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I don't know how I found this forum, but I did and it seems like you are all well versed on this topic. I thought I was the only smart, educated person that made a stupid mistake in taking out WAY too many payday loans. I have several loans, and all of mine are in Nevada.
I have the following loans, they are all with storefront PDL companies. I am not sure of the laws in Nevada, but my debt totals to about $3642. Any and all help and suggestions would be very much appreciated.

Cashbox- 1 loan for $500, pay $80 every 2 wks
Cashbox- 1 loan for $400, pay $60 every 2 wks
Check City - 1 loan for $500, pay $80 every 2 wks
Check City - 1 loan for $200, pay $32 every 2 wks
MoneyTree - 1 loan for $601, pay $101 every 2 wks
Advance America- 1 loan for $500, pay $85 every 2 wks
Fast Bucks - 1 loan for $250, pay $50 every 2 wks

These loans have already been paid off in what I've paid in interest payments. I initially took them out when I was gambling. But I have been in GA for over 8 months, but I still can't get these paid off in full because of my other bills. Do you have any suggestions as to how I can stop this cycle of reloaning? I don't want my checking account closed, because its a really great checking account from Bank of America and I'm afraid I'll lose all my perks if I do. Is anyone familiar with Nevada PDL laws and has anyone tried to negotiate with them or something?

Help is so appreciated....thanks again!
Greg

Posted: Fri Aug 10, 2007 9:23 pm Subject: greg

Greg, I'm posting NV pdl laws for you to see. Unfortunately, NV has very lax pdl laws. Yuck. You'll see a lot of "unspecified" as far as fees are concerned. My concern is that all your pdl's are store front. Don't do anything with your bank account yet anyway since under criminal action it says something about "criminal intent", which may be interpeted as closing your account while you have checks out. Very touchy subject here. Lax pdl laws, store front pdl's. Man...... You listed your store fronts, which is good. So, do you pay your pld's off in full and re-write for another loan? Or do you pay an extention fee and just roll the loans over? Anyway, just post & hopefully we can figure it out! In the meantime, take a look at NV pdl law.

Thanks for the respone...I am paying the interest as we speak. I have outlined a repayment play that would have the debt paid off by the end of October, early November. But this is literally living paycheck to paycheck, and leaves with me with little breathing room. So if anything happens, i.e. medical, car, etc., my plan gets shifted and changes. I have good relationships with these companies, do you suggest calling them and asking them about possible payment plans? The sad thing is that these loans have all been paid off by now in interest, and I feel like I'm now paying for the people who borrow with no intention of ever paying back.

Also, what I find incredibly interesting, on the rare occasion that I have defaulted, I have always been able to work out a payment arrangement and have the loan paid off in several payments. No interest accrued while I did this. So it seems odd that I"m in good standing with these companies, pay on time, but yet, am paying WAY more than I would if I just let these loans default (which I won't, because my bank would kill me.)

Thoughts from here? I found the site about NV laws on PDL...yeah, my state SUCKS! It's ridiculous what they allow here.

I just paid off an internet PDL from Paydayavenue.com (don't EVER use this company) and I found out they charged me $39 in NSF fees where the legal limit in NV is $25. Should I complain/ and or say something to the bureau or AG about that? I'd really love to stick it to this company...they were the nastiest people I've ever dealt with.

Thanks again for all the help!
Really appreciate it.
Greg

Posted: Sat Aug 11, 2007 2:26 am Subject:

I am wondering if any of them would participate in a debt management or consolidation program?? Traditionally the interest than stops and payments are made through the management company and are usually a little smaller. It does take longer to pay it off that way but may leave you more to live on.

Posted: Sat Aug 11, 2007 5:27 am Subject:

I'm not sure if they will go for that, but I will definitely try and ask. I may just ask the managers of the stores if I can work something out, having already paid these things off in interest. But who would I call about debt management if I were to go that route? Any suggestions?

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