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 Posted: Sun Apr 13, 2008 11:21 pm Subject: 11 PDLs = NO sleep
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I can't believe how many people are in the same bad situation! I can't even sleep at night and wake up feeling like I am being choked and I know it is stress and fear... I am closing my account and am really worried about them harassing me at work. I have loans with
PaydayOne $500 pay $110/pay
MyCashNow $600 pay $808
CashNetUSA $200 pay $231
QuickestCashAdvance $300 pay $90/pay
CashAdvanceNetwork $400 pay $120/pay
NationalMoneyStore (2007)$281 pay $81/pay
CashTransferCenter (2007)$800 pay $1012
DiscountAdvances (2007)$340 pay $450
PaycheckToday (?) $? payoff $65
I have 2 more loans that I don't even know who they are with. CashSupply? Also, CashAdvanceNetwork website is not working I don't know if it is temporary or if something else is going on. I live in Illinois. Any advice? I am considering using Langhorne just in the hope that the calls will stop. I owe taxes and there is just no way I can keep living like this. I need medical attention and can't even afford it! Most of the loans have been reloans going on for over a year and I have to keep adding to them to keep them all paid. I am closing my account Monday, the drama will start Tuesday.
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i_lost_my_mittens
Joined: 13 Apr 2008
Posts: 5
Debtcc Points: 98
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Posted: Sun Apr 13, 2008 11:42 pm Subject:
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You are definitely in the right place here. Please post which state you are in so the people here can help you and tell you the laws where you live. It will be okay. Before closing your bank account read the stickie at the top of this forum that talks about that. I just came here 2 weeks ago and this forum has changed my life. The people here who have been dealing with this for a long time really know what they are talking about and will help you each step of the way. Keep checking back and you will have tons of support!!!
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momof1_1990
Joined: 31 Mar 2008
Posts: 93
Debtcc Points: 2020
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Posted: Sun Apr 13, 2008 11:44 pm Subject:
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Actually here is the info on closing your bank account.
| Quote: | Before you close your bank account due to payday loans eating away at your paycheck, please read this.
Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.
Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches!
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momof1_1990
Joined: 31 Mar 2008
Posts: 93
Debtcc Points: 2020
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Posted: Mon Apr 14, 2008 12:26 am Subject:
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Illinois, thank you!
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i_lost_my_mittens
Joined: 13 Apr 2008
Posts: 5
Debtcc Points: 98
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Posted: Mon Apr 14, 2008 2:45 am Subject:
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Hello, in the loans you listead, where you wrote "pay", do you mean that is the amount you still need to pay in order to pay it off, or are those the amounts you have already paid towards each loan?
Also, welcome to the forums. You are in the right place to help guide you through the next steps, now that the bank account is closed.
You did make sure that your closed account can't be forced back open by ACH debits, right?
_________________
Caress the one, the never-fading rain in your heart; the tears of snow-white sorrow. Caress the one, the hiding Amaranth in a land of the daybreak ~ Nightwish
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Amaranth
Joined: 10 Mar 2008
Posts: 208
Debtcc Points: 2894
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Posted: Mon Apr 14, 2008 3:09 am Subject:
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PaydayOne is an installment loan this time due to some laws changing in Illinois, according to them. My original amount borrowed was $500 and I have paid $200. Cash Advance Network and Quickest Cash Advance I do not know how much I have paid due to their sites don't allow you to log in to your account and have a look. Cash Transfer Center no longer allows you to look at your loan history, but every pay day they take the full amount out and I do a re-loan the next day with no cool off period and this has gone on with them for around 6 months. Actually, that is the case with the rest of them where I can't look up online how many times I have paid the interest payments... So where I wrote pay, I just mean that is what they will take out on Tuesday if my account is available to them. I haven't been to the bank yet, it is only 5 A.M. here. I keep trying to get to sleep but am so worried about the secretary at work or my boss getting crazy calls and they will think so much less of me! 
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i_lost_my_mittens
Joined: 13 Apr 2008
Posts: 5
Debtcc Points: 98
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Posted: Mon Apr 14, 2008 3:24 am Subject:
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Hello-
Hang in there. I know it's tough right now, and sometimes it gets tougher, but you *will* get through this, and we'll all help you the best you can.
To determine whether or not you can dispute some of these illegal PDLs by claiming that you have already paid them back the principal, it is very important to find out exactly how much you have already paid them. I know you said the websites are currently down, but you need to look through your bank statements to see exactly how much you have paid each to date.
If you are going into the bank this morning, perhaps whoever helps you can help you look into this with you and see the payment histories on your account.
When you go into the bank, it is very important that you find out for certain that once you close your account, it cannot be forced back open by the PDLs hitting your account with repeated ACH debits. This has happened to some folks, where they have ended up even more in debt because of overdraft fees and negative balances they now owe to their banks.
Are all of your loans internet ones?
_________________
Caress the one, the never-fading rain in your heart; the tears of snow-white sorrow. Caress the one, the hiding Amaranth in a land of the daybreak ~ Nightwish
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Amaranth
Joined: 10 Mar 2008
Posts: 208
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Posted: Mon Apr 14, 2008 3:45 am Subject:
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Yes they are all internet. Oddly, CashTransferCenter allowed you to look at your loan history even just a few days ago. But since it is always a fresh new loan every single payday, I wouldn't have paid anything other than the 424 a month it costs for the 800 I keep borrowing. Over the course of 6 months of re-loaning, I have paid them at least $2500 in interest. GAG! All of the re-loans are the same it is just that CTC allows you to get the money back immediately and of course I have to just to pay rent, phone etc...
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i_lost_my_mittens
Joined: 13 Apr 2008
Posts: 5
Debtcc Points: 98
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Posted: Mon Apr 14, 2008 4:12 am Subject:
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Hello i_lost_my_mittens, I am going to post the 'payday loan' laws for Illinois, this will only apply to the ones that are payday loans.
| Code: | Illinois State Information
Legal Status: Legal
Citation:
Ill. Comp. Stat. Ann. § 122/1-1
Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100
Finance Charge for 14-day $100 loan: $15.50
APR for 14-day $100 loan: 403%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
Phone: (888) 298-8089
Fax:
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor |
_________________
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
Ohio Consumer Protection Law
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Shazzers
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Shazzers
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Posted: Mon Apr 14, 2008 5:21 am Subject: reply
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let me assure you,i too am in illinois and paydayone is lying.installment loans have different rules than payday loans.
1)loan is for a six month maximum
2)equal payments either once or twice monthly.
3)each payment a portion of that goes toward the principal.
4)once last payment is posted the loan is PIF.
it sounds like they are changing there rules to suite.i would file an AG complaint.
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paulmergel
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Joined: 24 Jun 2007
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Posted: Mon Apr 14, 2008 7:52 am Subject:
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I am still going through the NO SLEEP thing girl...and I had both store fronts and internets. I know all too well what you are going through.
Too bad we cannot all get together and play cards or watch a movie while we are going through this for some R & R since we cannot sleep, huh? Other thing is to come on this site.
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Courage doesn't always roar. Sometimes courage is the quiet voice at the end of the day saying, "I will try again tomorrow." Sláinte
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egyptcrossarabs
Joined: 18 Jan 2008
Posts: 254
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Posted: Mon Apr 14, 2008 12:35 pm Subject:
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Thanks for all this support at this really dark and difficult time! The lady at the bank was really nice. I opened a new account and they will transfer any deposits to the new account just in case my direct deposit wasn't stopped in time. My work says the deposit was stopped but I have to wait 2-3 extra days for a paper check. And anyone who has been here knows payday loans don't leave enough for you to live on, let alone for an extra few days! But I guess I will just use some Advil PM and hope the time goes by fast... I did decide to go with Lang, I faxed all that paperwork off too. I will keep ya'all posted as to how that goes.
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Posted: Mon Apr 14, 2008 1:38 pm Subject:
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mittens, you have some unlicensed/illegal pdls here. Are you going to try to retain Langhorne to help you with your pdls? If so, you don't want to include the illegal ones. You can do these on your own. Actually, you can do them all on your own; however, many people do chose to use a company to keep the harrassment from the pdls directed at the company instead of themselves. But, just looking quickly at your list of pdls, I can see some jumping right out at me that are not legal. We can help you with this, if you like.
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cannr
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Posted: Thu Apr 17, 2008 3:02 am Subject:
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it really is to keep the harassment down. the loan with cashtransfercenters.com has been reloaned to me every payday for months. it started out as a 300 dollar loan then every payday they bump you up to where it has been 800 a payday for months. they charge 208 per payday for interest, twice the legal rate in illinois. that is $416 in interest per month! half the amount i borrowed!!!! my old "closed" account is overdrawn and i am hoping to find out if the bank is going to charge me the od fees. i just put my paycheck into my new account and notice a chunk is missing already and hope they haven't taken the od's out of my new account to cover the old account. ARGH!
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