if they are legit, call each of them and work out an easy repayment plan. In case, you don't want them to debit from your checking account, inform the bank manager about it. They will block their ACH debits. You can send them money through money order. Whatever may be the case, be sure to inform the companies of your latest actions. You can make them work on your terms.

Posted: Fri May 11, 2007 12:09 pm Subject:

Thanks Goudah...Sorry I meant to post more on this to help you out but got sidetracked...

Posted: Fri May 11, 2007 12:42 pm Subject:

Thank you for that information. I am going to get started on this today. I faxed netcash usa, to let them know that they can't debit my account and I would like to make different arrangements and they told me that they were going to debit my account anyway. I have already paid them 810.00 (crazy).

louise25

Posted: Fri May 11, 2007 12:59 pm Subject:

Yeah, the whole thing with revoking authorization is really important on the bank side. Most pdl's could care less if you revoke, but if you can show proof you revoked the authorization and they do hit your account again, at least you can have the bank reverse the charge.

Keep us posted on your situation!

Posted: Fri May 11, 2007 1:22 pm Subject:

okay I am going to sound crazy. Are there samples of letters that I can use. I just am ecstatic that I found this website. There were nights I couldn't sleep because just this last pay period, my whole check was gone and overdrawn and NSF. So I want to get these letters faxed to them ASAP.

Posted: Fri May 11, 2007 2:48 pm Subject:

You will find different letters floating in this forum. Do a detailed search and you will find one. There are some samples in Polly's blog.

http://pollyandsay.yesdebtfree.org/template-letter/

And in the DIY section

http://www.debtconsolidationcare.com/diy/

Posted: Fri May 11, 2007 2:50 pm Subject:

Here is the link from the do it yourself area of this site.

http://www.debtconsolidationcare.com/letters/

We are so happy to have you here, Louise. I was the same as you before I found this site. I would lay in bed at night wondering how in the world was I going to pay any of my bills or put gas in my car, etc, when my whole paycheck was going to finance charges for payday laons. It is a great feeling to know you are not the only one out there isnt it?

Posted: Fri May 11, 2007 2:54 pm Subject:

I also recommend you do a search for the company names on this site. That will give you an idea of what to expect from them once you default . . . . Some can get very nasty and it's best to be prepared for it.

Posted: Fri May 11, 2007 3:01 pm Subject:

it is great to know what I need to do. I am going to get on this, because payday is coming up. I have contacted my payroll department and they are going to send me a live check and not do a direct deposit. this is the first step to getting squared around.
Do you think I stand a chance on getting refunds back from Netcash (pd 500.00 moreand this place called upfront money pd about 400 more.

Posted: Fri Jun 08, 2007 10:41 am Subject: first paid in full

ameriloan has settled. Yippee...waiting on the rest of them. Thanks for all of your help

Posted: Mon Jun 18, 2007 9:24 am Subject: Bank Account closed

okay I thought my bank account was supposed to close, well there was a cash advance attached to it, so they forced it open on friday and guess who all tried to debit my account. I had let me bank know previously that this was the reason it was closed due to the payday lenders. I have copies of the letters that I have faxed and email. What do I do next?