Payday loan help in Arkansas please.

Good morning. I have gotten myself in payday loan hell. Things have been tough financially for the last year and it is time to stop. I need to know what to do to get out of this financial mess I have gotten into. I have pdl internet loans and storefront loans. The internet loans are doing ach debits from my checking account and I pay the interest fees in cash on the storefront loans. The following are the pdl internet loans:

Think Cash FBD 385.69 Horizon 390.00 USFast Cash 390.00 Eastside 487.50 United Cash 390.00 Cash Adv 195.00 AdvanceMeToday 390.00

These were mostly 300 to 400 dollar loans with like 90 dollar interest every 2 weeks that came out of my account.

These are storefront loans in Texas that I have written checks on in some cases not all:
Cash America 1,040.00 Advance Amer 600.00 EzLoan 700.00 Mo Money2 200.00 Mo Money2 500.00 Mo Money1 400.00 Mo Money1 100.00

I live in Arkansas and work in Texas. I have opened another checking account and have spoken with the Arkansas Attorney Generals office and they recommended closing my checking account that is tied to these loans. I know I have been been loaned the money and intend to pay back, but I just want to stop the process of things taken out of my account every payday and get things back to normal. If I close my account what can be done to me? Do I send a certified letter revoking ACH transactions? If so, does anyone have a sample letter?? Sorry for the novel, but I just need some information. Thanks for any help.

I'm doing a little research. Be back shortly with info for you.

OK, first - closing your account is a good thing. You should do that right away. No need to let any of your lenders know you're doing it until after the fact either.
Second, other than FBD/ThinkCash (which is backed by a bank), all of your internet loans are illegal. You are only required to repay the principal amount borrowed (the original amount of your loan). You do NOT have to pay fees, interest, etc. Anything you've paid above and beyond the original deposit amount is an overpayment and you should ask for a refund when you send your illegal lender letters. If you do still owe some principal, tell them you will only pay via money order and that they will need to supply you with a physical address. No address, no payment. I'm assuming this is the breakdown:

Horizon borrowed $300. How many times have you paid them the $90 rollover fee?
USFast Cash borrowed $300. Again, how many rollovers?
Eastside How much was your actual loan? $350? How many times have you paid their fee? ($137.50?) - - I'm guessing here.
United Cash - borrowed $300? How many rollovers?
Cash Adv borrowed $150? How many rollovers?
AdvanceMeToday borrowed $300? How many rollovers?

You can follow the advice HERE to deal with your illegal lenders.

FBD you need to pay. You might try working out an alternate pay schedule with them but you may not need to once you get rid of the others.

Of your TX storefront loans, Advance America, Cash America and EZ Loans are all members of the CFSA. They should allow you to enter an extended payment plan. This will stop all interest from accruing and divide your balance into 3 (or sometimes 4) equal payments. Mo Money isn't a CFSA member but, I would contact their corporate offices and propose that your loans with them be combined and ask for some type of extended payment plan with them as well. They aren't obligated to do this but sometimes will. If they won't, you may still be able to swing paying them off per your original terms since you should have access to some additional money once the others have been dealt with.

Let me know if you have additional questions. I'm happy to help!

Thank you very much for your help. I am in the process of closing my account now. I haven't let them know that I am closing it. Where do I get an example of the letter that I should send to them. I have found most of the addresses. I will total up how much I have spent on roll-overs and see what is left of the principle. Again, thank you so much for any help.

The link in my previous message has a sample letter you can use. For the illegal lenders, I wouldn't bother with paying for CMRRR. Just email it to their customer service email address. Please let us know how things are going as you progress.

Sorry, I found it. Thanks for your help. I will report on how it goes.

Here are my Internet payday loans:

ThinkCash/FDB original $600 paid $665.28 so far
Horizon Opp orig $300 paid $360
USFast Cash orig $300 paid $360
Eastside Lenders orig $400 paid $625
United Cash loans orig $300 paid $180
Cash Advance Network orig $300 paid $625
AdvanceMe Today orig $300 paid $90

I have gotten some email replys from where I have stopped payment on these automatic payments. What can I send in a return email that will stop ACH and request a refund for the ones I over paid for?? Thanks for any help.

I gave you pretty explicit instructions in the post above. FBD is legal. You will need to set up payment arrangements with them to pay off what you owe according to your contract. The others are illegal. If you've overpaid them, ask for a refund when you send your letter. If you still owe them some of the principal balance, tell them how you intend to repay it and ask for a mailing address. If they refuse to give you an address where you can send money orders, then they just won't get paid. I'm assuming you've already closed yoru account. If not, that's what you need to do first. Your money will never be safe again.

Update.

I got my checking account closed. I'm working with ThinkCash on a payment plan. I have emailed all the other internet payday lenders emails revoking ACH and listed the original amount of the loan plus each date that I had paid them. The loans that I overpaid the principle I even requested a refund. Looking online at some of my accounts my balance is zero due and zero balance, I don't know if that means they have sent to Collections or not.

On my storefront loans, I was able to pay off Advance America (they submitted the check to my bank as a Cashier's check). Cash America sent my check thru and it was declined. They are going to work with me on a payment plan. On EZ Loans and Mo Money, I bit the bullet and stupidly paid the interest again. I couldn't let them hit my account just yet because I was trying to get the account to zero to close it. They are due again on 2/15/2011. What will happen if I let them deposit the checks(Mo Money has actual written checks) and they come back because the account is closed. I don't think that EZ Loans has a check that I remember. When I tried to set up payment arrangements with EZ Loans earlier they said that they would send the check to the DA. Is that a legitimate statement or was she trying to scare me into paying?

Thanks for all of the help in this matter. I have gotten some reply emails from the Online lenders, mainly saying that "hey did you know that your payment was returned to us?" Everytime I re-send the original email with my demands. I will let ya'll know if I find out anything else. Again, thanks for ALL help!

Another update:

Sorry if this is a duplicate....I sent an email to Eastside Lenders:

To Whom It May Concern:

This notice is to advise you that as of today 02/01/2011, I am revoking your right to ACH debit any of my personal accounts for the purpose of repayment of this loan. My personal bank account is now closed. I am also revoking any and all wage assignments I may or may not have signed with your company. My employer is aware of this and will reject any attempts made by your company to impose a wage assignment.

As per the laws of the state of Arkansas where I reside it has come to my attention that your company is an illegal payday lender.

The original loan deposit to my account was on 11/02/2010 for $400 and I have paid the following:

11/10/2010 I paid $120.00
11/24/2010 I paid $120.00
12/09/2010 I paid $120.00
12/23/2010 I paid $120.00
01/14/2011 I paid $145.00

As per the laws of the State of Arkansas I have paid well above the original loan amount of $400.00 I am requesting a PAID IN FULL letter mailed to my home address or to my email address considering my loan closed and paid in full and refund of the overpayment amount. I have copied this to the Arkansas State Attorney General's office as well.

Thank you for your time in this matter and a have good day.



I just received this response:

Dear

East Side Lenders is responding to your correspondence regarding the above-captioned account.
East Side Lenders, which is located in Delaware, is licensed by the State of Delaware to make small loans. All such loans are approved and funded in Delaware, with repayment to be made in Delaware. The East Side Lenders loan agreement and website contain all disclosures required by Delaware and federal law and make it clear that all transactions are governed by Delaware law. On the advice of counsel, East Side Lenders maintains that the choice of Delaware law as controlling in the loan documents would be upheld, as all of the significant contacts in the loan transaction occur in Delaware. The loan agreement is legal and enforceable. In responding to your correspondence, East Side Lenders notes and reserves all available legal and equitable objections to the points you have raised.
East Side Lenders provided this service as a convenience to you. We still consider your loan to be outstanding and are prepared to go to arbitration as provided for in the Loan Agreement between us. As an alternative, if you are experiencing financial hardship, we will be happy to speak to you about payment arrangements through which you can successfully meet your payment obligations. East Side Lenders will consider doing so because of our continuing commitment to servicing our customers and not because of a legal obligation to do so.
Should you have any further questions regarding this matter, if you wish to speak about payment arrangements, please contact us at (800) 689-5603.
Sincerely,
Customer Service
East Side Lenders

Any advice?? Thanks.

That's their standard answer. File your complaints and keep sending them your original letter as your response.

I actually googled some stuff on East Side Lenders and I forgot which state but they had a lawsuit filed against them. http://www.dllr.state.md.us/finance/...stsidelend.pdf. This is the site where the complaint filed in court against them.