Internet's first get-out-of-debt community - 136,000 members

Hi. Im glad I found this site. It seems like you all can help me. Here's my situation.

I have 6 PDL's out and I just cant keep up anymore. I want to get rid of these things! They are ruining my life and I cannot keep up with the rest of my bills. These financing fees are just kicking my butt. Is there any help? I cannot take out a bank loan because of my lack of credit. I dont have bad credit, but a lack of credit is the problem. I work my tale off and all my money is gone as soon as I get it.

I live in Maryland and I have all internet Payday Loans. I can list the loan companies and the amount that I owe. These amounts include the finance fee. I hope this info helps.

United Cash Loans: $195.00
SJM Marketing: 130.00
BIG: 165.00
Oneclick Cash: 195.00
Cashadvance.net: 293.00
Payday Yes: 187.50

I cannot keep up. Is there some kind of consolidation or is there a way I can reduce the payments by calling these companies? Will they work with you? Am I just out of luck? I am really worried. I have so much to pay for besides these stupid loans and I am just about ready to give up. Can anyone help?

Thanks!

Posted: Mon Jun 23, 2008 11:21 am Subject:

Hi sorry for the double post. I read that I should put some kind of block on the PDL's withdrawing from my account. Is that true in my case? So I just call my bank and ask them for information on the ACH processors? Or will the bank do this for me? I need help bad. Sad

Posted: Mon Jun 23, 2008 11:42 am Subject:

Hello hechillin and welcome to the community! It is true, in order to stop these companies from debiting your account, you will need to do one of two things, either close out that account, or place a hard debit block on it. If you choose to place a hard debit block on it, keep in mind that not even YOU will have access to your funds, so it's best that you take out any cash you may need prior to placing a block on the account. Please hang in there, I will do a little research on these companies and let you know if they are licensed/legal in your state. Also, how much have you actually paid on all of these loans?

Posted: Mon Jun 23, 2008 11:45 am Subject:

Are all these Internet loans? I am also posting your state laws for you to look over. Seems pdl loans are prohibited in your state, although I am not sure if there are any loopholes there or not. Perhaps someone else will know.

Posted: Mon Jun 23, 2008 11:50 am Subject:

Just by looking at your loans without researching any, I can tell you right now that BIG and Payday Yes are illegal. What that means is you are only morally obligated to pay back the principal amount. You will need to contact them and get a physical address to send payments. Only send money orders, do not let them try to talk you into money grams or anything else. Hang tight, I am looking up the other companies.

Posted: Mon Jun 23, 2008 12:00 pm Subject:

I'm going to have to finish giving you a hand later, sorry, I got busy! If someone would care to jump in, please do !! Smile

Posted: Mon Jun 23, 2008 12:20 pm Subject:

Thank you very much! I talked to someone at the Maryland Commissioner of Financial Regulation and she has been helping me with me problem. I am going to close the account and send a cover letter and my loan contracts to the lady at the Financial office. She will help deal with them. It is definately illegal to give PDL's in Maryland. She told me they already have a case against Payday Yes for loaning to Maryland consumers. It seems they continue to do it even when they were told not to. Crazy, huh? Thanks for all the info. please if you have more, post it up! I will talk to you all later. I just got off work.

take care everyone!

Posted: Mon Jun 23, 2008 12:27 pm Subject:

If you are going to close your bank account, make sure that you read this information:
http://www.debtconsolidationcare.com/paydayloan/close-account.html

Good luck!

OU66 · Posted: Mon Jun 23, 2008 3:28 pm Subject:

I finally mustered up the courage to speak with my bank today. I asked them about the hard hold, or deposit only situation due to my direct deposit not being stopped before the next round of PDL's hit. They weren't sure what I talking about, but asked if I had anything outstanding on the account other than PDL's. I advised her no. So..the agent told me we will close my old account, open a new one, and she made a few calls while I was sitting there, and they are going to "move" my direct deposit to the new account. I asked if they could force my old account open by submitting ACH withdrawals, and she advised no one will re-open this account for ANY reason, nor will the ACH's be taken out of the new account.

Luckily, I took copies of the emails & letters I sent to the PDL's, along with a copy of the PDL laws for Oklahoma. The lady was GREAT to work with, and said I was not the first person that she has dealt with on something like this. I have used this bank for 17 years, and I was in tears that I could do something like this to myself.

My only fear is...what do I do when the PDL companies start calling? I did include a "cease and desist" in the letters & emails, but after reading on here, I'm sure that won't stop them.

Posted: Mon Jun 23, 2008 3:57 pm Subject:

Welcome! It too live in a state where PDLs are prohibited, New York to be exact. I came to this site in February with 5 PDLs and as of the beginning of May, I am totally PDL free! I closed my bank account, sent my C and D letters, did all the usual contacts and then notified the processors of the antics of the PDLs. Hang tight. You will get good advice on here and before you know it you will be in the clear. Keep us posted.

Posted: Mon Jun 23, 2008 5:36 pm Subject:

It sounds to me that you are on the right track and that someone with the commissioner's office is helping you, that is GREAT!!!!!

I think that once these companies get notice from your state's commissioner's office they will leave you alone.

Posted: Mon Jun 23, 2008 8:00 pm Subject:

Posted: Tue Jun 24, 2008 4:34 am Subject:

(I just signed up fto join the forum so I am no longer guest 'ou66')

Well...here we go! I've already received notice from STC Advance taht they are "operating within the laws of Malta". Goody for them. Apparently I was confused and thought I was in the United States! Shocked

I just couldn't let it go and ignore it, oh no, I had to give them all the contact info needed for the Attorney General and advised they need to check with them as I did concerning the pdl lending laws for the State of Oklahoma. Not that it will do any good but they've been paid double what they loaned me, they should be good.

Posted: Tue Jun 24, 2008 8:29 am Subject:

If they aren't legal and you've paid them double what you borrowed, can you try to get some of your money back?

Sounds like you are definitely on the right track! Keep up the good work! Good luck!

Posted: Tue Jun 24, 2008 11:23 am Subject:

I guess STC & I are going to have a battle of wits. Get this "they are not subject to US laws" blah blah blah and the attorney general has no jurisdiction over them. Since they said that, I had to advise that "I am certain the same law would apply to me as a citizen of the U.S. as well--that the law in Malta has no jurisdiction over me, and with that, my loan will be considered paid in full, and our dealings as customer / company are through and no further contact shall be made by either party".

Forgive me for rambling. I've never been through this before, so I don't know if I am even doing the right thing.

Posted: Tue Jun 24, 2008 11:28 am Subject: reply

sounds like you are doing things fine.keep it up star is a parasite on consumers,like all the british pdl's.they can't do anything and you know it. Very Happy

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