I am trying to get rid of my payday loans, but I've gotten so deep in the cycle I can't find a way out. Can I negotiate on my own or do I have to go through a debt consolidation company? I live in California. It seem like I'm living paycheck to paycheck. I have the following loans (principle balance):
Ameriloan: $500. Internet
TLCfast cash: $200 Internet
Ace fast cash: $300 Internet
Advance America $300
Check into cash: $300
Cash 1: $300
I would really appreciate some guidance.
Thanks,
Stephani
Debt Samaritan
Posts: 5223
Credits: 71540.316580171 Send message to OhioGal1
Hi Stephani. Welcome to the forums.
First, the good news is you can do this yourself.
Second, I can answer some of your questions now but I also need some more information.
Ameriloan is an illegal tribal lender. Anything you've paid counts toward your principal balance, which is all you have to pay back. Ask for a refund if you've overpaid.
TLCfast cash - I do not see a license for this lender. According to their website, they only accept applicants via referral. Do you remember who you actually applied with when you were referred to TLC? They appear to be an illegal lender.
Ace fast cash - do you mean AceCashExpress?
Advance America - They're a licensed legal lender and they will give you an extended payment plan. Generally they break your current balance into 4 equal payments due over you next 4 pay dates. No further interest or fees will be added.
Check into cash - same as AA.
Cash 1 - same as AA.
I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.
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Thanks OhioGal1,
My original loan principal borrowed with ameriloan was $550 taken out on 6/26/2012. I have since paid them a total of $875.
TLCfastcash.com was probably a website I was directed to when applying for a loan online. My initial loan was for 200, and I am ashamed to say I have made a total of $1501 in rollover fees, never applied to the low principle.
How do I approach these lenders? I am not very good with confrontation and afraid i might get flustered in my response. Should I write them letters to dispute their legality and that my loans should be paid in full with the money I have already paid to them? As the same for AdvanceAmerica, Cash1, and check into cash.
Thanks again,
Stephani
Debt Samaritan
Posts: 5223
Credits: 71540.316580171 Send message to OhioGal1
For the illegal lenders, there is step by step info in my signature link.
For those that are legal, try first contacting the store to see if they will set you up on an extended payment plan. If you can't work something out with the store, try emailing the corporate offices. You can find email addresses on their websites usually.
I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.
Posts: 4159
Credits: 44190.063946819 Send message to kscornell
Hi there,
I also live in California and have dealt with your three storefronts--Advance America, Cash 1 and Check into Cash.
They will probably give you an EPP, but will hound you to death until it's paid off. After someone told me at Cash 1 that they were going to call me daily until I paid off, I turned the tables on them and called THEM daily. Freaked em out....
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Can I ask how they set up you payment for your payment plans, and was it easy to ask for?
Debt Samaritan
Posts: 5223
Credits: 71540.316580171 Send message to OhioGal1
The standard is that they take your current balance and divide it into 4 equal payments that would be due over your next 4 pay dates.
I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.
Posts: 7
Credits: 244.6 Send message to saquino918
I have contemplating working with Consumer Credit Counseling service of San Francisco. In email correspondence a rep told me that I was still responsible for these payday loans under contract agreements. The rep states:
"Just because the payday loans that you acquired are not licensed in California, it does not mean that you are not responsible over the terms that you agreed upon when you acquired the loans. *Most online payday loan companies are based in states with minimal regulations on payday loans, hence the reason why they yield extremely high interest rates and fees. *You are fully responsible over the debt and the terms of the debt as stated in the agreement that was arranged in order for you to acquire the loan"
Is this rep valid in their statements or is it that cccsf is in the business of making money of the debt they help you settle so wants me to keep the loan?
Debt Samaritan
Posts: 5223
Credits: 71540.316580171 Send message to OhioGal1
Tribal, offshore and unlicensed lenders only get back the principal.
No, the agent is NOT correct.
I am not an attorney. I am not offering legal advice. The information and ideas I share are my opinion only and do not necessarily reflect the opinion(s) of the owners of this website.
I was reading this thread and couldnt help but see "payday loan" ads on the bottom of the screen. How does this happen ?
Posts: 4159
Credits: 44190.063946819 Send message to kscornell
Hi Stephanie,
I also called CCC when I was dealing with PDL's. (I also live in the Bay Area btw) and was told they didn't even deal with PDL's, so it seems they are still no help.
I would call the CA Dept of Corporations to file a complaint to get the most help. Trust me, they are VERY familiar with Ameriloan. (I filed a complaint as well).
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