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Fey · Posted: Mon Sep 17, 2007 7:38 pm Subject: Payday Select Help

I have 5 outstanding payday loans. My little house of cards came tumbling down at the end of August, when my purse was stolen and I had to close my bank account and open a new one. Of course all of those loans were coming out, and I didn't know what to do. My bank advised me to close the account as protection against not only the purse theif, but also the payday lenders.

So...at this point all 5 loans are "in default." I sent little payments to all of them via either Moneygram or moneyorders on Friday 9/14/07 and advised that I would send another payment on my next pay date. During this process I ended up exchanging the following email with a rep from Payday Select:

"RE: PayDay Select Loan Seriously Past Due
Kimberley

We manage the accounts for PayDayOne, PayDay Ok and PayDay select, but they are separate accounts.

Thank You,

PayDay Select Account Service Team"

Posted: Tue Sep 18, 2007 7:29 am Subject:

How much have you paid them so far? If you have paid over what you borrowed including fees then I would stop paying them.

Posted: Tue Sep 18, 2007 7:50 am Subject:

Stanner - Please do not advise people to stop paying on their debts when there is not enough information to come to that conclusion. That is a dangerous statement and could get someone in a lot of trouble if they were to follow that advise.

Fey - Please give us a bit more information on your situation.

What state are you in?

What companies have you borrowed from?

How much was each loan for?

How much have you paid back so far in fees and such?

Posted: Tue Sep 18, 2007 8:22 am Subject:

Sorry I jumped the gun on that! It sounds like I meant not for them to pay it, but thats not what I was meaning. I payed Paydayselect over $2,000 for a $770 loan . Now after 2 months I am only getting a $500 refund, but at least I am getting one, right? I want to help Fey and Thanks Goudah for calling me on that .

Posted: Tue Sep 18, 2007 8:38 am Subject:

Thanks for understanding . . . . I just don't want someone to read it, and get the impression that they don't need to pay something.

Hey, a $500 refund is pretty good! Granted it should've been more, but still.

Let's see what info Fey posts and then we can figure out the best course of action for her . . . . She could live in a crappy state that has no ursury limits, in which case it's impossible for her to have overpaid . . . . But let's hope that's not the case!

Posted: Tue Sep 18, 2007 9:19 pm Subject:

This is Fey... I had to re-register and for some reason I couldn't change my username to what I wanted...

Anyhow... I live in Texas. As I said, I have 5 internet payday loans, as follows:

PaydayOk ~ Principal Balance = 500.00 - I have had this loan for over a year; I started w/ a $100 loan and ended up @ the $500 mark. I have so far paid them a total of $1215.37, + a $25.00 money order that I mailed them on Friday 9/14/07.

Mypaydayloan.com ~ Principal Balance should be $450.00; they are saying that I owe a total of $700 (I sent them a $50 Moneygram payment on 9/14/07 that they have not posted yet). I got an email last night that I had been turned over to a collection company called Detex Collection Agency - no contact info was given. This one is kinda screwy... I think I am going to have to request copies of bank statements to find out how much I have paid them in total. I know each payment was at least twice as much as I paid to Paydayok.

Payday One ~ Original loan amount $500.00. Principal Balance is $450.00. Total amount paid is $353.22 + a $25.00 money order mailed 9/14/07.

Payday Select ~ Original loan amount $200.00. Principal Balance is $350.00. Total amount paid is $281.43 + a $25.00 money order mailed 9/14/07.

Cashnet Usa ~ Original loan amount $150.00. Principal Balance is $150.00. Total amount paid is $37.50 + a $25.00 Money Gram payment sent 9/14/07.

Sorry it's so long, but I figured the more info the better.

Thanks in advance for any information or advice you can give me Smile

Posted: Tue Sep 18, 2007 9:25 pm Subject: Payday One

I would just like to add that it was a call from Payday One that lead to me finding this site... I had emailed all 5 lenders and told them not to contact me at work, but someone from Payday One called my work number on Monday afternoon; when I informed him that he needed to remove my work number from their call list, and that they could contact me at home or by email, he told me "NO" and said "we have done that too many times already, and we are going to talk about this NOW." At which point I hung up and started researching, cause I was pretty sure that THAT part was illegal. I had no idea that the rest of it might not be legit until I found this website.

Posted: Tue Sep 18, 2007 9:29 pm Subject: reply

fey, great job posting the info. Very Happy

Now, I'm going to say this - I will post your state pdl law for you to see and others to see. However, I am going to let goudah respond regarding your pdl's. Texas apparently has pdl's that operate as CSO's. This is all beyond me. She is the expert on the whole CSO issue. So, I'll post your state pdl law and then goudah will be around to inform you of any information regarding CSO's and CashNet (as I believe they are licensed).

Posted: Tue Sep 18, 2007 9:30 pm Subject: reply

Posted: Wed Sep 19, 2007 6:26 am Subject:

Ok Fey I can tell you that when I got my letter in the mail for my refund from Paydayselect the return address was for PayDayOne in Fort Worth, Texas. So they must be related. As for the loans you have I would say that you have overpaid Paydayok because there are no rollovers permitted in your state if I read the post about your state laws right. As for PDone and PDselect I would say you still owe? Here is how I would figure it- but wait for the more experinced people on here to check what I put down ok!

PDone
owe- 450
paid- 378.22
owe- 71.78

PDselect
Did you increse you principal balance?
If you did, add everything that you have paid from the very start of your loan ,if that's what you already put down then here's what I would say:

owe- 350
paid- 306.43
owe- 43.57

Hope this helps a little I will work on it some more and wait for feedback on if I am telling you the right things.

Guest · Posted: Sat Sep 22, 2007 10:21 am Subject:

So does anyone have any recommendations for dealing with them? I am still getting daily emails from several of the companies, and their idea of payment arrangments is just impossible for me.

Posted: Sat Sep 22, 2007 3:19 pm Subject:

Well I would tell the one's like PDone and PDselect that you will pay only what you owe them according to your state laws. As for Pdok I would write them a letter about how much they overcharged you and that you want a refund. I will post my letters that I sent to some of them and you can use them if you want, just make sure you check and see if they are licesned in your state or not. I had a loan with Pdok about 4 years ago and I defaulted and I heard nothing from them since.

Posted: Sat Sep 22, 2007 6:14 pm Subject:

Payday Select, Payday One, and Payday OK are all the same company. They are a CSO in Texas. Cash Net USA is also a CSO in Texas. This means that the pdl laws don't apply to them. It's really crappy. But - the good news in that as Stanner has said, Payday One and Co will usually mark you PIF without much effort. So I would try for that with those three loans. But as they6 stand they are totally legal because they are not pdl's, they are CSO's and a totally different set of laws apply. They can rollover the loan, and charge you whatever they want because federal law allows them to.

Cash Net USA is very difficult. Since they are legal, I would just try to pay them off as quickly as possible.

The last one, mypaydayloan.com, I doubt is a CSO. They are probably not even licensed as a pdl. Double check on that and if they are not licensed fight them as an illegal lender.