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Posted: Tue May 27, 2008 6:28 am Subject: My family needs help

I was dumb enough to use these payday loan places to try and help cover other bills and after several months I am toast. The pressure is causing mariage problems and I am at my last witts. They call my work and home constantly.

E Payday 300
Payday One
VC Funding 250
Arrowhead Inv 300
MTE FINANCIAL 300
GFS 200
Total Lending 300
Impact Cash 300
PAYDAY LOAN YES 300
STCAdvance.com 200

I have closed my check account. Please help It is dark times.

Posted: Tue May 27, 2008 6:33 am Subject:

Hello drwheeler and welcome to the forum! I am so sorry about these pdl's hounding you so much, you aren't dumb at all, you just got into this vicious cycle, which is very hard to get out of! We need a little more info before we can begin the process of helping you. Please list the following info, all in one place so it isn't so confusing. Very Happy

Names of companies, Internet or store front.
How much borrowed, how much paid back.
The state you are in.

Thanks!!

Posted: Tue May 27, 2008 6:34 am Subject: reply

that's a good start,we need some more info.

a)how much paid back total
b)what state are you in
closing your checking acct was good,but we
could use the above info.then we can help
you make these brighter days.

shazz,i think they are all internet.

Posted: Tue May 27, 2008 6:41 am Subject:

I am researching these companies as we speak, hang tight and I will give you as much info on them as possible. Very Happy

Thanks Paul!

Posted: Tue May 27, 2008 6:50 am Subject:

Kentucky, they are all internet PDL no store fronts.

payday one I have oayed them different amounts over 6-9 months
Cash Today 80
MTE FINANC 90
Arrowhead 90
LITTLE LOAN SHOP 90
GFS 80
STCAdvance.com 74

The problem I have is I only have my records from my bank for the last 2 or 3 months. I have payed more on some of those but I will Have to dig for those numbers. Ontop of I have payed over the last 2 half months several thousand $ in late fees over drafts return fees. I still have a balance of those that I will paying on my closed account. PLEASE PLEASE Help I dont know what to do.

Posted: Tue May 27, 2008 6:54 am Subject:

e-payday-loan - illegal/not licensed
Mailing address:
e-payday-loan.com
PO Box 571992
Murray, UT 84157
Phone: 1-877-633-1100
Fax: 1-866-840-4593

Payday One - legal/licensed

VC Funding is the same as Arrowhead I believe, they are also both illegal/not licensed
I'm pretty sure of that, if I am wrong someone else jump in here and correct me please!

MTE FINANCIAL- illegal/not licensed

GFS- illegal/not licensed

Total Lending -illegal/not licensed

LITTLE LOAN SHOP- illegal/not licensed

Impact Cash- illegal/not licensed

PAYDAY LOAN YES- illegal/not licensed

STCAdvance - I am not sure of, I need to do more research on this one.

What this means when we say the company is illegal is that it isn't licensed in any US state. They have no legal authority to lend money in the US. This also means they have no legal authority to collect interest. And no legal means of collecting on the debt. This means you are only obligated to pay back the principal amount, if you have overpaid, they owe you the difference, that doesn't mean you will always get it, but it doesn't hurt to try.

Posted: Tue May 27, 2008 6:55 am Subject: reply

oh no,i need the total amounts paid,if you had these loans any length of time everything that was paid towards it counts,so if you could look at how much paid total.example:if you had a loan for four months and six 60.00 payments were taken,you paid 360.00 into this loan.if the pdl is not licensed to lend you,then all that money should be put toward the loan.

Posted: Tue May 27, 2008 6:56 am Subject:

And, here are your pdl laws for good measure. Very Happy

Posted: Tue May 27, 2008 6:58 am Subject:

paulmergel:

Posted: Tue May 27, 2008 7:03 am Subject:

drwheeler, I know this is a lot of information to digest, but the just of it is this, you only owe the principal amount to those companies which aren't licensed. The ones that are, you will need to contact them and work out a payment plan to pay them back, ask them for a physical address so you can send them money orders as payments, never send them a check as they will then have your account number again and use it to debit your account again! You will also need to send wage assigment revocation letters to these comapnies, as well as giving a copy to your payroll department. I would also like to suggest that you file complaints with your Attorney General, BBB, and the Federal Trade Commission against these illegal companies, you can do all of this (file complaints) online. We well be happy to walk you through this. Smile

Posted: Tue May 27, 2008 7:11 am Subject:

what is a wage assigment revocation letters and why do you send it to payrol?

I get payed every two wks and can pay 1 or 2 off each pay period but the few I ahve already tried to work with have been nasty.

Posted: Tue May 27, 2008 7:19 am Subject: reply

the reason they won't work with you is because they don't want to be paid off.they want to keep debiting your bank account if possible.if they can't debit they will try to push through a wage assignment.that is something that can be revoked by you.shazz is right about that.i would give it to your HR person before sending it to the pdl's.

oh and no i don't know about that one shazz either.

Posted: Tue May 27, 2008 7:24 am Subject:

what is a wage assignment? Is it like a garnish? Can they do that or do they take you to court? Just when you think its at its worst it gets even more bad.

Posted: Tue May 27, 2008 7:43 am Subject:

drwheeler sending these companies a wage assigment letter is a precaution you should take. There are several illegal pdl companies that have been known to try this little trick. It is something similar to garnishment, in the way that they will attempt to send a letter to your employer asking them to deduct a certain amount from your check and send it directly to them. This happens because when people sign up to get a pdl loan these companies sometimes add a clause in there (in small print) stating that if you default, you will permit them to evoke a wage assigment. However, a wage assigment can be revoked at any time as it is voluntary. All you need to really do is send them out to these companies via email, and USPS certified returned receipt, then show a copy to your payroll dept at work. Here is an example:

Date
Company Name
Company Address
State, City, Zip

Acccount #________

To Who It Mat Concern:

I ____________ hereby revoke any and all wage assignments I may or may not have signed with your company on my original loan agreement.

Signed_________________