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Guest23 · Posted: Thu Apr 03, 2008 1:18 pm Subject: Payday loan help

Hello,

I was wondering if anyone has any experience with a company called "Payday Loan Assistance". I saw them online and got a call from them. They seem like they can possibly help me, but they have a $200 enrollment fee. I have about 10 payday loans out, 5 store front and 5 internet. The internet loans are the worst because the interest is so high. I'm in an endless cycle and need help getting out. I'm paying hundred a month in interest fees alone. I live in the state of Virginia. Is there a way that I can not legally pay some of the internet loans back if I've already paid the principle back? Thanks in advance for your help.

Posted: Thu Apr 03, 2008 1:27 pm Subject:

Please list the companies that you have loans with, which are internet, how much you borrowed from each one and how much you have paid each one including fees and rollovers. We can better evaluate your situation from there. I would be leary of any company that has an enrollment fee without getting any references. I personally have not heard of them

Posted: Thu Apr 03, 2008 1:39 pm Subject:

Also, it seems to me that most here have managed to do very well to settle with these companies on their own. I'm trying it. So far it isn't that bad.

Posted: Thu Apr 03, 2008 1:45 pm Subject:

I started with seven a year ago and got refunds from two, am still being harrased periodically by one from overseas. Who cares? I am suing the collection agencies for two for fdcpa violations. And two have disappeared at least temporarily. One I really owe money to and I want to pay them but they make it impossible by sending me expired offers every now and then. It just shows you can do it yourself.
Many storefronts are CFSA members and will set up payment plans if you ask them before you go into default. It is best to deal openly with them.

Posted: Thu Apr 03, 2008 1:52 pm Subject:

I was able to pay off two storefronts (which were the only ones I particularly cared about, due to them having a license) this past Monday, and it felt so good! The best part is that I don't have to waste gas and time trying to get to them each payday. I had to let the internet ones go to do it, but it turns out that my internet pdls are illegal and I don't have very much to go to have paid them the principal. I do want to at least repay them what I borrowed. It is the fair and honest thing to do. However, it is going to be on my terms. I am not giving them permission to access accounts, and I am going to do my best to get addresses from them to send money orders. Like I've read time and again, if they want the money they will give me an address.

Posted: Thu Apr 03, 2008 11:50 pm Subject:

guest, I will post your state pdl law for you. However, as requested above, we do need for you to provide the necessary information regarding your pdls. We can help you here! Very Happy

Posted: Thu Apr 03, 2008 11:50 pm Subject:

Posted: Fri Apr 04, 2008 1:03 pm Subject:

Thanks guys. You are all so nice. Well here it goes:

Check-n-Go, First Bank of Delaware, loan for $1500 - they take $91.72 out of my account every 2 weeks. So far i've made 4 payments on this one. The loan is for 1 year.

webpayday.com, loan for $500 - so far i've paid them $425 and that's just interest. Technically, they feel I still owe them $500

mypaydayloan.com, loan for $400 - i've paid them $100 so far on this and that's just the interest. Still owe them $400

moneynowpayday.com, loan for $300 - so far i've paid them $100 and that was just the interest

BIG LTD, loan for $200 - haven't made a payment to them yet. was supposed to make my first payment today actually.

AND the WORST ONE OF ALL!! Cash Call! I took out what I THOUGHT was a loan for $1000. After the loan was processed and the funds deposited into my account, to my horror I found out that there was an $500 “Loan Origination Fee”. So the loan was actually for $1500! Of course that wasn’t mentioned when I spoke to the rep on the phone when I was applying for the loan.

I also have 4 store-front loans: 2 for $500 and 2 for $300. I’m not as worried about these because I can do the CFSA payment plan on these.

I’m really afraid now because I closed the account that all of these places have access to because I just didn't want to get bogged down in overdraft fees. My interest alone on these would have debited my account over $400 EVERY 2 week! I definitely do intent on paying everyone back but just can't do it all at one time. What should I do??

Posted: Fri Apr 04, 2008 1:11 pm Subject:

HI there nfiniti-
Nice job getting all that info posted Very Happy

Just at first glance, the Cashcall loan and the ChecknGo/FBDE loan are not considered pay day loans, but rather installment loans. Since they are both legal, you should make arrangements with them aside from your pay day loans.

Posted: Fri Apr 04, 2008 4:30 pm Subject:

So your account is closed for sure? That is great...now you have cut off their source.

What I see is you have 4 partially paid internet PDL's, you say that you have 4 storefronts that you are handling via EPP ( great!) and then the two installment loans.

For the internet PDL's, focus on the principal amount that you borrowed, thats what you pay back regardless of how the PDl views it as an interest payment or whatever.

I'll check, but just looking these over, I know BIG for sure isnt licensed anyplace...I can check on the others.

Posted: Sat Apr 05, 2008 6:32 am Subject:

Check 'n Go (installment loan) licensed/legal

Cash Call (installment loan) licensed/legal

WebPayDay - not licensed

MyPayDayLoan - most likely not licensed. I saw this on their website, and basically what it's saying is that you can "rollover" your loan FOREVER UNTIL YOU DIE - which is a red flag that the company will not be licensed/legal:

Posted: Sun Apr 06, 2008 7:11 am Subject:

I had a checkngo installment loan last year. It is astronomical the amount of interest they charge. I ended up paying them the principal and about $200 over before I couldn't swing it anymore. They called and harrassed me about it until I sent info to the dept. of consumer affairs. After they got involved then checkngo considered the loan pif. If you have at least paid back your principal then you might be able to do something about it through your local regulation office.

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