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 Posted: Tue Oct 30, 2007 12:13 pm Subject: I had no idea that the finance charges would be so high
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I have 4 payday loans and they are draining me and not sure what to do about them. I had no idea that the finance charges would be so high! Is there any way to consolidate the loans into one and pay a monthly fee to get rid of them? Please help! Thanks so much!!
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jjones
Joined: 30 Oct 2007
Posts: 51
Debtcc Points: 1440
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Posted: Tue Oct 30, 2007 2:50 pm Subject:
Latest Blog Post : http://Lukesykwalker.yesdebtfree.org |
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Yes there is a way, but we need to know what state you are in, and we will take it from there. Welcome to the site, you have come to the right place for help.
_________________
"It only takes a second to do something that you will regret for the rest of your life."
All the Best,
Luke
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Lukeskywalker
Joined: 19 May 2007
Posts: 1908
Debtcc Points: 16266
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Posted: Tue Oct 30, 2007 2:51 pm Subject:
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welcome to the site and a peace of mind!! 
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granny
Joined: 07 Sep 2007
Posts: 449
Debtcc Points: 8187
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Posted: Tue Oct 30, 2007 2:54 pm Subject:
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I second Luke and granny, Welcome!
Also tell us who you are paying,
how much you have paid,
how much the loan was for
and if they are internet or storefront loans
We can help!
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
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Posted: Wed Oct 31, 2007 5:28 am Subject:
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Thanks for the welcome! I really need all the help I can get w/ these loans.
I have a $300 loan w/ CMG Group, Geneva Roth Capital Group, E-payday Loan and Payday OK. They are taking $90 each out of my paycheck every week and would like to consolidate them. Is this possible?
Thanks again for all of your help!
_________________
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Jenny Jones
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Debtcc Points: 100
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Posted: Wed Oct 31, 2007 5:30 am Subject:
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jenny many of us have done this on our own. Yes, It can be done. we do need you to answer the questions, that Volley, asked you in her post. we need this info,so we can begin to help you.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Wed Oct 31, 2007 5:33 am Subject:
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I live in the state of Tennessee.
I have 4 loans for $300 each.
CMG Group/OSL marketing (have already taken out $690)
Geneva Roth Capital Group (paid them $690)
E-Payday Loan
Payday OK (paid them $300)
I need to get these consolidated b/c I had no idea the finance charges would be $90 each every week out of my paycheck. Thanks again for all of your help!
_________________
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jljones30
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Debtcc Points: 100
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Posted: Wed Oct 31, 2007 5:35 am Subject:
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| Quote: | Tennessee State Information
Legal Status: Legal
Citation:
Tenn. Code Ann. §45-17-101 et seq. and Tenn. Comp. R. & Regs. § 0180-28-.01
Loan Terms:
Maximum Loan Amount: $500
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: the lesser of 15% of the check or $30
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: 3 (2 per licensee)
Rollovers Permitted: None (cannot renew or otherwise consolidate)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $30 NSF Fee; Court Costs
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Tennessee Department of Financial Institutions
Address: 511 Union Street, Suite 400 Nashville TN 37219
Phone: (615) 741-2236
Fax: (615) 532-1018
Regulatory Contact: Bart Daughdrill,
Regulator Website
http://www.tennessee.gov/tdfi/
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Wed Oct 31, 2007 5:38 am Subject:
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jenny, It looks to me as if you have already paid back what you legally owe on these loans. The first step is to close your checking account so these companies can no longer debit you. Please before closing your account read the sticky on the top of the Pay Day Loan page , to see if in fact you can close your account.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Wed Oct 31, 2007 5:38 am Subject:
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I live in Tennessee.
My four loans are for $300 each and they are w/
CMG Group/OSL Marketing (paid them $700 already)
Geneva Roth Capital ( paid them $690)
E-Payday Loan ($300)
Payday OK ($400)
Each one of these companies are taking $90 each out of my paycheck each week. How can I take care of these? Can I consolidate them into a monthly payment? Thanks for all of your help!!
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jjones
Joined: 30 Oct 2007
Posts: 51
Debtcc Points: 1440
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Posted: Wed Oct 31, 2007 5:39 am Subject:
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I posted the info for you above.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Wed Oct 31, 2007 5:41 am Subject: Thanks!
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Sorry I submitted my information twice to you. I cannot find the Payday Loan sticky you were talking about. Is it on this page or on the home page?
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jjones
Joined: 30 Oct 2007
Posts: 51
Debtcc Points: 1440
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Posted: Wed Oct 31, 2007 5:43 am Subject:
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I will post the info for you to read
| 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! |
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kashzan
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Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Wed Oct 31, 2007 5:56 am Subject:
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Thanks for the info. So do I need to fax these companies a letter saying I am closing my account or no? I just don't want collectors calling me at home or at work threatening me. I just want to do the best thing.
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jjones
Joined: 30 Oct 2007
Posts: 51
Debtcc Points: 1440
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Posted: Wed Oct 31, 2007 6:03 am Subject:
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No NO No, do not let the pdls know you are thinking of closing your account.They will dip into your money so fast, and leave you with nothing.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Wed Oct 31, 2007 6:18 am Subject:
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I thought that probably was not a good idea. If I close my account can any of these PDL companies try and sue me for this? I have paid double for what my loan originally was so I figure I have some ground to stand on here. I just don't want all of the phone calls and threats. Thanks!
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jjones
Joined: 30 Oct 2007
Posts: 51
Debtcc Points: 1440
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