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scolburn · 08-25-2008, 01:21 PM

I have probably three pay day loans and I can't pay them right now. What can I do?????

frogpatch · 08-25-2008, 01:29 PM

Are they storefront or internet? How much did you borrow from each and how much has been paid?

scolburn · 08-25-2008, 01:51 PM

3 internet loans
3B financial--300 paid 100
zip cash--500 paid 300
total lending--300 paid180

Shazzers · 08-25-2008, 04:24 PM

Hi there scolburn, welcome to the community, I am moving this to the payday loan section so more people will see it. Then I will post your laws for you.

Shazzers · 08-25-2008, 04:26 PM

Mississippi requires Internet based pdl's to be licensed by your state to be legally lending to Mississippi residents.

Quote:

Mississippi State Information

Legal Status: Legal (Applies to check cashers only)

Citation:
Miss. Code Ann. Â§ 75-67-501 et seq.

Loan Terms:
Maximum Loan Amount: $400
Loan Term: Max: 30 days
Maximum Finance Rate and Fees: 18% of check
Finance Charge for 14-day $100 loan: $22
apr for 14-day $100 loan: 572%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Not Specified
Rollovers Permitted: None (cannot renew or otherwise extend)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: NSF fee; Court-awarded fees (if disclosed)
Criminal Action: Prohibited (When check returned due to NSF)

Where to Complain, Get Information:
Regulator: Mississippi Department of Banking and Consumer Finance
Address: 901 Woolfolk Building, Suite A 501 N. West Street Jackson MS 39201
Phone: (601) 359-1031
Fax: (601) 359-3557
Regulatory Contact: Ronny Harrison,, Chief Examiner, Consumer Finance

Shazzers · 08-25-2008, 04:33 PM

I'm not sure about 3B Financial, perhaps someone else can shed some light on it.

Zip19's aka ZIpcash mailing address: Unlicensed/illegal
Northway Broker Limited,
Level 8 Suite 3, Plaza Commercial Center, Bisazza Street,
Sliema, SLM15, Malta
Phone: 1-877-947-1947 (Toll Free)
Fax: 1-866-202-6498
Email Address: customercare (@) zip19.com

Total Lending Center Inc
1909 Surrey Ct
Columbia, MO 65203
573-446-9200

Total Lending Center, Inc. (I don't think they are licensed in MS.)
10975 Benson Dr Ste 350
Overland Park, KS 66210
913-491-5300
866-412-2369 phone
866-379-7667 fax

Shazzers · 08-25-2008, 04:34 PM

I hope the information below will help you.

Quote:

You are only obligated to pay back the principal amount you borrowed from an unlicensed/illegal Internet Payday Lender.

What should you do?
Close your account asap, if you are unable to close your account, go into your bank and ask to speak with the Branch Manager, tell him/her you need a hard debit block placed on your account immediately! Explain that you are revoking ACH authorizations from unlicensed/illegal companies, and have learned these companies are notorious for ignoring revocation, therefore it is important to BLOCK any withdrawal attempts on your account to protect your interest. This is your privilege, do not accept no for an answer. The following link will provide you important information regarding closing accounts. CLICK HERE

What next?
AFTER your account is secure send each pdl (the unlicensed and illegal) an email similar to THIS (please scroll down to locate letter template). Tailor this letter to your needs, and try to write it with the same basic concept in your own words. You will need to research and locate email addresses/physical addresses if you don't already have them, I suggest that you type the name of the pdl (example: "oneclickcash address") in the search box in the upper right hand corner of this forum. You may also search for addresses HERE at the Better Business Bureau.

File complaints: Most of the time, you can file a complaint online with the following, I encourage you to follow through with doing so, you will need to search the Internet for your state Attorney General's website, however, here are links to file complaints for the FTC, Online complaints: Federal Trade Commission., and the BETTER BUSINESS BUREAU.

Keep in mind that you may not receive a response for days, or even weeks, or, you may receive harassing and threatening phone calls. I have found the best way to deal with this is not to respond or reply, simply hang up.

Side note: If you have paid an illegal/unlicensed payday lender above and beyond the principal amount you borrowed, it might be a good idea to demand a refund and a paid in full letter/receipt. You may or may not get one or both. It still doesn't hurt to include that tidbit in your letter.

scolburn · 08-26-2008, 05:32 AM

Thank you all so much for all of your help. I will do what you said and make sure I don't make this mistake again. thanks again!!!!

scolburn · 08-26-2008, 07:09 AM

How do I find out if they are licensed in this state and what if I don't know the exact amount I have paid back???

08-26-2008, 09:54 AM

I have a payday loan with total lending and arrowhead investments, these are both internet pay day loans and I put stop pmt on them after already paying in total for the both close to 2500$. they just keep refinancing and I live in MN and see by our law, these loans are not able to be rolled over and they have rolled my loan over a million times. My question is, I got a call from PDM (Pheonix debt management) that stated they were garnishing my wages if I didn't make arrangements with posted date pmts to pay them right away. How will I know if my loan had a wage assignment or what it entailed of?

rebsoto · 10-12-2008, 01:41 PM

Did you notice that Total Lending lists the same fax number as Arrowhead Investments and VC Funding?

01-03-2009, 12:01 PM

I have 3 payday loans in ms, one for 300, one for 200, and one for 100. I am in default on all 3, can i go to jail for this. I am 2 weeks behind on the 1 and 2 hundred loans, and a couple of months on the 300.

Shazzers · 01-03-2009, 03:30 PM

newman71, you can not go to jail for owing a debt. If you will list the companies, amount borrowed and paid back, and the state in which you reside, we will try to help you.