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 Posted: Tue May 27, 2008 3:22 pm Subject: payday loan help needed
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I live in Pennsylvania and have 9 payday loans. I am at the point where I can't make the payments consistently to all of them and am looking for alternatives. As of Thursday most payments will be returned.
Global Financial (GFS) - took 200, owe 200, 35/2wks, paid at least 700
Loan Shoppe - North Bay - took 200, owe 200, 60/2wks, paid 180
World Wide Cash - took 300, owe 300, 89/pay, paid > 1000
MTE financial - took 300, owe 300, 90/pay, paid 450
Loan shoppe - DMS - took 300, paid 300, 90/pay, paid 180
Pay Day One - took 650, paid 0, due 312
One click cash - took 400, owe 250, paid 540 min, currently paying down by 50/pay
NLS cash advance - took 700, owe 700, 176/pay, will need to pay 350 +176 with pay in june X2 to payoff
Powerfunding - took 300, owe 300, paid 180
1. What are my options?
2. Is a settlement company the best way to go or can I do it on my own?
3. If a company, who is reputable? I have quotes from Town and Country, debt settlement Relief and a third that I'm not considering because they wouldn't send me written info.
Thanks
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elise
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Posted: Tue May 27, 2008 6:42 pm Subject:
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elise, PA prohibits pdls. I'm going to post the PA state law for you showing this. However, PA will "allow" internet loans IF they are licensed SOMEWHERE. We can check to see which ones of yours are licensed. If they are not licensed, they will be considered illegal, okay? You can do this on your own if you choose to do so. Many, many of us have done it and come out on top. Have you done anything with your bank account yet? I'm going to post something about closing your bank account also. Please read the information I'm posting for you and ask ANY questions. We can help you with this. 
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cannr
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Posted: Tue May 27, 2008 6:42 pm Subject:
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| Quote: | Pennsylvania State Information
Legal Status: Prohibited
Citation:
Check cashers are specifically prohibited from making payday loans under Check Cashing Licensing Act of 1998, § 505(a). Otherwise, consumer discount company act applies. 7 Pa. Cons. Stat. Ann. § 6201 et seq.
Small Loan Rate Cap
$9.50 per $100 per year discount or 24% per year
Where to Complain, Get Information:
Regulator: Pennsylvania Department of Banking
Address: Market Square Plaza, 17 N. Second Street Harrisburg PA 17101
Phone: (717) 214-8343
Fax: (717) 787-8773
Regulatory Contact: Jim Keiser Administrator of Non-Depository Institutions |
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cannr
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Posted: Tue May 27, 2008 6:43 pm Subject:
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| 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!
Last edited by goudah2424 on 17 Jul 2007 15:25 |
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cannr
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Posted: Wed May 28, 2008 12:40 pm Subject: bank account
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i have not done anything with my bank account yet. I didn't really want to because I have many automatic debits from other campanies/bills that would have to be changed. However, if this is the only option, I can do so. I have read from some of the posts that it is better to do at another bank. Again would prefer not to due to location in a small town but will if only option.
thanks for any input.
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Elise
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Posted: Wed May 28, 2008 2:06 pm Subject:
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I do believe the only way you can get a handle on the PDL's is for sure closing your bank account. I'm sure others will be along to give you more information. I'm also pretty sure others have opened up accounts at the very same bank and not had any issues with this. You would just need to make absolutely sure the accounts weren't linked. I would think as long as the bank assured you they would be in no way linked then it should be ok to bank at the same bank. There shouldn't be anyway the PDL's could get your new information if the accounts weren't linked. Hope this helps and again I'm sure others will be along with more information on this.
Johnita
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johnita
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Posted: Wed May 28, 2008 6:24 pm Subject:
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You have so many that are unlicensed/illegal, your best bet is to close that bank account so they can no longer access your money. I know you don't WANT to; however, this is the only way to get control back of your money. You can mess around with the illegal ones and put them on the back burner for now and deal with the legal ones first. Does that sound like a plan?
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cannr
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Posted: Thu May 29, 2008 3:06 am Subject:
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I will talk to someone at the bank today or tomorrow about a new account. Which ones are unlicensed and which are, so that I can contact them and set up a plan - or at least try to give them a chance to work things out. Obviously I know not to mention closing the account.
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elise
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Posted: Sat May 31, 2008 11:34 am Subject: which are illegal
Latest Blog Post : http://elise.yesdebtfree.org |
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OK I've been reading and of my loans, I think I've determined that MTE, GFS, are illegal and PayDay One is legal (thus will work with them directly). Of my others - national loan service, loan shoppe, worldwide cash and power funding are any illegal.
Then do I understand correctly:
1. Close bank account (working on opening new)
2. I am only responsible to pay illegal companies the amount borrowed.
3. Send illegal companies notice that they are paid in full, send c&d letter, revoke ACH, revoke wage garnishment and report to AG and FTC.
4. Legal companies I have to work with.
Do I have this right so far?
Thanks
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eghartranft
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Posted: Sat May 31, 2008 7:41 pm Subject:
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That sounds about right. Just make sure that when you open your new account you do NOT give that information to anyone. When I closed an account at one bank and opened another at the SAME bank, the PDLs were still able to get money from my bank because my husband's paycheck was direct deposit and the bank had to "link" the two accounts together until the direct deposit was moved to the new account. So just make sure if you open another account at the same bank, they (the bank) knows to not "link" the accounts together. Good Luck.
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sbillingsley90
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