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 Posted: Fri Aug 22, 2008 2:22 am Subject: too many payday loans |
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Hi, My name is sue. I live in Michigan. I have too many internet payday loans. I have been hearing a lot of good suggestions from everyone on how to get out of them. I stopped payment on them. What do I do next to get on a payment plan. They are not returning my phone calls. Please help
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lilangel49444
Joined: 18 Aug 2008
Posts: 1
Debtcc Points: 16
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| Posted: Fri Aug 22, 2008 3:28 am Subject: |
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Please give more information on the payday loans.
eg. Name of the pdl
Amount taken and repaid.
In Michigan PDLs are legal. But you should not pay anything above the permissible limit.
Please go through the following for details: -
| Quote: | Loan Terms:
Maximum Loan Amount: $600
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 15% of first $100, 14% of second $100, 13% of third $100, 12% of fourth $100, 11% of fifth $100, 11% of sixth $100 + any database verification fee
Finance Charge for 14-day $100 loan: $15
apr for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One with licensee or more than one with any other licensee
Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)
Cooling-off Period:
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 returned check charge
Criminal Action: Prohibited |
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phoenix
Joined: 14 May 2008
Posts: 951
Debtcc Points: 6145
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| Posted: Fri Aug 22, 2008 4:15 am Subject: |
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Hi lilangel and welcome to the community! I'm sorry to tell you this but stopping payment on these loans will not stop them from debiting your account. If these are Internet loans, these lenders will change their names repeatedly and the amounts they debit to get at your money. I would advise that you close out that account and open a new one at a different bank. If you are dead set on not closing your account then you will need to go into the bank and speak with the Branch Manager, tell them you need a hard debit block placed on your account. 
_________________
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
Ohio Consumer Protection Law
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Shazzers
Moderator
Joined: 05 Dec 2007
Posts: 4649
Debtcc Points: 29051
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| Posted: Fri Aug 22, 2008 10:48 am Subject: hard debit block |
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what is a hard debit block. I don't want to close my account as my husband don't know about these. I know it is didhonest but i am afraid to tell him.
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sue
Guest
Debtcc Points: 100
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| Posted: Fri Aug 22, 2008 10:52 am Subject: payday loans |
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Interin Cash -$250
Magnum Z - $250
Upfront cash - $400
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sue
Guest
Debtcc Points: 100
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