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 Posted: Tue Oct 23, 2007 10:26 am Subject: I need help
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I currently have 7 internet payday loans. The fees are killing me!
Loan Shop [/b]$300 - paid $450 fees
SJM Marketing $300 - paid $450 fees
United Cash Loans $300 - paid $450 fees plus $50 xtra for principal - now owe $250
TJF Corp - $300 - paid $180 fees
Arrowhead - $300 - paid $90 fees
ECash - $300 - paid $90 fees
CMG Group - $250 paid $75 fees
Can someone please help me figure out what to do? I cant keep going like this. They took $615 out of check this past friday in fees alone! OUCH!
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aminah
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Debtcc Points: 100
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Posted: Tue Oct 23, 2007 10:28 am Subject:
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Please let us know , what state you live in. Are the above the totals that have been repaid.So for example CMG you only paid back 75.00?
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kashzan
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Joined: 11 Jul 2007
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Posted: Tue Oct 23, 2007 10:40 am Subject:
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Im sorry. Im new to this site. I live in Ohio. And yes the paid amount is how much I have paid in total. The CMG loan is new.
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aminah
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Posted: Tue Oct 23, 2007 11:01 am Subject:
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Here are the laws for your state:
| Quote: | Ohio State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Ohio Rev. Code Ann. ยงยง 1315.35 et seq.
Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance
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RoxyNY
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Joined: 03 Aug 2007
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Posted: Tue Oct 23, 2007 11:06 am Subject:
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thank you for the laws in Ohio. Im sorry for asking a dumb question, but what does it all mean in terms to the internet loans? What are my options here?
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aminah0529
Joined: 23 Oct 2007
Posts: 415
Debtcc Points: 3290
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Posted: Tue Oct 23, 2007 11:26 am Subject:
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Sorry, I was interrupted and did not get to complete my post.....
The first thing you need to do is close your bank account. You do not want the pdl's to have any more access to your money. Please read this before you close your account. It has some really good informaton.... http://www.debtconsolidationcare.com/paydayloan/close-account.html
You need to get the account closed with the assurance (and something in writing) that these pdl debits will not hit and force your account back open. If they can not promise you this, then you need to get a hard debit block put on that account. Nothing will go through. Then you need to take your money to another bank and open a new account. Take care of this and we will work on the pdl issue.
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posted: Tue Oct 23, 2007 11:38 am Subject:
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Thank you. One issue though. The bank account I have is the bank I work for. How do I get the account closed or blocked when its my employer?
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aminah0529
Joined: 23 Oct 2007
Posts: 415
Debtcc Points: 3290
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Posted: Tue Oct 23, 2007 11:51 am Subject:
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Good question  Would it be possible to explain to them that you have had unautorized activity on your account and you wish to close the account to prevent further withdrawls and that you have filed complaints with the bbb and the Ohio Divison of Financial Institutions and this is what was advised by that agency. (you need to file complaints with them anyway) If you feel you must, you can open your account at your bank however, you want to be sure that the two accounts will not be linked. That they will not use money from the new accounts to pay for debits to the old account and that the old account can not be forced open. Your other atlernative is to come clean with your supervisor and go from there.
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posted: Tue Oct 23, 2007 11:53 am Subject:
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Great advice Roxy!!!!
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lmk3524
Joined: 06 Sep 2007
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Posted: Tue Oct 23, 2007 11:54 am Subject:
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Thank you...nice to see you!
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posted: Tue Oct 23, 2007 12:00 pm Subject:
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Aminah-I also work for a bank And I have employee checking.
I called the employee financial services that handles retail accounts, gave them a brief introduction of what my issue was and had no problem closing the account and opening a new one. My manager was not involved at all!
I can understand your concern...believe me.
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volleyballmom
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Posted: Tue Oct 23, 2007 12:02 pm Subject:
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I agree! That sounds like a good way of putting it to my employer. I will try that first. But what about my direct deposits? Should I keep it open until it gets routed to the new account?
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aminah0529
Joined: 23 Oct 2007
Posts: 415
Debtcc Points: 3290
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Posted: Tue Oct 23, 2007 12:04 pm Subject:
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Thank you volleyball mom. Did you tell them about the payday loans?
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aminah0529
Joined: 23 Oct 2007
Posts: 415
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Posted: Tue Oct 23, 2007 12:08 pm Subject:
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If your money goes into the old account the pdls will take it. Just have your direct deposit put into the new account. If you dont have enough time for that, just get a paper check,until your new account will accept the direct deposit.
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kashzan
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Posted: Tue Oct 23, 2007 12:14 pm Subject:
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I know here, I need to have my direct deposit changes in 5 business before the next paycheck.....and you cannot get a paper check either if its within that time frame.
How quickly can you get the direct deposit change done?
Yes, I told the person over the phone a brief summary,...got these illegal pay day loans and I need to close my account.
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volleyballmom
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Posted: Tue Oct 23, 2007 12:17 pm Subject:
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I think I have enough time to change my direct deposit. What do I do about the outstanding checks I wrote to pay my bills?
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aminah0529
Joined: 23 Oct 2007
Posts: 415
Debtcc Points: 3290
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