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 Posted: Sun Nov 25, 2007 8:11 pm Subject: Payday Loan Help
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Hi
I live in Michigan and currently have at least 5 payday loans out all from the internet it is getting pretty hard to pay them and almost taking my whole check. What can I do? Please help.
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Wendy
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Posted: Sun Nov 25, 2007 8:16 pm Subject:
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Wendy, welcome to the fourm. We would be happy to help. Would you please list the companies you borrowed from, how much you borrowed and the total of how much you have paid to each and we can get started.
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RoxyNY
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Posted: Mon Nov 26, 2007 5:46 am Subject:
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Here are the laws for your state . Please supply the info that Roxy requested so we can begin to help you.
| Quote: | Michigan State Information
Legal Status: Legal
Citation:
Public Act 244 of 2005
Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
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: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978
Regulatory Contact: ,
Regulator Website
http://www.michigan.gov/cis/0,1607,7-154-10555---,00.html |
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kashzan
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Joined: 11 Jul 2007
Posts: 5461
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Posted: Mon Nov 26, 2007 6:56 pm Subject: Info
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Hi
Here is the info you requested. I have a $300 loan with The loan shop and have paid back $360 it will be $450 this friday. Dr. Cash I borrowed $150 and have paid back $45.00. BIG I borrowed $200 and as of this friday I will have paid back $155. One Step Cash I borrowed $300 and as of this fridayI will have paid back $180. I borrowed $200 from pay check today and as of this coming friday I will have paid $120 and the last one is Bank of Delaware I have not paid on this yet but owe $1225.
Please help and let me know what I can do. Thank you.
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Wendy
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Posted: Mon Nov 26, 2007 7:02 pm Subject:
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Wendy, If the pdls are comming out Firday, you need to close your bank account. DO not tell the pdls you are doing this. Please read the following about closing your account..it has good info for when you go talk to the bank.
| Quote: | Before you close your bank account due to payday loans eating away at your paycheck, please read this.
Some banks have a policy regarding ach transactions that allows them to force open closed accounts if any ach transactions go through within a certain time frame after the account is closed. This can leave you owing a legal bank $1,000's and reported to chexsystems, instead of owing barely legal (or not at all legal) payday loan companies. Not a good thing. Ask your bank what their policy is on ach transactions on closed accounts before you close the account. It's best to go in person and talk to a branch manager.
If your bank does have this policy, tell them your situation. Don't be embarrassed. Take letters with you showing that you have revoked authorization for each of your payday loan companies to debit your account. Tell the bank to put your account on deposit only, an ach block, or a hard hold before they close the account. Your bank can do one of those, don't take no for an answer. This will prevent any payday loan ach's from reopening the bank account.
It'a always best to close your bank account. Leaving it open gives ways for the payday loan companies to continue to take money out. These companies have many different dba's, so blocking them won't work. They will also produce paper checks and run them through your account. Closing the account is the best way to prevent these companies from taking money out of your account.
Some state laws do allow for prosecution if you close your bank account, but that is usually in cases of fraud. But it's always best to check with your state's attorney general or department of financial institution before you close your account. You want to make sure you are not causing more heacaches!
courtesy of GOudah |
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posts: 4093
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Posted: Mon Nov 26, 2007 7:11 pm Subject: Are these legal
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Are the payday loans I have mentioned legal and what should I do other than close my bank account I have direct deposit from my employer going in there on friday.
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wendyrenaud
Joined: 26 Nov 2007
Posts: 11
Debtcc Points: 255
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Posted: Mon Nov 26, 2007 7:12 pm Subject:
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Wendy, The pdls you listed have to be licensed in MI. You will need to write the companies and revoke any wage assignments and debit authorization. Please take care of the bank asap. I will pm you a letter to use when writing the pdls..it will include everything you need and you can bring copies of it with you to the bank. Do you know what the pm is and how to use it?
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posts: 4093
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Posted: Mon Nov 26, 2007 7:18 pm Subject:
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If you have direct deposit, you may want to ask the bank to put a hard debit block on your account or make your account deposit only so you can get your pay check but the pdls can not debit. You also need to get your direct deposit changed. The plds have to be licensed in MI to be legal. The Bank of Deleware one will have to either be paid or you will have to make arrangements with that one becuase it is not a pdl, it is an installment loan and can go on your credit. It is going to be completely legal. The others just by looking should not be licensed but I will check and let you know. The bank is the most important thing right now.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
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Posted: Mon Nov 26, 2007 7:23 pm Subject: About harassment
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Will the pdls call my work and harass me and my boss or fellow co-workers
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wendyrenaud
Joined: 26 Nov 2007
Posts: 11
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Posted: Mon Nov 26, 2007 7:26 pm Subject: Bank of Delaware
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If I do a hard block or deposit only then the bank of delaware payment will be blocked also. Should i call them and ask if I can Western Union the money or make other payment options.
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wendyrenaud
Joined: 26 Nov 2007
Posts: 11
Debtcc Points: 255
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Posted: Mon Nov 26, 2007 7:29 pm Subject:
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Unfortunately yes they will call you at work. I just asked the operator to put any calls though directly to me. I also told the people I work with that I had some unautorized activity on my bank account and was working with my bank and in your case the MI office of Financial and Insurance Services to resolve the situation. I let them know there would be calls from companies that would possibly be beligerent and that you were advised to either let them go to voice mail or tell them you are not there. That you are to communicate with them in writing only for documentation purposes for your complaints. No one asked me anything else and all calls were either forwarded to me or sent to voicemail. Then each time someone called I would fire off an e-mail..usually the letter I am going to pm you. They took a little while to start and within about four weeks they tapered off. They hit my cell phone worse than my work phone.
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posted: Mon Nov 26, 2007 7:30 pm Subject: PM
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I dont know what pm is or how to use.
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wendyrenaud
Joined: 26 Nov 2007
Posts: 11
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Posted: Mon Nov 26, 2007 7:32 pm Subject:
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Yes, wendy, call Band of DE and make payment arrangements. I had to send a fax revoking debit authorization. You need to do this quickly becuase it has to be received so many days prior to stop the transaction. I was not in time and had to pay them NSF fees.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
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Posted: Mon Nov 26, 2007 7:35 pm Subject:
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Ok..at the bottom of my post is a button with pm on it. If you want to message me privately, click on that and fill in the boxes and hit the submit button. To check pm's look where the chat is on the right side of the page..just below that there are six bullets...the first one should say You Have 1 New Message, click on that to check your messages. It is sort of like the sites version of e-mail. I am going to pm you a message let me know if you get it.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11406
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Posted: Mon Nov 26, 2007 7:38 pm Subject:
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Wendy, I pm'd you a test message.
_________________
In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Joined: 03 Aug 2007
Posts: 4093
Debtcc Points: 11406
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Posted: Mon Nov 26, 2007 7:44 pm Subject: I got it
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I got the test pm message. Thank you
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wendyrenaud
Joined: 26 Nov 2007
Posts: 11
Debtcc Points: 255
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