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shmlt · 07-14-2009, 08:25 AM

I have 17 payday loans... yes 17. (deep sigh) two are storefront and in good standing. - legal here. the rest are internet and as best i can tell 3 are legal - payday one, speedycash, and I am not sure about cashnet usa.
the other seven i cannot find liscense for in Mississippi and have started the process with help from this site. I have closed my bank account, sent out the revoke ach and do not call letters. I have sent dv letters to two of the illegal ones. Now here is the big problem.
Last month Husband lost his job due to being hurt on the job. Now in a perfect world he will be getting workers comp benefits, but reality is that could be several months coming. I HONESTLY dont have the money to pay even a minimum payment to these people. So far they have been nice but I know that will come to an end. I will be going into the hole just paying my house note and utilities. Last week we didnt even have grocery money. Not trying to give a sob story that everyone here has not heard before, but thats why i am posting this here, because surely someone here has been in this posistion. What do I do about this when I dont even have 20 dollars to give them? I CANNOT borrow any more money (especially when I know I cannot pay it back) and have now sold anything of value we can do without. Computer had to go, so i am writing this at work. HELP PLEASE
partial list of the other pdl's
ameriloan (wants a 50 dollar down payment and then arrangements)
Sagamore
Cash Advance Network
City View Cash
Ace Cash Services
Cash Transfer Services
PDL Ventures
JD marketing
IAdvancecash
Greenlight
Magnum Cash Advance
CMG
ONE STEP Cash

also if someone knows if any of these others are legal please advise. What do i do. I think i should pay the legal ones first as best i can since they have the right to come after me more than the others?

Shazzers · 07-14-2009, 08:27 AM

CashNetUSA is usually legal in the U.S. I didn't see where you said what state you are located in??

Shazzers · 07-14-2009, 08:31 AM

By the way, have you considered requesting an EPP (extended payment plan) from your store front lenders? Click the link below and refer to number 11, it explains the EPP.
http://www.cfsa.net/industry_best_practices.html

Oh and, always put your groceries, utilities and rent FIRST. What monies are left over would go toward payments on loans. Also, I would like to suggest you seek help from various agencies in your community for food, utilites, rent, etc. For example, inner church, HEAP, etc.

Shazzers · 07-14-2009, 08:35 AM

Oh nevermind, I see you are from Mississippi, you can locate your payday loan laws at the link below.
http://www.debtconsolidationcare.com...pdls-laws.html
Mississippi requires internet based pdl's to be licensed by your state, this means each and everyone of your lenders must have a license to lend to your state residents, if they don't, you would only owe them the principal amount you borrowed.
I'm sorry to tell you this, but there is only one sure way to stop the withdrawals, and that is to close your account. If that isn't an option, then tell the bank to put a hard debit block on your account. Before you close your account, read this information at the link below. http://www.debtconsolidationcare.com...e-account.html

Please do not let any of these pdl's know you are going to close your account, until AFTER you have done it!

Shazzers · 07-14-2009, 08:36 AM

You can check out your Mississippi Department of Banking and Consumer Finance to see if these are licensed lenders at the link below or call (601) 359-1031.
http://www.dbcf.state.ms.us/

Shazzers · 07-14-2009, 08:37 AM

If you can't find a license for these lenders, CLICK HERE to find out how to deal with illegal lenders.

shmlt · 07-14-2009, 11:46 AM

thanks so much. So my thinking is correct that I should handle the legal ones first and if I have to ignore anyone it should be the illegal ones?

Shazzers · 07-14-2009, 12:40 PM

Yes, definitely handle the legal ones first, but, make sure you secure your bank account so the unlicensed lenders can no longer debit your account until you can work something out with them. You are only obligated to pay back the principal amount you borrowed on the unlicensed lenders. They will have to accept payments on your terms, I would ask them for an address to send payments, then I would send them money orders via USPS. I would also tell them no address no payments.

shmlt · 07-14-2009, 02:46 PM

I was hoping that was the case but feel better hearing you say that. thanks

resqume1 · 07-14-2009, 03:36 PM

Just thought that I would add that I had sagamore-its been 3 months since I closed my account and sent the ach revoke and I have yet to hear from them. Definetly don't worry about the illegal pdl's. Just don't answer the phone when they call and they will eventually go away.

I also had PayDayOne-you can request a payment plan from them thru thier website once your past due. They will take your total and divide it into 6 bi-weekly payments. I'm not sure if that is helpful to you or not. I did that but after the first payment was no longer able to keep up with them.

anewday1 · 07-14-2009, 07:07 PM

High Sylvia. I too am from Mississippi and I am battling this same stuff. I'm getting ready to close my accounts but my bank is giving me a bit of a problem. I don't want them to close my account and then if the PDL companies send something through, they try and re-open my account, send me in the negative, and make my problems worse. Did you have any problems with your bank? If you don't mind me asking, who do you bank with? I have one last check that I need to go through bcause it's too late to stop my direct deposit for this week so for this reason, should I do a hard debit block instead of closing my account??

anewday1 · 07-14-2009, 07:09 PM

Sylvia, also call the Dept. of Financial Institutions and ask to speak with Mrs. Carolyn, she is very nice. She is helping me. I have filed complaints and she has sent them over to the Attorney General's Office. She said this won't be quick but they will get to the bottom of this (hopefully). The number is 601.359.1031. Keep us posted.