payday loan trap

I am stuck in a mess with payday loans. I live in Ohio. I am about to lose my house and my car. I have bill collectors calling everyday. I have defaulted on almost all of my payday loans and now they are calling me. I need advice.

So that we can better answer your question and give you some sound advise please provide info below.

1. List the companies you have the loans with and whether it is a store front operation or an internet operation.

2. List the original amount of the loan for each account

3. List what you have paid so far for each loan.

4. List what state you currently reside in.



Each state has different laws when it comes to payday loans and usually there is a difference between an internet company and a store front company when it comes to what they can and cannot do legally to you.

Thank you for responding so quickly. Here goes:

1. Checksmart(storefront)-I am on an extended payment plan. The balance was $687.50. I have 2 more payments left, so my balance is $343.76.

2. Check Exchange(storefront)-This one bounced so I owe $687.50 plus $25.00 returned check fee. The collection company for this company called and said they would accept $178.00 bi-weekly for four payments. I agreed, but am going to have a very hard time paying this.

3. Ace Cash Express(storefront)-This on bounced so I owe $506.25 plus $25.00 returned check fee. They have been the easiest to deal with so far. I have just been taking them $50.00 every time I get a chance and so far they have accepted that and I have not received any collection calls. I have $431.00 remaining on this one.

4. Check N Go(online-internet loan)-The balance was $800.00. I was placed on an extended payment plan and defaulted. I had paid $200.00 before it defaulted. Now they are wanting $600.00 plus a $20.00 returned check fee.

5. Cashnet Usa(internet loan)- This one was returned from my bank. The balance is $790.00 which includes $20.00 returned check fee. They tried to run it through my bank three times. The collection calls have started.

6. Payday One(internet loan)- This one was also returned. The balance is $707.50. They have not called me.

7.US Bank-Cash advance through my bank. The balance is $534.00 which they will demand payment on 10-2-08 to make my bank account more negative than it already is.

Closing my bank account is not an option. It is negative $380.00 so far. I asked for a Hard Block Debit and was told they could not do it. I also asked them to block all ACH transactions and was told I should have never gave my bank information out and whoever has my bank account information could try and get however much they wanted. They are charging me $8.00 a day for a negative balance fee and still charging $37.50 NSF fee for everything that tries to go through. I would need around $900.00 to close the account and do not have that much, so this is not an option. Our house payment is 2 and 1/2 months late and they are starting foreclosure. My car payment is over 30 days late and they are threatening to reposess it. I just do not know what to do. I do not have enough funds to pay all of this.

Tell your bank that you were hit with fraud

The OP lives in Ohio.....

Besides telling my bank I got hit with fraud, is there any other advise you can give me handling these payday loans.

I do not understand why I am getting no response to the questions I am asking.

You need to contact your payroll immediately and get a live check. Open another account in a new bank and use that for your day to day. Do not give that info to anyone! If you have to cash your check and use money orders do that but do not put any money into your overdrawn account. You need to get control of your life! Then you can set up arrangements on your terms!