Internet's first get-out-of-debt community - 123,000 members

I don't know how I came across this forum but reading situations that sound EXACTLY like mine has really calmed me down. I have been having nightmares over my PDLs. They have completely snowballed...I took one out, and then had to take one out to cover the fees that that one took out, and so on and so on.
Over the past year I have been signing up for various payday loans, because at the time I believed they were the only 'quick fix' option i had. I was too embarassed to ask friends or family to help me out with my electric and phone bills I had gotten behind on, not to mention rent and I even just needed $ to get by on an everday basis. I have taken out 6-7 loans over the past few months and haven't been able to pay a single one off...I am probably debited atleast 350 a week from the companies a week. I have gotten into a major hole and finally broke down and confessed to my dad. My dad, after reiterating how terrible those PDL places screw you over and what a dumb idea it was (like I havent been kicking myself for the past year!) suggested I close my current bank account IMMEDIATELY so no more debits can go thru. I will have to do this or there's no way I will be able to pay my rent much less have money to survive on.Ive asked my accounting dept. to give me a physical check instead of direct deposit, and I'm going to open a new account. Would this be the best avenue to take? I live in Florida, what can I expect once I have closed my account and the loans start defaulting? How much more will they ruin my credit? Also, should I switch my account to deposits only, instead of all together closing it?
Thanks everyone for any replies! Wink

Posted: Tue May 22, 2007 9:07 am Subject:

Yes, close the account!

It won't really ruin your credit at all, since most pdl's don't report to the major credit agencies. They report to Teletrack, which will only prevent you from taking out more payday loans. Terrible, huh?

I would just close the account, but ask your bank what their policy is about ach transactions going through on closed accounts. Some banks will force open the closed account and allow the transactions to go through. If your bank does this, yes, have them put it on deposit only before they close it. That way it can't be forced open.

Also, do a search here for the company names you are dealing with. That will give you a pretty good idea of what to expect from them once you defualt.

Posted: Tue May 22, 2007 9:15 am Subject:

Take Goudahs advice....and you definately want to search the companies you have taken loans out with just to be prepared for the tactics they will use....

Posted: Tue May 22, 2007 9:23 am Subject:

Also, if you want to post how much you borrowed/paid back so far, we can help you figure out if you've over paid them (which by the legnth you've had the loans sounds like you have).

Posted: Tue May 22, 2007 9:24 am Subject:

Thank you Leah & Goudah. I did have a few more questions but they're not coming to me at the moment. But that helped Smile

Posted: Tue May 22, 2007 9:26 am Subject:

That would be great. I'll try to post that later on today.

Posted: Tue May 22, 2007 9:28 am Subject:

And when you remember the questions - Be sure to post them! I know there are a few Florida users here, Frogpatch is one, that have also dealt with pdl's and may have some good Florida specific advice for you!

Posted: Tue May 22, 2007 9:49 am Subject:

I am in Florida as well and am in the payday loan mess. So I can try to help you out!

Posted: Tue May 22, 2007 10:00 am Subject:

Thanks Bublefan. I am trying to get all of the companies together and I'll post them later. I also just looked over my bank statement and noticed two debits for $45 and the only company ID it had on there was ROVINGE. I'm almost positive I've never taken out a loan with any company called ROVINGE.

Posted: Tue May 22, 2007 10:12 am Subject:

bring on the questions we are all here to help. some useful info includes:

are they internet or store front lenders,

Posted: Tue May 22, 2007 10:42 am Subject:

They are all internet loans.

Here are some of the company names I know of right off the bat that I have loans with -

Cash Transfer Centers (took loan out about 2 weeks ago for $600, they are scheduled to debit my account this Friday for $765 I believe)

Geneva Roth (I just took out a loan last Friday with them for $300, they are scheduled to begin debiting my account next Friday)

GFSIL - Not sure how much I took out with them, am researching and will post later)

Pay Day OK - Took out loan on 11/29/06 for $500, as of today have paid $710 and my account shows i still owe $300.

United Cash Loans - When I go to their website and click on "view my documents", all it says is "sorry, legal documents not available at this time" and then it says I owe $105 and my account is 'open' .

I will post more later (currently at work!)

HDV3902 · Posted: Tue May 22, 2007 10:56 am Subject:

I need help also. I am in Texas and found this site a few weekss ago. I had 8 Payday Loans. I sent them all letters and 4 of them have marked my account Paid In Full. I am still waiting to hear back from the others but I did just hear back from SGQ Processing. This is AJ's reply to my email.

"the loan you agreed to is based on the lending laws from where our company originates, and not the state you live in. Please provide a fax number and we will send a copy of your agreement."

I thought the company has to abide by the laws in my state??? What should I say when i email him back???

The original ammount on this loan was $300 and I have paid $720 so far. Also, I am in Texas.

Thank you all. You have been great help so far. Just keep it Coming. HaHa!

Posted: Tue May 22, 2007 10:59 am Subject:

OK-GFSIL-awful to deal with! they harrassed me for months..I ended up paying over 600 bucks on a 200 loan...ouch...then they threatened me with a ton of crap...report them report them report them....

HDV-you need to file complaints with your states Attorney General...you have way overpaid this loan and they need to marek you as paid in full....be persistant with them and tell them that you are filing complaints with the ag

Posted: Tue May 22, 2007 11:04 am Subject:

Most of these places are going to tell you that they do not have to abide by your states law because they are not in your state or doing business in your state. That is not right. If you have been contacted by this company, they gave you a loan, taking the money out of your account, etc, they are doing business in your state.

Stand your ground, when you send them another letter, include your state law and stand your ground. If they are not following the law, report them to your AG, BBB or whomever else you can report them to. Don't let them give you a line of whooy.

Posted: Tue May 22, 2007 11:05 am Subject:

Who do I report them to ? I'm pretty sure I my loan was only for $200-300, I have been unable to find a website for them, do they have one? I did have a payment that has already been returned & they have already begun calling my work and cell phone. I know they will start harassing full time once they learn I have closed my account (tomorrow). But I have been paying them for quite some time now and am almost positive ive paid them far beyond what my loan was for.

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