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IguanaGrrl · Posted: Sun Oct 14, 2007 6:00 pm Subject: consolidation of payday loans

I saw it mentioned in the past that there are a few debt consolidation companies that will work with payday loan companies.

Can I possibly get a name or two of people to speak with?

Also, I am going to be closing my account this week. I have already stopped my direct deposit and I'm in the process of securing a checking and savings account through Golden 1 credit union.

Which letters do I need to send out to my online payday loan companies? Do I do the same with installment loans? What about offline?

Also, is there any way to prevent from my references being called when my accounts with these payday loan places are found in default? I really don't need my Mother being drawn into my problems.

Posted: Sun Oct 14, 2007 6:17 pm Subject:

With your stoer fronts and installment loans you will have to call them and try to make some type of arrangements. You can send the internet ones a letter revoking their right to debit your account and revoking an wage assignments they may have on you. You can then also ask them to deal with you by mail or email only. If you have over paid..state your law and what you should have paid...if you still owe on the principle offer arrangements on the balance. Make sure you talk to your bank when you close the account to make sure the debits can not force the account back open causing you multiple nsf charges.

The two consolidation companies I have read about on here are T & C and Langhorne. You can search for them on here and read what others have said about them.

Most of them only call your references when they have no onther ay to get a hold of you. Out of 10 ipdls I defaulted on only 1 called my son 1 time.

Posted: Sun Oct 14, 2007 7:15 pm Subject:

Hi Iguanagirl. None of my pdls ever contacted references, either. Just be sure to respond to them. As Morningstar said, the only way they really call your references is if they can't get in contact with you, so prevent that by making sure you don't let things go unanswered. I don't know what stat you live in, but some states make it mandatory for a storefront pdl to offer some type of arrangements. Here is a link to find out what your particular state's laws are:

http://www.paydayloaninfo.org/chelp.cfm

Hopefully your state offers provisions for arrangements.

IguanaGrrl · Posted: Sun Oct 14, 2007 7:40 pm Subject:

Unfortunately, in California, repayment plans are not a required situation. I've already asked one of my storefront pdls and they didn't offer repayment. I know at least two of my storefronts do, though, so we'll see how it goes.

I'm really hoping that Langhorne can help me. That would make this situation MUCH easier on me. I'm great about making payments, I just stink at the whole budgeting week to week thing, I guess. Sad

Posted: Sun Oct 14, 2007 7:53 pm Subject: reply

iguana, you live in California? And you have both store front and internet loans and installment loans? Can you (if you want to) list out who you have your loans through? If you do this, we might be able to help you here. This is entirely up to you. However, I get concerned regarding not knowing which companies people are dealing with. This is because it's best to know who you're dealing with in order to give any advice. Some pdls are handled differently depending on who they are. Also, some storefronts can be handled differently, as one of our members pointed out that some storefronts are members of CSFA and as a member, they should take payments. Now, if you don't want to list your loans, that's okay. I'm just thinking with a little more information, we can probably better advise you. Very Happy

I'm also just going to peek at California law.

Posted: Sun Oct 14, 2007 7:56 pm Subject: reply

California State Information

Legal Status: Legal

Citation:
Cal. Fin. Code §§ 23000 to 23106

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
apr for 14-day $100 loan: 459%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Limits:
Collection Fees: $15 NSF fee
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677

IguanaGrrl · Posted: Sun Oct 14, 2007 8:14 pm Subject:

Online

ThinkCash: Currently owe $326.10, will be $435.78 counting fees, 5 payments remaining
MTE Financial: $390
500FastCash: $390
OneClickCash: $455
LoanShop: $300
UpFrontCash: $455
CashNet: $235

Storefront

Ace Cash Express: $300
Advance Til Payday: $300
California Check Cashing Services: $300
Allied Cash Advance: $300
Money Mart: $300
Cash One: $300
Advance America: $300
EZ Cash: $230

IguanaGrrl · Posted: Sun Oct 14, 2007 8:14 pm Subject:

Oh, and I have an installment loan for $950 from First Bank of Delaware which is brand new. Sad

Posted: Sun Oct 14, 2007 8:40 pm Subject: reply

iguana,

Think Cash - installment loan
First Bank of Delaware - installment loan

MTE Financial - unlicensed/illegal
500FashCash - unlicensed/illegal
One Click Cash - unlicensed/illegal
Loan Shop - unlicensed/illegal

Upfrontcash - I'm THINKING is unlicensed/illegal
CashNet - may be licensed/legal (?) Not sure on this one either

Posted: Sun Oct 14, 2007 8:42 pm Subject:

Cashnet is legal. Give me a minute and I will get the license number.

Posted: Sun Oct 14, 2007 8:44 pm Subject: reply

Your installment loans will be licensed/legal. Your storefronts will be licensed/legal. However, some of your storefronts may be members of the CFSA, and should take repayments. And, according to pyb (above) CashNet is licensed/legal.

Posted: Sun Oct 14, 2007 8:44 pm Subject:

Their license (file) number is 100-3271

Posted: Sun Oct 14, 2007 8:45 pm Subject: reply

One of our best members, goudah, found all the information on the CSFA. She's awesome. I can check to see if these storefronts are on there.

IguanaGrrl · Posted: Sun Oct 14, 2007 8:47 pm Subject:

I get the impression that Loan Shop is legal. When I checked the California BBB site, I was able to find Loan shop licensed in my state. They also seem to follow the fees like all of my storefronts.

The only difference is that they charge it as an extension, which would make them illegal, right?

They're currently charging me extension fees every payday (which is weekly for me, ugh!)

IguanaGrrl · Posted: Sun Oct 14, 2007 8:49 pm Subject:

Also, I agree. I believe CashNet to be legal, as they require me to pay off the entire balance before getting a new loan.

What do I do with the storefront ones? I can't pay them all this Friday, I don't have the money to pay them off and get new ones. Sad

And I'm sure that not all of them will offer me the ability to do a repayment plan. Sad

Posted: Sun Oct 14, 2007 8:49 pm Subject: reply

Did you get the Loan Shop off the internet? If so, it's probably the one I am thinking of. But I can't be totally positive unless you have maybe an address or contact information for them? Also, if they are charging you extension/rollover fees, those are prohibited. So I'm thinking they are not acting legally.

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