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Posted: Sat Feb 02, 2008 10:01 am Subject: Can payday loans be consolidated?

Hi! Everyone,
I am new to this site and i got scammed into doing a lot of payday loans to help this man out that i meet on a online dating service...now I am in debt to my eyeballs in payday loans...Help! Can I consolidate them into one monthly payment? Does anyone know that can help me out here...I am at a loss on what to do...

Gwen

Posted: Sat Feb 02, 2008 10:30 am Subject:

Welcome to the site, I have heard of some consolidation companies that deal with PDL's but before you even get into that give us some more information, are these all internet PDL's? How much are they for and have you paid anything. What state do you live in?

Theres a very good possibility the members of this site can help you straighten this out.

Posted: Sat Feb 02, 2008 10:49 am Subject:

Welcome to the site, Gwen! Sorry to hear of your distress.

Not to pry, but could you post some more info for us to chew on? Stuff like the names of the companies, amount borrowed, amount repaid, and whether these were internet or storefront loans will be tremendously useful. Also, we need your state of residence, so we can look up your state laws.

To answer your question, there are a couple of companies that will consolidate payday loans, but I'd advise you to hold off on that course of action. Let us chew on the details a bit first. Then we can go from there.

Posted: Sat Feb 02, 2008 10:52 am Subject: Can payday loans be consolidated?

Thank you for replying...some are storefront and some are internet...The total for all of them is $2578.50...I have only paid one off but the rest I haven't yet because I don't make that much as a part time cashier...That is why I need help and information on consolidating them

Gwen

Posted: Sat Feb 02, 2008 10:55 am Subject: Can payday loans be consolidated?

I live in Washington State

Gwen

Posted: Sat Feb 02, 2008 11:04 am Subject:

Can you please list which PDL's you owe,how much borrower and how much you have paid so far.

Some on your internet PDL's might be illegal and we can give some advice on how to work through thouse.

Posted: Sat Feb 02, 2008 11:17 am Subject: Can payday loans be consolidated?

Here are some of the online PDL's that I went to for help...EastsideLender's borrowed $300.00...Cash Central borrowed $300.00...ClearSky Financial LLC borrowed $300.00...Access Financial Northwest, LLC borrowed $300.00.

Then storefronts Check into Cash borrowed $100.00...Loan Mart borrowed $100.00...MoneyTree borrowed $130.00...Cash Advance borrowed $250.00...Advance Til Payday borrowed $100.00...that is all of them.

I feel like a dummy for believing in someone I meet on a dating service...Now I am in debt.

Gwen

Posted: Sat Feb 02, 2008 11:20 am Subject:

Its okay.....I am sorry to hear what happened to you. Sad

We can help you get through this.

How much have you actuall paid to the internet pdls'?
Have you defaulted on the storefronts?

Posted: Sat Feb 02, 2008 11:24 am Subject: Can payday loans be consolidated?

I have already defaulted on all but one storefront...the internet one's aren't due yet...they are all due on 2-15-08.

Thank you for that I am really feeling stupid at the moment.

Gwen

Posted: Sat Feb 02, 2008 11:28 am Subject:

Lady, please do not feel stupid, look at the amount of posts here in the PDL section, 99% of everyone in here has or has had PDL problems and I can tell you, from reading some of the posts by these fine people they are far from stupid.

Posted: Sat Feb 02, 2008 11:29 am Subject:

Just taking a look at your internet PDL's, I know that Cash Central is legal, I am fairly certain that Eastside is not, but I need to check on that one and the others.

The storefront that you have not yet defaulted on....can you go in there and ask for the EPP, which is the extended payment plan? That will allow yo to pay it off in 4 installments.

Posted: Sat Feb 02, 2008 11:30 am Subject:

For your information, this is the PDL laws for Washington:

Washington State Information

Legal Status: Legal (Lender must have a small loan endorsement to their check casher license in order to make payday loans)

Citation:
Wash. Rev. Code Ann. § 31.45.010 et seq.

Loan Terms:
Maximum Loan Amount: $700
Loan Term: Max: 45 days
Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum
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: A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time.
Rollovers Permitted: None (cannot repay loan with proceeds of another)
Cooling-off Period:
Repayment Plan: A company and a borrower may voluntarily enter a payment plan at any time. A borrower, however, has a right to convert a small loan to a statutory payment plan after four successive loans and prior to default on the last loan.

Collection Limits:
Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages)
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Washington Department of Financial Institutions
Address: Division of Consumer Services, PO Box 41200 Olympia WA 98504
Phone: (360) 902-8700
Fax: (360) 725-7827
Regulatory Contact: Chuck Cross,, Director of Consumer Services

Posted: Sat Feb 02, 2008 11:31 am Subject: Can payday loans be consolidated?

All of them are first time PDL's...they wont do payment plans.

Posted: Sat Feb 02, 2008 11:35 am Subject:

Who is the storefront who havent defaulted on yet? If they are the member of the CFSA, then they do have to give you the option of the EPP as long as you ask for it 2 business days prior to your due date.