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 Posted: Wed Apr 09, 2008 6:13 am Subject: BIG PDL trouble!
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I've managed to get myself into quite the situation with PDLs. They've just piled up and now I don't know what to do! I have seen that this forum has helped others... any advice for me??
Mel
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msys81
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Debtcc Points: 100
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Posted: Wed Apr 09, 2008 6:17 am Subject:
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Mel, We can help you. Please tell us what state you are in, who your lenders are, how much borrowed from each, how much already paid to each, andif they are store front or internet. Once we get this info we can begin to help you.
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kashzan
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Joined: 11 Jul 2007
Posts: 5463
Debtcc Points: 38905
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Posted: Wed Apr 09, 2008 6:19 am Subject: INTRO.
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hello mel,first list.
1)each pdl company
2)how much borrowed
3)how much paid to each total
4)are they internet or storefront
once that ia done we can help you here.
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paulmergel
Debt Samaritan
Joined: 24 Jun 2007
Posts: 2813
Debtcc Points: 10415
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Posted: Wed Apr 09, 2008 6:20 am Subject: double post
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looks like we double posted.except i forgot the part about the state. 
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paulmergel
Debt Samaritan
Joined: 24 Jun 2007
Posts: 2813
Debtcc Points: 10415
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Posted: Wed Apr 09, 2008 6:46 am Subject: Here they are!
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I am in Michigan. Here goes nothing!
Payday Max
Borrowed 490
Haven’t made a payment yet
Internet
Payday One
Borrowed 500
Haven’t made a payment yet
Internet
ThinkCash
Borrowed 500
Paid 681.12 of that but refinanced to $750
Paid 85.23 of that
Internet
FastMoney 911
Borrowed 500
Paid 150
Internet
3bFinancial
Borrowed 300
No payments
Internet
Paychecktoday
Borrowed 300
No Payments
Internet
Cashadvancenetwork
Borrowed 200
No Payments
Internet
OK, seeing all that now... I think I'm going to go throw up.
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msys81
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Posted: Wed Apr 09, 2008 7:08 am Subject:
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Mel, Welcome. Please do not be ill. I know it looks bad and it is upsetting. The good thing about this site is we have all been where you are and many of us have worked our way out of the cycle. There is an end. Here are the pdl laws for MI>
| Quote: | Michigan State Information
Legal Status: Legal
Citation:
Mich. Comp. Laws 487.2121 et seq.
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
Where to Complain, Get Information:
Regulator: Michigan Office of Financial and Insurance Services
Address: P.O. Box 30220 Lansing MI 48909
Phone: (877) 999-6442
Fax: (517) 335-4978 |
What this means to you is that internet pdls have to be licensed in MI to lend in MI.
You are going to need to close your bank account or atleast block it from the pdls being able to debit. Here is a thread about closing your account. It is really informative and also has member experiences in it.
http://www.debtconsolidationcare.com/paydayloan/close-account.html
It is important you secure your money so the pdls can not get to it. Also, many of the members recommend you open a new account at a completely different bank. This keeps your accounts from being linked in any way. If you have any questions at any time, please post them and someone will answer them as soon as they can.
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posts: 4091
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Posted: Wed Apr 09, 2008 7:22 am Subject:
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Mel, paycheck today and cash advance network are not going to be licensed in MI they are part of MTE and are not licensed anywhere.
Think cash is and installment loan usually backed by the first bank of DE and you will need to work out payment arrangements with them becuase they are going to be licensed and legal.
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In life it doesn't matter
how hard you hit, it matters
how hard you get hit
and keep moving forward.
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RoxyNY
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Posts: 4091
Debtcc Points: 11649
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Posted: Wed Apr 09, 2008 7:37 am Subject: Michigan Laws
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What does all of that mean? The Michigan law stuff? I mean, if they aren't licensed in Michigan, what then? Once I close my bank account, what do I do? How do I get out from under this? I'm a little overwhelmed with the info 
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msys81
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Posted: Wed Apr 09, 2008 4:34 pm Subject:
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It does not appear that you have overpaid any of these companies yet. Even though some of them are highly illegal, we do advocate at least paying back the original principal you borrowed.
After you close your bank account, you need to both email and snailmail these companies a letter revoking their right to debit your bank account. Tell them that if they want you to pay the remaining balance ( NOT including interest and fees ) that it will be done so on your terms. If they agree to that, they will probably want a Moneygram payment, or ask you to give them your new checking account number to collect payoff...especially DO NOT do the latter! Snail mail payment by money order or a prepaid debit card is best.
Also, once you close your bank account, be sure to send a letter to your HR/Payroll department at your work or talk to them in person. It would probably be best to do both- go in and speak with them in person and give them a hard copy of a letter revoking the right to ANYONE to garnish your wages. A lot of these companies will try and go that route to get their money.
Hang in there with us ^_^ Anytime you have questions, or are uncertain of how to continue, be sure to ask, and we'll help you as best we can ^_^
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Amaranth
Joined: 10 Mar 2008
Posts: 237
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Posted: Wed Apr 09, 2008 4:49 pm Subject:
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You say you have made no payments, but I am wondering if they have debited fees from your account. If these are not licensed any fees you have made will go toward the principal amount you have borrowed?
Do you know whne you got these loans and how many times and what amounts they have debited?
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egyptcrossarabs
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