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 Posted: Fri Feb 08, 2008 9:35 am Subject: Payday loans take my entire check
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I have ten payday loans, and need help to get out from under them..they take my entire check.
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vbandpb1
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Debtcc Points: 100
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Posted: Fri Feb 08, 2008 9:38 am Subject:
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Please let us know where you live
who your lenders are
how much borrowed from each
how much in total you have repaid to each lender
store front or internet
we will be able to help you here
we will be
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kashzan
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Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Feb 08, 2008 9:56 am Subject: payday lenders
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I live in Colorado..
United Cash Loans borrowed 500.00
Check n Go borrowed 500.00
Paydayone borrowed 500.00
GFS borrowed 300.00
AIP borrowed 250.00
Cashnetusa borrowed 500.00
Applepayday borrowed 500.00
Easy borrowed 300.00
connecttocash borrowed 300.00
usfastcash borrowed 200.00
the only one of these licensed in Colorado is CashNetUSA..don't know how much I have paid in total on these.
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vbandpb32
Joined: 08 Feb 2008
Posts: 2
Debtcc Points: 43
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Posted: Fri Feb 08, 2008 9:57 am Subject: payday lenders
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sorry forgot to let you know they were all internet loans.
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vbandpb32
Joined: 08 Feb 2008
Posts: 2
Debtcc Points: 43
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Posted: Fri Feb 08, 2008 9:59 am Subject:
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please figure out what you have paid on each if these loans.
| Quote: | Colorado State Information
Legal Status: Legal
Citation:
Colo. Rev. Stat. ยง 5-3.1-101 et seq.
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 40 days
Maximum Finance Rate and Fees: 20%: $0-$300 + 7.5%: $301-$500
Finance Charge for 14-day $100 loan: $20
apr for 14-day $100 loan: 520%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: One (renewal)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $25 NSF fee; Court Costs; Reasonable Attorney's Fees not to exceed loan amount
Criminal Action: Prohibited (Unless the consumer's account was closed before the agreed upon negotiation date)
Where to Complain, Get Information:
Regulator: Colorado Office of the Attorney General
Address: Uniform Consumer Credit Code, 1525 Sherman St., 5th Fl. Denver CO 80203
Phone: (303) 866-4494
Fax: (303) 866-5691
Regulatory Contact: Laura Udis,, Administrator
Regulator Website
http://www.ago.state.co.us/uccc/ucccmain.cfm |
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kashzan
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Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Mon Feb 11, 2008 1:34 pm Subject: I remember those days
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Last summer, I was knee deep in pdl's and when I checked my bank account on payday, I would cringe when the automated voice told me my balance after hundreds of dollars disappeared overnight. Eventually I had no other choice but to close my bank account after going through hell with supposed freezes on my account that didn't do squat. Now I have a new bank account and pay all my bills via the internet and only Union Bank has my info. I no longer worry about where my money is going, I have control--finally! What a feeling. And now that all my bills (credit cards, auto loan) are paid electronically, I am never late. Thanks for the good advice here on this site.
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Ken Hayes
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Posted: Mon Feb 11, 2008 6:32 pm Subject:
Latest Blog Post : Decision |
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Congratulations Ken....
Vban...PLease take the time to figure out how much has been paid to each pdl since you opened it. Then we can figure whether or not you still owe what and who...please also read the info at the top of the page about closing your bank account as that will need to be your next move.
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If you think you can, you can...if you think you can't, your probably right...
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Morningstarr430
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Posts: 2337
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Posted: Mon Feb 11, 2008 6:37 pm Subject: r
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vband, please sit and figure out how much you have paid to each one of the internet loans. Some of the ones you are dealing with are not licensed to lend. If you can list how much you've paid, you can get better help regarding handling these.
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Guest
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Posted: Mon Feb 11, 2008 6:38 pm Subject: r
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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 Tue Jul 17, 2007 8:25 am |
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