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Posted: Fri Sep 07, 2007 12:25 pm Subject: Pay day loan help

I currently have 8 payday loans outstanding. I live in NE. The loans are Eastside-650.00, Zipcash-500.00, Upfront-300.00, Payday cash line-300.00, NLS 325.00, VC funding 300.00, ACC-270.00, Oneclick Cash 350.00. I'm scared & embarassed that I even got myself & my family into this situation. My husband & I make good money...but now it's all going toward these fees. I've read the laws that were posted on NE, however I don't understand what I'm reading. Anyway someone could explain it to me in plain english? Any help is apprecaited!! These are all internet payday loans. Thanks Lisa

Posted: Fri Sep 07, 2007 12:46 pm Subject:

You will need to close your bank account to stop these companies from taking more money. Please read this thread about closing your bank account:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Nebraska has recently been taking action against unlicensed payday lenders. Please file complaints with your state DFI and AG. They just recently told one click cash to cease and desist!
goudah2424 - comment

Posted: Fri Sep 07, 2007 12:48 pm Subject:

I haven't checked, but I doubt any of the companies you borrowed from are licensed in NE.

Can you list how much you have paid back to each company in fees so far? If you have paid back more then you borrowed, you are done! Not another cent needs to go to these companies!

Posted: Fri Sep 07, 2007 12:51 pm Subject:

Okay, I checked, and did not find licenses for any of the companies you are dealing with. That makes them all operating illegally!

You really have to close that bank account asap. Then you can stop the bleeding and gain control over your paycheck again!

Posted: Fri Sep 07, 2007 12:57 pm Subject:

I found this website yesterday and was very excited that I found people with the same problem & the great advice. I went home thinking about posting my problem all night. Then earlier today I read the same thread you just sent to me & I got a huge lump in my throat. I'll do some research & see how much I've paid out and let you know. It may be later this evening before I have it all. Thank you so much for the reply..you just made my day!!

Posted: Fri Sep 07, 2007 1:00 pm Subject:

No problem! And if by chance you do still owe money on any of the principles, it will be paid on your terms, not theirs.

Just be sure to take care of your bank account first. That is the first step. You have to stop these companies from taking all your money asap!

Posted: Fri Sep 07, 2007 1:03 pm Subject:

DFI means Department of Financial Institutions. It varies from state to state. Your DFI is actually the NDBF (Nebraska Dept of Banking and Finance).

I would call the hotline listed in the cease and desist order to report these unlicensed companies.

Posted: Fri Sep 07, 2007 1:07 pm Subject:

Can you also tell me what DFI & AG stand for?

Posted: Fri Sep 07, 2007 1:08 pm Subject:

AG means your state Attorney General's office. They can prosecute companies for breaking the law if they have enough violations . . . .

DFI means Department of Financial Institutions. It varies from state to state. Your DFI is actually the NDBF (Nebraska Dept of Banking and Finance).

Posted: Fri Sep 07, 2007 1:08 pm Subject:

Thanks much...my apologies for asking the same question twice..with being new to this forum i'm still learning how to manuever.

Posted: Fri Sep 07, 2007 1:11 pm Subject:

Hey, don't sweat it! If you hadn't said it, no one would even have known you'd asked twice but me and you! Very Happy

They'd assume I just posted the answer twice! Embarassed

And just so you know - There are no stupid questions. This stuff can get complicated, and it's better to ask for clarification then to assume something and get it wrong. We've all been in your shoes, and know what you are going through. Laughing

Posted: Fri Sep 07, 2007 1:34 pm Subject:

lmk-Hang in there and like goudah said, take care of that bank account! The best thing I could have done before the pdl's went back in to bleed me dry!

Stay strong and there are lots of people here to help you!

Posted: Fri Sep 07, 2007 2:02 pm Subject:

Thanks much ghouda & vbm! I bank at Wells Fargo...I've been a customer with them for almost 15 years...they've suffered through a divorce, bankruptcy, and now this. They keep paying everything...and of course charge me the overdraft fees for it..that's when the payday loan cycle happened. I'll be letting my husband know not to use the account for anything. I'm gonna have to withdraw funds today which will put me in a negative balance..but will give us money to live on for the next 2 weeks. I'm not sure if they will close the account w/a negative balance..but I'll be finding out.

Posted: Fri Sep 07, 2007 2:06 pm Subject:

Auughh! I hate WF! Twisted Evil

They WILL tell you that your account is closed, but they WILL force it open when the ach transactions come through.

They won't close the account with a neg balance. But - It's the best thing you can do. With the account negative and the overdraft protection taken off these pdl transactions won't go through. After 30 days of the account being neg they will close it. Then you can set up a payment plan with them.

This isn't the ideal situation. The only other thing that may work is lying to them and saying that your purse was stolen and someone took your account info. That may be a better option, although I don't advocate lying, I really hate WF. Can you tell they totally screwed me? That was who I banked with back when I had my pdl mess.

Posted: Fri Sep 07, 2007 2:23 pm Subject:

I don't have overdraft protection on the account. Once I figure out the amounts I've paid on the pdl's how do I go about getting them to stop taking my money?

Posted: Fri Sep 07, 2007 2:24 pm Subject:

If the account is negative and you don't have overdraft protection, WF will not allow the transactions to go through. You will end up owing WF a bunch in NSF fees, but the pdl's won't get another cent.