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 Posted: Mon Jun 18, 2007 2:31 pm Subject: In debt with payday loans for over a year |
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My husband & i seperated & I was left with all of our bills. Someone had told me about payday loans. Boy do i wish I had never even heard of them. For over a year now i have been in debt to these places. I have to borrow from one to pay off another. I borrowed $300 from one & they have since debited over $1000 from my checking account. I'm so glad I found a website like this one & to know that I'm not the only one going this mess.
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tlemley
Joined: 18 Jun 2007
Posts: 29
Debtcc Points: 1055
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| Posted: Mon Jun 18, 2007 2:35 pm Subject: |
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We are all here for you. I am new to this site as well but have already received wonderful advice. Follow what everyone tells you to do. You will feel better just talking to someone about it! 
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bflow30
Joined: 15 Jun 2007
Posts: 521
Debtcc Points: 8274
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| Posted: Mon Jun 18, 2007 2:53 pm Subject: |
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Don't beat yourself up over this. You can survive pdl hell! Been there done that! My hell came from inernet payday loans, I know all too well the evil which they are. Been free for well over a year! Fought those monsters on my own and WON! You can too.
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TweedleDee
Joined: 05 Jun 2007
Posts: 79
Debtcc Points: 0
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AnthonyLemons
Debt Samaritan
Joined: 17 Feb 2007
Posts: 1827
Debtcc Points: 18434
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| Posted: Mon Jun 18, 2007 5:41 pm Subject: loan |
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Dont beat yourself up over this. You have come to the right place. Belive me there is a light at the end of this very long tunnel. Best Wishes Kyside38
_________________
RYDERS OF THE NIGHT
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KYSIDE38
Joined: 19 Jun 2006
Posts: 2502
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AnthonyLemons
Debt Samaritan
Joined: 17 Feb 2007
Posts: 1827
Debtcc Points: 18434
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| Posted: Tue Jun 19, 2007 7:35 am Subject: tlemley |
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these are internet loans
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tlemley
Joined: 18 Jun 2007
Posts: 29
Debtcc Points: 1055
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| Posted: Tue Jun 19, 2007 7:41 am Subject: |
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What state are you in?
What companies did you borrow from?
How much did you borrow on each loan?
How much have you paid back so far in fees on each loan?
If you give us this info, we can better direct you . . . .
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111523
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| Posted: Tue Jun 19, 2007 7:56 am Subject: |
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Hi tlemley. I'm new to this site, too. But the information I have received is very valuable. There is a great support system here and always someone willing to listen and offer advice. I'm only a few steps ahead of you, but the best thing I did was close my checking account and open another. I have to tell you, I did it this past week and was so happy to FINALLY have access to all of my paycheck. It is terrifying, but just knowing that so many people have fought the ipdls and won makes me that much more ready for my own fight. I know you can make it through this.
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eleroo
Joined: 06 Jun 2007
Posts: 1227
Debtcc Points: 14309
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| Posted: Tue Jun 19, 2007 7:59 am Subject: |
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Goudah is right, the information he/she asked is essential for giving you a better answer. If you need to know the laws in your state, check with your consumer protection office or department of financial institutions for more assistance. You can do a google search for this information. You may also want to check out to see if these internet lenders are even licensed to loan money in their own state. If not, then they are breaking the law in two states. You can stand up and fight against these places.
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TweedleDum
Joined: 18 Jun 2007
Posts: 22
Debtcc Points: 512
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| Posted: Tue Jun 19, 2007 8:00 am Subject: tlemley |
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I'm in the state of alabama.
Big Limited $200 pd bak over $800
Loan Shop $300 pd back over $1000
Cash Central $200 so far have paid $35 interest fee
$235 is due in full next week
Cash Net USA $500 Paid $87.50 to renew & is due in full next week
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tlemley
Joined: 18 Jun 2007
Posts: 29
Debtcc Points: 1055
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| Posted: Tue Jun 19, 2007 8:11 am Subject: |
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| Quote: | Alabama State Information
Legal Status: Legal
Citation:
Ala. Code ยง 5-18A-1 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%; 3%/month after default
Finance Charge for 14-day $100 loan: $17.50
APR for 14-day $100 loan: 456.25%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: None (max $ amount of loans at one time: $500)
Rollovers Permitted: One (rollover)
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless check returned due to closed account)
Where to Complain, Get Information:
Regulator: Alabama Banking Department
Address: P.O. Box 4600 Montgomery AL 36103
Phone: (334) 242-3452
Fax: (334) 353-5961
Regulatory Contact: Arlene Baldwin, , Consumer Services Specia list, Bureau of Loans
http://www.bank.state.al.us/ |
Cashnet USA is charging you correctly, and are going to be licensed in your state. You should deal with them first.
Cash Central is also charging you correctly, and will most likley be legally licensed too. Deal with the first too.
The other 2 are not charging you correctly, and are not likley to be licensed in your state. You need to file complaints against them!
Also, you will want to close your bank account. When you do this, ask your bank what their policy is on ach transactions going through on closed accounts. Some banks will force open a closed account and allow the transactions to go through. If your bank does this, explain the situation to them and tell them to put the account on deposit only, a hard hold, or an ach block before they close the account.
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111523
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| Posted: Tue Jun 19, 2007 8:15 am Subject: tlemley |
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what happens if I close my checking account & the 2 that are charging me correctly sends theie transactions through. How do I file a complaint against the other 2?
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tlemley
Joined: 18 Jun 2007
Posts: 29
Debtcc Points: 1055
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| Posted: Tue Jun 19, 2007 8:21 am Subject: |
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You need to talk to your bank. When you do this, ask your bank what their policy is on ach transactions going through on closed accounts. Some banks will force open a closed account and allow the transactions to go through. If your bank does this, explain the situation to them and tell them to put the account on deposit only, a hard hold, or an ach block before they close the account.
Also, call the 2 legal ones before hand and tell them your situation. You can see if you can work out payment plans then.
To file complaints with your banking dept you can go here
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goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111523
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| Posted: Tue Jun 19, 2007 9:01 am Subject: |
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CashNetUsa is usually good about making payment arrangements, but from experience I can tell you this, go ahead and close that account, because I although I had made agreements to payback with CashNetUsa, they did not honor my revoketion of ACH debit, they went ahead and debited and tried even though I had already sent in my first payment. But they do give you a physical address, just keep good on your repayment arrangement with them. They are not evil, and do not get those nasty attitudes with you when you default and make payment arrangements with you.
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TweedleDee
Joined: 05 Jun 2007
Posts: 79
Debtcc Points: 0
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| Posted: Tue Jun 19, 2007 10:29 am Subject: |
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it didnt help me to close my account I closed and went to an entirely different bank and was free for only about a month and they started hitting my new account! They have no mercy they go wherever you go. I am about to lose my mind over this. I have lost hundreds of dollars over the past yera.
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emeraldhummingbird
Joined: 19 Jun 2007
Posts: 5
Debtcc Points: 151
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