Internet's first get-out-of-debt community - 129,000 members

Posted: Fri Jul 06, 2007 9:11 am Subject: Help for PDLs in Oregon

I've been reading people talking about T&C, and I've tried to search them, but I keep getting bounced around to debt consolidation companies with various different names.

I'm wondering what company to talk to, because the last one I talked to told me they couldn't help me with Cash Call. But people here have said they'll help with other payday loans. And I just recieved another call where I was told, they don't work with payday loans and especially not cash call.

I've looked at doing it myself, but I can't do anything with my bank, as I'm overdrawn. They can't put a stop to the Internet Payday Loans, because they can't charge me the fee if they know I'm over drawn. I just had my dad put in $1000, and when my rent and car payment go through, I'll be back down there again and that doesn't include any of my other bills, most of which are overdue now. I can't put a full stop on my bank because then my car and rent won't go through and I'll be in serious trouble there. As well I wouldn't have access to any money and would be equally as screwed. I can't go to prosper because I already have a loan from them, and my girlfriend can't get one because her credit is too bad. Even some of the newer peer to peer I can't use because they either aren't in my state or I'm not a college student. I can't get a loan from a bank because of my recent bankruptcy and I can't secure it.

Does anyone know of rich caring giving people who loan money if you can't provide me a consolidation company to work with. All I have is the payday loans... I'm getting desparate and don't know what to do anymore....

Posted: Fri Jul 06, 2007 9:55 am Subject:

Hi, welcome to the forums. This is the best place for you.
Get your payroll to issue you a "live" check. Open a new checking account and use the new one to pay the thing like Utilities and insurance. Send ACH withdrawal notices to all your PDLs. Bring copies of those letters to your old bank and tell the Manager that you would like your account placed on "deposit only" status.
Now if you would please tell us the state you live in, who each loan is with and the original amount and how much you have paid on each one so far? We will then be able to show you how to deal with these companies one at a time on your terms not theirs. Remember we need ALL the information. You may not owe as much as you think!

Posted: Fri Jul 06, 2007 10:01 am Subject:

What I am trying to tell you is that you don't need to consolidate these PDLs. You need to determine how much you owe according to the laws of your state and take care of them yourself on your terms. First take control of your paycheck so you can pay your living expenses and breathe a little. Been there!

Posted: Fri Jul 06, 2007 10:06 am Subject:

Oregon
The law at the time had no fee limits, only 3 rollovers, and the guy at the state offices said can only be 25% of your paycheck, and considering I've got more than one, then it is. These have changed as of July 1st though and are more strict.

I have
CashNetUSA: I have no more extentions, got to pay them 545 (450 loan) next payday (week of the the 16th) Paid them 361 so far.
Ameriloan: 325/75 (250 loan) paid them 150
United Cash Loans: 390/90 (300 loan) paid them 180
Authorized Payday: 390/90 (300 loan) paid them 180
Geneva Roth: 390/90 (300 loan) paid them 90

I know I have to pay them back the principal, but with Oregon law, I think I'll have to pay them for 3 rollover fees... That is still a lot, but I'd rather do it on my own time. And I'll have to deal with my bank, being so overdrawn, they aren't going to be happy, but they'll just pile on the fees and I'll pay them back eventually too.

What do I say in an ACH withdrawl notice? That they aren't allowed? To cease and desist? I want to get the wording right.....

Posted: Fri Jul 06, 2007 10:13 am Subject:

As well I've got the AA checking on if I can get my check, or I'll have to try and open a new account and hopefully get the Direct Deposit transferred in time that this next paycheck will go in there and not in my messed up bank account. But I'm not sure how to open a new bank account with no money, unless I overdraw my self even more.

Posted: Fri Jul 06, 2007 10:41 am Subject:

You need to get a live check. They can do it. If they say they can't talk to a supervisor. A new direct deposit can take up to two pay periods and you can't take the chance.
Fortunately you caught this early on before you were in really deep. CashNetUsa will work with you. Geneva Roth will not. The others I am not that familiar with but I did read that Ameriloan can be difficult.
Send a letter, certified return receipt, telling them that you revoke your authorization for electronic bank withdrawals as allowed by Federal Law and that you wish to make other payment arrangements in accordance with the laws of Oregon. You should only pay them the interest allowed by your State. CashnetUsa is insane if they think you should pay 545.00 more. Remember that they can't have you arrested or anything like that.

Posted: Fri Jul 06, 2007 11:53 am Subject:

There is no limit to interest in the State of Oregon before the 1st of July. Only rollovers are limited. How can I figure out how much I owe them? Ameriloan, or something similar appears to be licensed in Oregon, but I don't know if that is actually them or something else with a similar name.

I'll keep checking on that check. I work for the government so it seems everything takes twice a long with 3 times the paperwork. My bank is afraid to do anything for fear that I'll overdraw even more and won't pay them back. I want it to overdraw more so that my next paycheck if I can get it to me and not to the bank I can use to pay off my other bills. I don't care if I'm overdrawn in that bank, they can just wait for their money too with all the sneaky fees they've charged me thus far.

Posted: Fri Jul 06, 2007 1:41 pm Subject:

You do not want to ignore your bank. Be up front with them and tell them you need to have your account frozen against withdrawal. If you overdraw and don't pay them they have to close your account and charge it off after 120 days by law. Then they will report you to Chex Systems and you will have problems opening an account in the future or keeping your next one open as they perform Chex sweeps occasionally. You must speak directly with the Branch Manager and no one lower. They have nothing to lose by freezing you account. He or she will probably return some of those fees. If you get nowhere call the Regional Supervisisor. This is serious!

Posted: Fri Jul 06, 2007 1:59 pm Subject:

Ameriloan isn't licensed in Oregon . . . I too am from Oregon and had a loan with them.

Listen to Frogpatch's advice about talking to the bank. You need to get that account frozen, or else it will go way way in the red.

If you need any help dealing with Oregon specific issues, PM me . . . . I've been through this too here!

Posted: Fri Jul 06, 2007 2:09 pm Subject:

Thanks Goudah for your support!

Posted: Sun Jul 08, 2007 9:50 pm Subject:

I talked with the Bank. They will clear my rent check and my insurance, and that will be all. My next check will go in and my account will be back at positive and I can pay the important bills. Then I can open a new account. I also get one more check just before the first, everything I think will be okay then."

People I've talked to have been nice so far. I called to shut off my cable and they made a deal, cut my currently owed bill in half (gave me a free month). CashNetUSA I think are trying to follow the new law, my last payment isn't due until August, probably to make the rate look lower.

I'm working on my letters. I'll send them certified, and I think I'll also call them to let them know it is on the way. I also told the bank I'd send them copies as well. Here is what I have, let me know what you think...

"My name is ..., my account number is .... I am hereby revoking your authorization of any further ACH debits by your company ... from my account at ..., account number ..., as allowed by Federal Law. I wish to make other payment arrangements in accordance with the laws of Oregon."

I'll mention that they will be phoned, and a copy is being sent to my bank. But should I tell them that the account will be closed to debits? Should I tell them a complaint is being filed and they are not licensed in the state? And can I also tell them not to call and harass me or my references because I was reading about the rules for them calling. I don't really want them calling.

AND THANK YOU! I'm so glad I found this forum!

Posted: Mon Jul 09, 2007 10:13 am Subject:

Congratulations on working with your bank so well. You are well on your way to having things under control. It is seeing people like you get pointed in the right direction that makes working this forum so nice. Keep asking all the questions and we will be here for you.

Posted: Wed Jul 11, 2007 12:53 pm Subject: Update!

Update!

I've sent off the letters! I think I'm going to email them as well as call them, make sure there are 3 different ways to communicate with them. Especially since I've read a few things about Geneva Roth just recently that sound scary! So I have to keep in touch with them.

Got a few other bills taken care off, talked to them and they are working out payment schedules. I'm so glad there are people who are easy to deal with. I have this fear that they'll be rude and not want to work with me, but so far so good. Of course I haven't called the payday folks yet.....

Talked to the bank. When my paycheck goes through they'll close the account and send me the money. I asked if they let things go through after being closed, they said only if I use my card....

And the last bit is a bit of IRONY: I signed my letters with a pen from Money Tree.....

Posted: Wed Jul 11, 2007 12:59 pm Subject:

Sounds like you are off to a great start! Keep us updated on your progress! Very Happy

Posted: Wed Jul 11, 2007 1:03 pm Subject:

You know, this may sounds a bit wierd, but I've been kinda worried about people in Oregon with lots of payday loans. Most people are so used to just rolling them over, but with the new laws they can't, plus they can't reloan for 7 days. It's great that the laws are tougher, but those caught in the trap currently probably had a whole lot of bounced checks or nsf fees as each company took the whole amount out . . . . Twisted Evil

Posted: Wed Jul 11, 2007 3:59 pm Subject:

My Cousin who had a storefront loan, had to pay hers off when she was expecting a roll over. She didn't really have the money right then, I didn't hear how she dealt with it though.... She is how I found out that laws had changed....

*Name:
*Email:
*Phone:
*Zip:
Debt

	* denotes required field

Internet's first get-out-of-debt community - 129,000 members

Help for PDLs in Oregon

Members Area

Free Debt Counseling

Ask the community

Community Photos

Featured Discussions

Featured Articles

Question of the Month

Also See

Recent Forum Discussions

Recent Blog Post