Payday Loans took Over my life, can anyone help?

Yea that did make me laugh, too.. I have no idea where this is going to from here.. I am going to PM something that I know will make you laugh, too - I just don't want to put it on this board.

Got your pm, bea!

I was in the same position as you are now, 2 years ago I got a payday loan to help pay for my son's wedding. Then I didn't have money to pay it back so I went to another payday loan company and got a loan to pay the first one. This cycle just got worse to the point I had six loans going at the same time. This went on for a year, I got tired of it so I just quit paying them. When they called I told them exactly why.One of the payday loan company deposited a check which my bank paid even though I didn't have overdraft protection. Eventually I lost my bank account because I couldn't pay them all at once. I have been paying a little when I can on the loans. I have more money now that I am not paying the high interest fees on these loans. They are rip-off artists! In Ohio they can't charge a person with writing bad checks to these places. They can take you to civil court but they haven't done that to me. I spoke to a former employee of one of these places and some cities won't make you pay if you had renewed the loan over 10 times. Well, I hope this helps you, it took a while but I am feeling a lot better now. Good luck.

BSS, congrats on handling your situation in the best way that you could. Please keep us posted as to your progress.

Yes, thanks bss - it's always positive to hear someone doing well dispite these evil people!

Hello, just checking in! I have not heard anything from any of the loans. the reports have been filed, letters sent and nothing right now. I know they'll be back though and I'm ready for them. I just wanted to thank everyone - with the use of my fully check, i am trying to work on other debts.. something I'd never be able to do with these loans hanging on me!
I still haven't closed or started a new account yet - I plan on opening a new account this weekend since i have two paychecks to cash and it's so hard not to have a bank account. i am still a little weary of closing my other account though :/ the hard block is working well, but they haven't tried to really take money out neither since my last payday, so I dont know..

Hey, it's me again - I ran into what might be a problem. Those checks the gov't is sending was deposited into my blocked account - I had the refund direct deposited in before the payday loan mess.. on a hard block, will this be ok? The bank said nothing is pending but the refund check than I just go in person, take the money out and put the block back on. I am just so scared that I am going to take out the refund (which I need to pay other debts!!) and these lovely companies will be ready to suck up my money. I just don't know when this nightmare will end.. everyday is something new..

one more update.. magnum's website now says this about my account: Your Status:
Your account is no longer active, please contact Magnum Cash Advance customer service with any questions.

Before, it said it was in collections and to please call to make arrangements, I have no idea what's going on because I do not have access to my email. It kind of made me feel better, though - at least something is really happening, I don't know if it's good or bad but this waiting game is killing me!

I have soemthing else to add: Genvea Roth sent me another loan extension form - I hope they did it because I was on some kind of list - I wrote back and repeated that loans are not legal in my state, I do not have to pay this interest, etc. Now I am so paranoid that I made them mad and they will try to debit my account and I won't get my tax return - I am shaking, I am so scared - I lost most of a paycheck taking the block off to get to money.. does anyone know anything about this?? I had such a stressful weekend and cannot take another downfall..

I really hope someone can offer advice/insight about this bank thing - i am so scared they will take away from my much needed tax return!! :'(

Hi Beals,

How do you know your check is pending? I am curious. I haven't heard anything on mine yet. It is supposed to be deposited this week sometime.

How did this happen? did the bank not put the block right back on?

kjeanangel - I only know this because my bank has a 24/7 customer service line and I call it pretty regularly to check on stuff.


volleyballmom - what happened was that my direct deposit hit (i tried to stop it too late at my job) and the payday loans were pending. I was told it would take three days to return them and I could not wait that long to get my remaining paycheck. So when I took the block off to get my check, the monsters were paid.. in reality, it would have only taken a day but i didn't know better at the time.. it was my fault for being so trusting and not being better informed, i guess.

Wow Bea!

I am so glad i read your post about this. I will definetly make sure i don't have any pending pdl's waiting to get my money, before I take it out. I am sorry you had to learn the hard way about this.

well, if it helps someone else than it's worth it honestly, i would trust volleyballmom's advice - i am sure there was a better way for the bank to handle it. there must have been some way for me to get it without turning off the block? i'm not sure if i ever will know - i just like to add my story in case this happens to someone else. I was battling these loans and they took about half of my paycheck - this was April 3's paycheck but i'm still hurting because money is pretty tight for me.

bea- were your PDL's scheduled to debit at the end of the month? ( 31st or 1st)

they were scheduled for april 3, the same as my paycheck.. they defaulted for the first time april 17, and i'm getting scared because they know i have a paycheck coming up and i am pretty sure they know i'm getting my tax return. luckily, i have stopped direct deposit with my job

I have recieved my first response from the BBB - this was for Loan Point USA. I wrote that I do not accept the response, since the loan is not legal. I posted the NJ state law and mentioned I have paid hundreds in illgeal fees in the past. I put I will only pay the principal balance. Did I do this right??
The terms and conditions of the agreement you entered into with our company was presented to you at the time of your application and you were given a 48 hour window in which to cancel the agreement. Your signature on the payday loan contract is evidence that you understood the terms of the agreement. In addition before each debit processed (within the guidelines of the agreement) you are given an account summary stating your options of fulfilling the agreement including instructions for repayment of the entire amount of the advance, in order not to incur additional fees.

To date, you have paid a total of $0.00 on Account ####. If you wish to avoid incurring additional fees, you need to fax or email a pay down form to Geneva Roth authorizing us to clear your remaining balance.

If you have questions or need a new form sent to your email address, please contact customer service at 1-800-351-8820.

Sincerely,

Compliance Department
Geneva Roth Companies

I have two payday loans out that i have been extending and extending... My paycheck keeps shrinking. I was considering using pdl assistance but i couldn't find any info on them in the BBB. Has anyone here tried either them of longhorn...

My loans
mycashnow 538 internet based
paydayloans 500 internet based

any help or insight is greatly appreciated... I'd like to fix this before my next draft cycle

Neequa
state: new york