(11) payday loans

I need help. I currently have (11) payday loans and I cannot handle the high fees anymore. I just found out that in Maryland where I live:

A. All payday loan providers must be registered to do business in Maryland.
B. Interest/Fees cannot exceed 33% APR

I am paying 300% to 730% APR on these loans. I got caught up in the mess when we had a fire and were displaced for mroe than 6 months living in a hotel.

My question is lthis:

1. If I close my account to stop the debits - what are the consequences to me?
2. Am I entitled to a refund of the excessive fees I have paid for more than a year because they exceed my state's APR?

Please see below for the payday loan companies involved:

ZIP 19
CashNetUSA
MyCashNow
National Money Store
AdvanceMeToday
MyPayDayLoan
PDY Services
Lakota Cash
Eastside Lenders
National-PaydayLoan (formerly Quickest-Cash-Advance.com)
Magnum Cash Advance

Please give me advice.

Are these all internet loans? Also, please tell us how much you've borrowed from each and how much you have paid thus far. CashnetUSA is a CSO so, PDL laws don't apply to them. My initial reaction, however, is that CNUSA may be your only legal lender.

As I suspected, Cashnet USA is your only licensed lender. The others, you are only responsible for repaying the principal amount borrowed. If you've already paid that (or more) you're done. CashnetUSA will allow you to sign up for an extended payment plan. They will divide your current balance due into 3-4 equal payments, due over your next 3-4 pay dates. No further interest will accrue. Please check out this thread in order to learn how to deal with unlicensed lenders. Your first step is to close your checking account. Do not let these people know ahead of time that you are closing the account.

Help me to better understand when you say if I have "already paid that (or more) I'm done". For example I took out a $700 loan from QCA on 10/25/10. To date I have paid $1740 in interest and $400 in principal. As of today I still owe them $300.00 principal. Since they are not licensed in Maryland and are charging me 730.00% APR (my states maximum is 33%) am I still obligated to repay the $300.00 principal balance? Seems to me they owe me a refund for $1740 in interest I have paid to them illegally. Can you clarify for me? I feel utterly taken advantage of in this situation and want to take immediate steps to rectify. I appreciate your help!

well to answer in reference to your example.QCA would owe you a refund of 1,440.00 as you are only obligated to pay the principle and anything they call fees are illegal and get deducted from the principle.so no you don't owe them squat.

Yep, what Paul said. If you borrowed $700, you only have to pay back $700. If you've paid them over that amount, they owe you a refund. If you've paid $2140, they owe you $1440.

Has anyone had success in getting refunds of overpaid high fees from the payday loan providers below?
ZIP19
MyCashNow
National Money Store
AdvanceMeToday
MyPayDayLoan
PDY Services
Lakota Cash
Eastside Lenders
National-PaydayLoan (formerly Quickest-Cash-Advance.com)
Magnum Cash Advance

Has anyone dealt with Bank Of America to stop the payday loan ACH deductions from their account? Were you successful? Did Bank of america coopearte to stop the debits?

I am a Bank of America client. And I was unable to stop the PDL companies from debiting my account. But you do have a few choices. {1 } Ask your bank to put a hard block on your account for those PDL companies and give them the amount of the withdrawal for each one. {2} You could withdraw all of your money from the account and close it. {3} You could withdraw all of your money and put it into another account but you will incur overdraft fees which will amount to $35 each or $140 for a total of (4) four fees which is the maximum allowed for that days transactions.
{4} You could stop payment on each PDL withdrawal but you have to give the bank at least two to three days notice with the expected amounts that will be withdrawn. The fee will be $30 for each stop payment. There is no limit on how many so this way can be very costly $$$$$$.
{5} You could /should send a letter by fax and US postal mail with return receipt that Shazzers posted for dealing with unlicensed payday loan lenders on July 14,2010 to all the PDL companies informing them of your intent to close your account and revoking their ACH debt privileges.
If you have no overdraft fees on your account at this time this would be the best time to close your account. And do not for any reason give out the new account number to anyone.

Stop payments and/or blocks will not work. These companies operate under so many names, you can't possibly block them all. Other tricks they use are to debit different amounts from the account. This prevents a stop payment from working because you have to give the exact amount and the name of the company. Also, if they figure out you have an ACH block, they'll send a paper check for payment. The ONLY way to ensure you stop them from taking your money is to CLOSE THE ACCOUNT!!