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cannr1 · Posted: Thu Jun 07, 2007 1:31 pm Subject: Help! Pay day loan nightmare!

Help me, please!!! I have 12 pay day loans and the fees alone each week are twice what my paycheck is. I have been paying the fees only for while now on most of them. A few of them are fairly new. However, I have now panic-ed and went and opened a new bank account with every intention of closing my other one before the next fees hit (which is tomorrow). I'm scared to death that all these companies are going to put their debits through, the money won't be there, they'll call my work, they'll have me arrested, whatever. My mind is working overtime on this! I can not pay the fees, let alone the entire amounts on these loans! What is the result of them putting the debits through and finding out account has been closed? Am I in legal trouble? I don't know what to do and am about to freak out totally. Help, please!

Posted: Thu Jun 07, 2007 1:58 pm Subject:

First thing is close that account now! Then tell us who the loans are with, how much you have paid each one against how much you borrowed. Also what state do you live in. Don't panic. You have to pay yourself first. Rent, utilities, food and your car come before anything. Then lets sort it out. You have come to the right place. Many of us including myself have been their. There is light at the end of the tunnel. These people will threaten you with all kinds of action that they can't take. We will show you how to deal with them once we know who they are.

Posted: Thu Jun 07, 2007 2:20 pm Subject:

Hang in there. I'm about to go through the same experience and am scared to death but I know it will all be ok. Read through the information in this forum. It is possible to stand up for your rights and not allow pdls to violate them. Thanks so much to everyone in this forum. It really makes me feel more comfortable that I will soon see light at the end of the tunnel.

Posted: Thu Jun 07, 2007 2:39 pm Subject:

You definitely will see light at the end of the tunnel. These pdl places are crooks. Most of them exist because they are able to make money from you illegally. If you stand with your rights, these places will perish soon.

What state are you in? And what companies are you dealing with? Go through all your accounts and calculate how much is paid so far. You need to know the actual status before you can plan anything further.

cannr15yla · Posted: Thu Jun 07, 2007 3:23 pm Subject: PAY LOAN NIGHTMARE!

I am in the state of Kentucky. I have totaled up my Pay Day Loans. Here they are:
One Click Cash 250.00 (+75.00 fee) pd 225.00 in fees
Quickest Cash Advance 300.00 (+90.00 fee) pd 180.00 in fees
Cash Borrower 250.00 (+75.00 fee) pd 225.00 in fees
It's My Pay Day 300.00 (+37.50 fee) pd 341.25 in fees
Cash2Day4U 200.00 (+60.00 fee) pd 355.00 in fees
Web Pay Day 250.00 (+37.50 fee) pd 390.00 in fees
Total Lending Inc (200.00 (+60.00 fee) pd 120.00 in fees
Cash Relief Limited 200.00 (+89.00 fee) pd 267.00 in fees
Instant Loan Today 300.00 (+90.00 fee) pd 90.00 in fees
Cash Direct Express 300.00 (+66.00 fee) pd 66.00 in fees
US Fast Cash 350.00 (+105.00 fee) pd zero so far
East Side Lenders (300.00 (+90.00 fee) pd zero so far
OH MY GOD! HELP ME!

Posted: Thu Jun 07, 2007 9:38 pm Subject:

Cannr,
I am very glad you are here! And I'm going to give you some good news first, which I know you've been short on lately. Take it from another PDL'er, I know what you're going through. You have 12 PDL's--and based on what I've seen, you've already paid 4 of them off. That's right--you have paid 4 of them off and only owe legitamately on 8. And this is doable. There are some of here on the boards who have had as many as 20 at one time. See, you're feeling better already, right?
Now here's what you've got to do. Close your bank account if you can and open up a new one. If you can't, put an ACH block on your account.
Also, demand that your accounts be marked paid in full on the PDL's you've already paid. And based on my experiences with Cash Today, you'll probably have to file a police report. They are going to hound you to death. Also revoke in writing any voluntary wage garnishments you may have signed to get the loan.
Most importantly, keep posting, we need to hear how you're doing. Stay strong!

Posted: Thu Jun 07, 2007 9:41 pm Subject:

kscornell is right. There is light at the end of the tunnel! I sent the same "demand" letters in to the PDL companies I had already paid according to my stats laws and have had 4 of them marked PAID IN FULL and 3 of them are sending me refunds. This was over a 3 day span. It will get better!!

Posted: Thu Jun 07, 2007 9:44 pm Subject:

GREAT job!!! Now that is some good news we need more of around here! This news can only give Cannr and the rest of us hope that the madness will indeed end if we just hang in there.

Posted: Fri Jun 08, 2007 5:21 am Subject:

Below is the info regarding your State. You have already paid back some of these more than is required by law.

Posted: Fri Jun 08, 2007 7:31 am Subject: Pay Day Loan Nightmare

You all are really giving me information that I would never have known! I'm a little confused over it though. Are the ones that I've actually paid off the ones that I paid more in fees than I actually borrowed? And what about the ones I actually still owe money to? Do I send them a letter? Or wait for them to contact me? Do I email them? Now that I have closed my bank account, what is their next step since they're not going to get their money? And how do I let these people know that I'm paid up as far as my state laws are concerned and get them to admit that? Also I've already had one of them call my work this morning and I answered and said "she no longer works here." I'm too embarrassed to tell my co-workers what is going on (small office) so I'm trying to fend them off myself. Can I email these companies and tell them to cease contact with me at my workplace?? Please, any advice is so greatly appreciated! I'm still freaking out here!

Posted: Fri Jun 08, 2007 8:17 am Subject:

Tell them by email or preferrably by certified mail that they are not to contact you any other way except by the Postal service. Then try to figure your budget and offer to pay them whatever you can afford. Theere are several where you paid them in fees a lot more than the law of your state permits them to charge. Write them and tell them you want a refund for the amount overpaid. You may not get it but you might get a paid in full offer. Always refer to the AG and the FTC in your letters. There are good letter templates undr the do it yourself section on the side bar of this thread. Some of them will turn you over to third party collectors. They can be threatening but you have better laws to protect you against them.

Posted: Fri Jun 08, 2007 9:23 am Subject: Pay Day Loan Nightmare

Anyone who knows how to handle the pdl's that I still owe money too, please help. Apparently I'm slow. Do I contact them and inform them of the laws of my state and calculate what I should owe them? I know I owe some of them some money - if not all - but I don't want to be taken by the fees any longer. Do they put a "freeze" on the fees once they find that your account is closed? And about the ones that I've apparently overpaid. Does this mean that I've overpaid them since I paid all those fees - which was more than I borrowed - so actually the loan is paid even though they say it's not and that's is "re-newed"? Is that the case? I'm trying to have all my ducks in a row before I start sending any letters out without knowing what in the world I'm talking about! You guys are ALL great. This has been a huge relief to me knowing I'm not the only one in this situation. I really felt like a total fool, but knowing I'm just one of many who've been taken by these people and sucked in by the whole pld process, it makes me feel less stupid. Thank you for any help.

Posted: Fri Jun 08, 2007 9:49 am Subject: Pay Day Loan Nightmare

These are all internet loans. Each one of them. So apparently, they're not abiding by Kentucky law with these "roll-overs" since they're not permitted in my state? And the fees they are charging are over the fees permitted in my state? So do I write them a letter and tell them exactly what I've borrowed and what I've paid and show that I've paid charges I shouldn't have paid? What about the fact that I'm only allowed 2 pdl's in my state, but I had 12 out? Does that mean I'm in trouble? Or does that mean store front pdl's only? I mean, 12 pdl's is insane. I understand that. I have emailed each company and asked them not to contact me via telephone at my place of employment or home. Will that do any good? Please keep giving me words of advice! I so desperately need them! And you are an angel from above as far as I'm concerned!

Posted: Fri Jun 08, 2007 9:51 am Subject: Pay Day Loan Nightmare

Hi. Which ones are storefront and which ones are internet. According to my understanding of your state law you can only have 2 outstanding pdls at a time. The fees are similar to mine in SC...It looks like the maximum you can be charged is $17.65 per $100. Also, it doesn't look like rollovers are permitted in your state. Therefore, if any online pdl is rolling over your loan then they are already breaking your state's law. Not to mention they appear to be drastically overcharging you in fees. If I were you then I would try to make contact with the companies and see if they are willing to negotiate a settlement. Just remember, criminal action is unlawful in your state, regarding pdls. They can't arrest you or take anything that is yours. The most they can do is harrass you by phone. You didn't sign a wage garnishment agreement with them did you? If so, make sure you revoke it right away. Also, congratulations on closing your account and taking control of your money. That is going to make a huge difference. I am closing my account today or Monday (have one check that needs to clear) and am very excited about actually getting to see some of the money I earn out of my paycheck!!!

Posted: Fri Jun 08, 2007 9:52 am Subject: Pay Day Loan Nightmare

Oh, your letter is wonderful. I understand about putting it in my own words. Which, with your letter as a guide, I think I can do. You do not even realize how much you have helped me already and I've just begun and am still confused, but I'm not afraid the cops are going to knock on my door and arrest me! Someone did post the laws for my state of Kentucky, for which I am so grateful for. I didn't even know the laws. So I can put that into my letter. So for each company, should I write the letter and mail it? Do I need to mail it certified or can I just mail it regular mail? What about the companies I do still owe money to? Do I need to figure out how much they can charge me and write them a letter also? I'm sorry I'm such a pain, but I'm so clueless! Thank you for your help!

rachelle40 · Posted: Sat Dec 01, 2007 6:12 pm Subject: pay day loan nightmatr in texas

I have pay at leeast 10 pay day loans. my husband does not know. I have read so many entries on this site I am confused about what to do. I don't want my checking account to be owerdrawn by $1000's I'm not sure what I should do. I bank with bank of america.

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