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 Posted: Mon Apr 07, 2008 9:13 am Subject: Pay day loan nightmare
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Hello everyone! I have been reading these boards and they have been a huge relief for me. Here is my current situation: I have fallen prey to pdl's since December of 2007 and I have only defaulted on one so far. I have 11 pdl's: Here is the rundown:
Think Cash...Owe 900.00, pay 94.00 every two weeks
One Step Cash...have pd $360.00. Owe 250.00
my cash now...Pd 360.00.. Owe 350.00
JVC...Pd 180.00.. Owe260.00
Payday ONe.. owe 565.00
Zip 19.. owe 479.00
Magnum Cash Advance...defaulted..borrowed 500.00.. Owe 900.00
Loan Co...Pd 300...owe 389.00
LIttle Loan Shop...Pd 300...owe250
World Wide Cash...pd 360...owe 389.00
Checkngo...owe 450.00
This is really gotten out of control for me. I am so behind on all of my other bills now, trying to pay these off. I live in Michigan and I just put a hard block on my checking account and closed my savings account today. I am going to try and write letters to most of these pdl's and set up some kind of payment arrangement with them until i can get them paid. For now, they are taking my whole paycheck! I don't even have enough to live on. I have paid over 800.00 in nsf fees from my checking account due to these. Anyway, am I on the right track here? Any advice would help. Thanks again!
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kjeanangel
Joined: 07 Apr 2008
Posts: 31
Debtcc Points: 571
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Posted: Mon Apr 07, 2008 9:16 am Subject:
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Please tell us what you have paid in total to each. I will post your state laws.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Mon Apr 07, 2008 9:17 am Subject:
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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
Regulatory Contact: ,
Regulator Website
Licensee Database
Complaint Instructions
Complaint Form Link
Online Resources
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Mon Apr 07, 2008 9:18 am Subject:
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I see you did tell us what you paid,how much were the oruginal loans for
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Apr 11, 2008 8:19 am Subject: payday loan nightmare!
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Can anyone respond to this post?
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kjeanangel
Joined: 07 Apr 2008
Posts: 31
Debtcc Points: 571
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Posted: Fri Apr 11, 2008 8:21 am Subject:
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What do you need an answer to. We need to know the original amounts of your loans. We have responded, but are now waiting for your answer
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Apr 11, 2008 8:30 am Subject:
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Hi Everyone,
Sorry to bump this up but I have not posted any response so far. I have been reading these posts like a madperson for a week now and I have been compiling all kinds of information. This a such a great forum and I am so thankful i found it! I wasn't sure if i was going to be able to do this by myself but I think i would like to try. My status so far is this: I have defaulted on 3 loans now. I closed my account a week ago, althought i am in the negative by $230.00 because of NSF fees. Everything else is due to hit my bank account next Friday, the 18th. I have sent wage and ACH letters via internet to LittleLoanShoppe, Paydayone and The Loan Co. I have paid something on all of these loans, if not more than what i originally borrowed, except for Magnum. I haven't paid them anything. Will they view this as a fraudalent act? The collection agency has already called me at work and he is a really nasty person.
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kjeanangel
Joined: 07 Apr 2008
Posts: 31
Debtcc Points: 571
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Posted: Fri Apr 11, 2008 8:33 am Subject:
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Please tell us the original amounts borrowed vs what you have already repaid to each
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Apr 11, 2008 8:36 am Subject:
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Hi Kashzan,
They are all listed on the top of this thread. Made payment arrangements with check n go. I paid 225.00, have two more payments. Little Loan shop is being somewhat cooperative and also Payday ONe. The others are all due to hit next Friday.
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kjeanangel
Joined: 07 Apr 2008
Posts: 31
Debtcc Points: 571
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Posted: Fri Apr 11, 2008 8:37 am Subject:
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What you paud is listed . not what you borrowed.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Apr 11, 2008 8:42 am Subject:
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Think Cash - borrowed 1,000
One step cash - borrowed 300
my cash now - borrowed 400
JVC-borrowed 250.00
Paydayone-borrowed 500
zip19-borrowed 400
worldwide cash-borrowed 300
the loan co-borrowed 300
checkngo-borrowed 600
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kjeanangel
Joined: 07 Apr 2008
Posts: 31
Debtcc Points: 571
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Posted: Fri Apr 11, 2008 8:44 am Subject:
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little loan shop-borrowed 300
magnum cash advance- borrowed 500
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kjeanangel
Joined: 07 Apr 2008
Posts: 31
Debtcc Points: 571
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Posted: Fri Apr 11, 2008 8:45 am Subject:
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Think cash is an installment loan , so you need to make arrangements with them asap. we need to see if these are licensed in your state. Some may be overpaid.
have you checked for licensing on these loans
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Apr 11, 2008 8:51 am Subject:
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I'm not really sure about the licesing of these PDL's other than what i have read about so far. I went to the AG's website for the state of Michigan but had no luck. I called them and ask if The Loan Shop was licensed and they said no.
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kjeanangel
Joined: 07 Apr 2008
Posts: 31
Debtcc Points: 571
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Posted: Fri Apr 11, 2008 8:53 am Subject:
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I could not find any of your internet loans to be licended in your state. For loans to be legal in Michigan they must hold licenses there. For these you are only obligate dto repay the original amount borrowed and not a cent more. If your account is already closed you can send them a letter we use and start to make arrangements with the ones that you still ow. It does not appear to be a lot of money.
Take the ORIGINAL amount borrowed, and subtract what you paid to get the amounts that you owe.
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kashzan
Debt Samaritan
Joined: 11 Jul 2007
Posts: 5461
Debtcc Points: 38903
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Posted: Fri Apr 11, 2008 8:56 am Subject:
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I wasn't sure about some of those. So even if they are licensed in another state to lend, they are still not allowed to lend here in Michigan? I am not bound by the laws of the state in which they are lisenced?
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kjeanangel
Joined: 07 Apr 2008
Posts: 31
Debtcc Points: 571
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