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

Hello Community,

I was just searching the net for help on these 2 payday loans I have and am I glad to have found this site Very Happy

I am sick and tired of this ruin in my financial life. I feel into this mess by trying to fix my credit. I paid off an $1100 credit card and a $500 credit card, both of which were in collections from non-payment. By paying those off, I feel behind in most of my other bills...and it seems like my credit score didnt even budge!!

I had to pay $600 for my utility bill. My rent has gone up and I'm going to be late this month. Cell phone bill is high and Im in a 2yr contract. I've been in a Payday mess for months now. I dont remember the last time I've had money to save. Crying or Very sad

I have 2 loans due on 10/9/08. The amounts are (including finance fee):

$408.95 from Payday Max (Internet)

$531.25 from Web Payday (Internet)**

**Im pissed. Initially borrowed $600 in July. Since then I couldnt pay them off. I HAVE PAID THEM 1018.75!!! AND I STILL HAVE 531.25 TO PAY!! Is this legal?!?! My apr is like 425%

I live in NJ and I'm thinking about closing my bank account in order to stop this crap and get my life in order. Please, please, please help me and provide options as to what I can do right now. This is stressing me.

Posted: Sun Sep 28, 2008 4:06 pm Subject:

Someone will be along to post your pdl laws for your state. Before you close your checking account because of the pdl's please read the thread "closing your account due to pdl's" so that you know exactly what is going on.

Hang tight someone will be around to advise you further.

Posted: Sun Sep 28, 2008 4:11 pm Subject:

Nope, it isn't legal, they shouldn't have lent you money at all. You are so done with paying them! In fact, they owe YOU money!

Posted: Sun Sep 28, 2008 4:12 pm Subject:

I hope the information below will help you. Smile

You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

Posted: Wed Oct 01, 2008 5:29 am Subject:

You guys don't understand how much of a relief this is to me. I will definitely put a hard debit block on my account, I will take this issue up with the Dept of Banking and Insurance, and I will consult a lawyer to get my money back, since this is illegal. May God bless each and every one of you for helping me out.

Posted: Wed Oct 01, 2008 6:30 am Subject:

I hope it all works out in your favor!! Please keep us posted! Smile

Posted: Wed Oct 01, 2008 7:55 am Subject:

I will keep you posted throughout every step of this process. I will close my account tomorrow afternoon, as I am extremely busy today. I will open up a new bank account then and also send an email to both PDL agents...and send a certified letter to each of them to guarantee that they receive my letter. Then, I'll file complaints with the FTC and BBB.

When I next post, I will include dates of the loans that I took out from each lender...and the amounts that were paid. I've taken multiple loans out from these 2 agencies because I fell into the PDL trap. Silly me. Embarassed

It's gonna be hard work but I'm going to get out of this mess, once and for all. Words can't explain my gratitude to you all.

Posted: Wed Oct 01, 2008 8:02 am Subject:

I am glad that you got that part done................ Cool

kgbrolic2 · Posted: Tue Oct 14, 2008 7:21 pm Subject: Update

Hello Everybody,

Sorry for the long wait. I've been very busy lately and I have finally caught up with with handling this situation. Since I have last posted, my bank account has overdrawn and I wasn't able to close the bank account. On 10/9, Webpayday tried to debit more money...$150+ worth. It was on my payday so of course my account wasnt overdrawn anymore. I put a block on them and thank God it blocked them from taking money out my account. Today, they were calling my references demanding that I call them back. I called them back and I made some demands...that they settle my account. I talked to 1 rep and he ended up telling me that he was "just saying what they told me to". Anyway, I talked to a Sandra Lewis who was unwilling to close my account out with Webpayday. I probably shouldn't have called them and just emailed them but that's in the past now. So...I let them know that I already paid them 1018.75 for a 600 loan...and they kept saying that it was not towards the principle, it was towards the finance fee. They kept saying that I signed a contract with them (blah blah) and that I also "should've known better" because I taken out other loans with them and fully paid them. This is my 3rd loan with them! I wish I would've known what I knew now. I think the others were both around $700 dollars.

Also, they kept comparing themselves to a credit card company. I told them that the difference is that the credit card companies are legal.

Anyway, I think I got through to them and they should know I'm not putting up with them anymore. I still have to close my bank account, which I will do tomorrow. I will also start my email/certified letter for Webpayday at work tomorrow and will finish no later than Thursday.

Any thoughts/Suggestions?

kgbrolic2 · Posted: Wed Oct 15, 2008 9:36 am Subject: They called me at work

Hello All,

This lady called me at work today saying that she is going to go to her manager if I don't call her back by 4. I'm not going to pay them anything because I paid them enough already. I closed my bank account but I don't want them to keep calling me. Should I even call Webpayday back?

Posted: Wed Oct 15, 2008 9:41 am Subject:

If you have already overpaid them then I would let the calls to go voicemail if you can. I've gotten those calls before, I don't call them back then get another call just like the first a few days later...because they are illegal, all they can do is call & threaten

Posted: Wed Oct 15, 2008 9:43 am Subject:

I wouldn't call them back, arguing with them is like talking to a brick wall, and all they will do is threaten you with more outrageous claims. Ignore them, if they call again, hang up, they will soon tire of talking to thin air. The more you respond to them, the more it encourages them to call. Just hang up.

kgbrolic2 · Posted: Wed Oct 15, 2008 12:45 pm Subject:

That's exactly what I was thinking. Thanks for the reassurance. I closed my old account and I have opened a new one. Next stop...C&D email/certified letter. I'll keep you posted.

kgbrolic2 · Posted: Wed Oct 15, 2008 12:46 pm Subject:

That's exactly what I was thinking. Thanks for the reassurance. I closed my old account and I have opened a new one. Next stop...C&D email/certified letter. I'll keep you posted.

kgbrolic2 · Posted: Thu Oct 16, 2008 5:36 am Subject: Email I received

Hello Community,

This is an email I received yesterday from Credit Protection Depot. It says to not reply to the email...but would anybody know an email address I can send to this company? Thanks.

Email:

Credit Protection Depot
1-866-645-1661

CLOSED ACCOUNT WARNING

We have received information from your bank that you have closed the account, which you authorized to be debited in order to repay your legally binding loan obligation. We consider this to be a refusal to repay your debt and will immediately initiate action to protect our interest. We must require that you render your payment in the amount of $458.69 via western union quick collect or moneygram immediately. This payment reflects your balance as of October 15th 2008.

We may also initiate other action, which may include, but not be limited to, obtaining legal representation, (which would create additional charges to you), if we do determine that a request be made for service or a court appearance for a possible judgment be issued against you for the repayment of this legally binding debt.

Depending on the circumstances surrounding how you obtained the loan, we may also initiate internal investigation to ensure all information submitted on the loan application was accurate and not done fraudulently in order to attempt to obtain a loan under false pretenses.

You need to go to Western Union and get the BLUE QUICK COLLECT FORM (and choose the quick collection option)

1. COMPANY NAME: CREDIT PROTECTION DEPOT
2. CODE CITY: OFFER (ONE WORD NO SPACES).
3. STATE: NEVADA
4. ACCOUNT #: Your Social Security Number
5. The reference # is Your Telephone Number

You can also use your debit card or various charge cards at western union

OR you can go to Moneygram and get the BLUE EXPRESSPAYMENT FORM
1. The Company name is: CPD-OFFER
2. The Receive Code is: 4243
3. The City is: Las Vegas
4. The State is: Nevada
5. The Account Number is: 1431629144

If you are unable to pay $458.69 for the entire balance on the loan then we must require a minimum payment of $152.90 place the account on hold.

If this account is referred for further review and action to our outside firm for additional collection efforts, it will commence activity on the account to be done to the fullest extent of the law in order to protect our interest in this matter. At that point, you will be responsible for all additional fees associated with costs involved for the collection of this debt.

Please call us immediately with the Control Number of your wire in order to update your account and to avoid other action and charges to you.

I would highly suggest you call 1-866-645-1661 to resolve this matter immediately. This is the only way for you to resolve this very serious situation, which you have initiated. Your failure to do so may result in the above-mentioned action being taken

Thank you,

Credit Protection Depot

**Please Do Not Reply To This Email**
You can contact us at our toll free number 1-866-645-1661.

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