Internet's first get-out-of-debt community - 144,000 members

Posted: Thu Sep 20, 2007 12:11 am Subject: Need some serious help

I have quite a few payday loans (information below) and while I haven't missed any payments yet, I can see the trouble right around the corner. Many of these payday loans I have paid off and then subsuquently renewed, so for many of them, I have not paid much on the new loan. Anyway, I need some ideas for debt consolidation, or really, just any ideas on how to get this under control. Here is my inforation:

State of Residence: Nebraska

Payday Loans: 9

Payday Lenders (all internet based):

ASAP - 300 (paid 180 in interest with two rollovers)
Arrowhead - 300 (paid 270 in interest with 3 ro's)
United - 350 (105 with one ro)
CashWink - 300 (paid 420 with 4 ro's)
CashSupply - 600 (paid 300 with two ro's)
Discount Cash - 1000 (paid 320 with 1 ro)
Magnum - 900 (paid 400 in interest with one payment)
ameriloan - 300 (paid 180 with two ro's)
Paychecktoday - 400 (none yet)

Again, I have had multiple loans with many of these lenders and have never missed a payment or had a NSF. But the interest is getting seriously out of control and is forcing me to miss other important payments (and it is only getting worse).

Please help!!!

Thanks in advance for any help.

Posted: Thu Sep 20, 2007 3:09 am Subject:

Hi and welcome to the site. At the moment you are at a good place with these loans. I understand what a hardhip all this is for you. It is possible that you have paid off some of these loans and do not know it. Sometimes internet loans are illegal in some states and over charge their customers. Please check back today and someone with more knowledge on this subject will help you figure it out. Also, in the meantime, click on the "free consultation" button that is just to the right of this post for more advise.

Thank you,
James

Posted: Thu Sep 20, 2007 3:18 am Subject:

Good Morning and welcome...I am printing your state law......You may be able to handle these all on your own...many of us have...

Posted: Thu Sep 20, 2007 3:21 am Subject:

What does this mean?

They can only charge you 15% of the total check amount in fees.

Loans cannot be rolled over.

Internet lenders must be licensed in NE to be lending legally

Please check with the Nebraska Dept. of finance and banking to see if any are licensed...if not you would then just owe the principle and we can help you with letters, complaints, etc.

Posted: Thu Sep 20, 2007 6:56 am Subject:

Looking at the loan companies I would be surprised if any of them were licensed.

Nebraska has recently been taking action against unlicensed internet payday loan lenders. Please file a complaint with the NDBF.

Posted: Thu Sep 20, 2007 7:18 am Subject:

bigr- I know that ameriloan is not licesned in the state they are located which is Nevada so they are for sure illegal. Since you have paid only 180 on a 300 loan I would say you owe 120 more. If you have had a loan with them before and have overpaid that one,I would let them know that they can use the money you overpaid on a previous loan to make up the difference. That's what I told MCN(Mycashnow) and they haven't bothered me since. But that is what I would do since Ameriloan is illegal. What pdl companies have you had previous loans with before? If you had overpaid them alot on previous loans and they are illegal it might help some of the one's you have paid down already. Just let us know and we will help .

Guest · Posted: Thu Sep 20, 2007 7:45 am Subject:

All of my previous loans have been with the same companies, and I assure you over time that I have paid more than enough to these companies to cover any loans they may have given me.

My question is this, if you write letters, complaints, etc., how do you ge them to stop taking your money while the complaints are being resolved. I am sure that none of these lenders are licensed in Nebraska and that I can get them to stop, but what do I do during the process?

Thanks for your help.

Posted: Thu Sep 20, 2007 7:49 am Subject:

Read this thread:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

It has information about how to protect your bank account from these places.

Posted: Thu Sep 20, 2007 8:20 am Subject:

I called my bank and told the woman in accounts what was going on , that the payday loans I had were not legal and were overcharging me. So I told her not to accept and ACH's on my checking account. She told me she would only accept written checks that I have signed or wrote my self. This took care of things. The pdl people tried debiting 2 more times after that and then gave up. ameriloan was the only one to submit a paper check even after I told them my account was closed. But the check was returned and I have heard nothing since. What I would do is email and fax a letter to all the pdls and let them know that your checking account has been closed- you can find lots of letters on here to use as a guide to help you make one that's right for you. Let them know your intentions of paying off what you owe , when/how much you can afford to pay if they are a legal pdl. If they are illegal I would just let them know the account is closed and that you have already paid what you borrowed plus fees and interest and that you want your account marked paid in full. Hope I didn't confuse you too much!

Posted: Thu Sep 20, 2007 12:16 pm Subject:

I think that was well said stanner! Very Happy

*Name:
*Email:
*Phone:
*Zip:
*Debt

	* denotes required field

Internet's first get-out-of-debt community - 144,000 members

Need some serious help

Members Area

Free Debt Counseling

Ask the community

Also See

Featured Discussions

Featured Articles

Recent Forum Discussions

Recent Blog Post