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 Posted: Fri Jun 29, 2007 8:03 am Subject: Payday Loan Help! |
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I'm writing in regards to a situation I
have found myself in. My father passed away early February, he lived in
Arizona. Having just moved to a new residence I found myself with no money
to get to AZ from CT. So I took out 2 payday short term loans to cover
this. It was an extremely stupid decision on my part. Since then I've
taken out multiple other ones to get by and pay for the finance fees of the
others. I get paid $444.50 weekly which is directly deposited into my
checking account. With all the fees and other things I'm left with nothing.
I have no where to go for help, things are spiraling out of control and the
stress is killing me. If anyone could help, I'd be extremely grateful.
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DaGodfasha
Joined: 29 Jun 2007
Posts: 14
Debtcc Points: 407
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| Posted: Fri Jun 29, 2007 8:14 am Subject: |
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You have come to the right place for help. You must close that account and have your payroll dept. issue a live check for a while. until you get a new account set up. Be ready to recieve a bunch of illegal meaningless threats. Please list each lender, how much you originally borrowed, and how much you have paid on each one so far. Which address did you use as your residence when you took the loans. This is important because the laws about these loans vary from state to state. Provide us that info and we can help you. I have been there before. It is not nearly as bad as you think. Closing that account is the only way to get control of the situation.
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frogpatch
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Joined: 09 Apr 2007
Posts: 3767
Debtcc Points: 31152
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| Posted: Fri Jun 29, 2007 8:33 am Subject: |
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Stopped direct deposit effective next week, can't close bank account until monday.
Loans as follows
GFSIL.COM - $225 paid - $615
InteremCash - $200 - Paid $400
DiscountAdvances.com - $110 Paid $64.18
MyCashNow.com - $200 Paid $118.00
AnydayCash.com - $100 Paid $75
SaGamoreInc - $200 - Paid $105
Ameriloan.com - $250 - Paid $50
ArrowheadInvestments - $300.00 - Paid $90.00
Whitesands - $300.00 - Paid - $90
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DaGodfasha
Joined: 29 Jun 2007
Posts: 14
Debtcc Points: 407
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| Posted: Fri Jun 29, 2007 8:38 am Subject: |
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When you close your bank account, be sure to ask your bank what their policy is on ach transactions going through on closed accounts. Some banks will allow the transactions to go through and force back open the closed account. If your bank does this, tell them your situation and have them put your account on deposit only, and ach block, or a hard hold before they close the account. That should keep the payday loan companies from reopening it with ach transactions.
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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| Posted: Fri Jun 29, 2007 9:26 am Subject: |
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Make sure you write these people letters stating that you revoke your authorization to debit your account, along with any wage assignment. Make sure you revoke authorization to contact your employer or place of employment. Do one for each company and take copies of these letters as proof that you revoked your authorization. Even though you closed your account, like goudah said, some banks will reopen your account with an ACH transation. This will help in case that happens and then you can have the transaction reversed.
Also you didn't mention what state you took these loans out at. Was it in CT or AZ? As Frogpatch said, different states have different laws regarding payday loans.
I am also assuming that these are all internet loans?
If you can provide the state, it will help a little more in pointing you in the right direction to get these things out of your hair.
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2nband
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Joined: 30 Jan 2007
Posts: 2160
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| Posted: Fri Jun 29, 2007 12:20 pm Subject: |
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I'm in CT.
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DaGodfasha
Joined: 29 Jun 2007
Posts: 14
Debtcc Points: 407
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| Posted: Fri Jun 29, 2007 1:03 pm Subject: |
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| Quote: | Connecticut State Information
Legal Status: Prohibited
Citation:
Usury act applies or small loan act applies. Conn. Gen. Stat.§ 36a-563
Small Loan Rate Cap
30.03% apr or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest
Where to Complain, Get Information:
Regulator: Connecticut Department of Banking
Address: 260 Constitution Plaza Hartford CT 06103
Phone: (860) 240-8299
Fax: (860) 240-8167
Regulatory Contact: Alan Cicchetti Deputy Commissioner
http://www.ct.gov/dob/site/default.asp
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Payday loans are illegal in CT . . . . You need to file complaints against all these companies asap!
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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| Posted: Fri Jun 29, 2007 1:24 pm Subject: |
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Any sort of template letter I can throw together?
BTW you guys are amazing. I am very grateful I found this site and your assistance:)
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DaGodfasha
Joined: 29 Jun 2007
Posts: 14
Debtcc Points: 407
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| Posted: Fri Jun 29, 2007 2:08 pm Subject: |
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There are a few templates floating around. The best one is found here
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goudah2424
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Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111673
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| Posted: Fri Jun 29, 2007 10:21 pm Subject: |
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Hang in there,DaGod...these guys are GREAT. I'm in the same boat as you and I am hoping to be out of it soon. Good Luck!!!
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Ami29
Joined: 25 Jun 2007
Posts: 26
Debtcc Points: 1238
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| Posted: Thu Sep 20, 2007 6:04 pm Subject: payday loans |
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took two payday loans 1cash supply600 and m1y direct300 i paid way over the amount i live in ct. but didnt know it was illegal in my state.
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jonae
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| Posted: Thu Mar 06, 2008 1:11 pm Subject: TROUBLE IN CT WITH ONE CLICK CASH AND UNITED CASH LOANS |
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it's been 3 years since these loans were taken out, and now they are calling me asking to pay up. I tell them the same thing every time, I want something in the mail that states the correct balance, but they won't send me anything. How do i go about stopping them from harrassing me?
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TROUBLE
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Debtcc Points: 100
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| Posted: Thu Mar 06, 2008 1:29 pm Subject: |
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trouble, who are you dealing with? Which pdls? And who keeps contacting you? The pdls or a collection agency?
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cannr
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