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#1
10-14-2007, 06:00 PM
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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. 
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#2
10-14-2007, 06:17 PM
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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. __________________
If you think you can, you can...if you think you can't, your probably right...
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#3
10-14-2007, 07:15 PM
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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.
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#4
10-14-2007, 07:40 PM
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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. 
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#5
10-14-2007, 07:53 PM
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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.
 I'm also just going to peek at California law.
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#6
10-14-2007, 07:56 PM
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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
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#7
10-14-2007, 08:14 PM
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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
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#9
10-14-2007, 08:40 PM
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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
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#11
10-14-2007, 08:44 PM
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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.
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#14
10-14-2007, 08:47 PM
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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!)
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#15
10-14-2007, 08:49 PM
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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. And I'm sure that not all of them will offer me the ability to do a repayment plan.
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#16
10-14-2007, 08:49 PM
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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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