Internet's first get-out-of-debt community - 129,000 members

Can someone please help me and tell me how to go about getting rid of these PDLs? I have already closed one of my bank accounts and plan to close the other before my next payday. I am trying decide if I should go through Langehorne or do it myself. Thanks.

Speedy Payday - 300.00, have paid at least $630.00
Paragon - 400.00, have paid at least $840.00
United Cash Loans - 400.00, paid off and then reloaned again, since new loan I have paid $120.00
Ameriloan - 400.00, paid off and then reloaned again, since new loan I have paid $120.00
Cash Transfer Centers - 1200.00, paid at least $2,076 but it is more than that
National Cash Loans - 300.00, haven't started paying back yet
Magnum Cash Advance - 1200.00, haven't started paying back yet

Posted: Thu Apr 17, 2008 7:52 pm Subject:

Hello and welcome to the forum. Smile

What state are you in? Are these all Internet loans? You have definitely over paid quite a few of them. Shocked

Guest · Posted: Thu Apr 17, 2008 8:03 pm Subject:

Thanks for the welcome. I am going to change my username. But, to answer your questions, I am in North Carolina. Yes, these are all internet loans.

Posted: Thu Apr 17, 2008 8:09 pm Subject:

Here are the laws for your state, looks like payday loans are prohibited in your state and there's a 36% (per year) Small Loan Rate Cap.

Guest · Posted: Thu Apr 17, 2008 8:12 pm Subject:

So, would someone be able to help me walk through the steps of what I can do about these or should I sign up with Longhorne debt solutions? What do you think?

Posted: Thu Apr 17, 2008 8:17 pm Subject:

Speedy Payday owes you $330.00
Paragon owes you $440.00
You will need to close your bank account to stop these companies from taking your money. Also send them a cease and desist letter and revoking all rights to debit your account, but do not do this until AFTER you close your account. Send a complaint about them to your Attorney General and the Federal Trade Commission. Do you have email addresses for any of these companies?

Posted: Thu Apr 17, 2008 8:24 pm Subject:

You can do this yourself, if these are all payday lenders and not installment loans, then they have broken the law by lending to a NC resident. If I am wrong about this, someone please jump in and correct me. It's possible that since these companies lent you money illegally, you might get a refund on the ones that you over paid. All that you are morally obligated to pay back is the principal amount, and I would not give them a penny more than that, also, the ones that you do still owe are going to have to accept payments on your terms I recommend money orders only). Yes, we will walk you through this. Are all of these "Payday Lenders"?

Guest · Posted: Thu Apr 17, 2008 8:27 pm Subject:

Wow! That is great. Today I closed the account that those 2 come out of after I had to pay NSF charges for them. So, I should be good there. Do you have a sample of what the verbiage should be for these or should I just basically state what you just said above? I have email addresses for Magnum, Ameriloan, United, and CashTransferCenters (Northway). I do not have email addresses for Speedy, Paragon, and National Cash Loans.

Guest · Posted: Thu Apr 17, 2008 8:35 pm Subject:

Yes, they are all payday lenders. The only one I would wonder about is Magnum Cash Advance because they set up my payments over 4 paydays. Do you know anything about them? Thank you, thank you, thank you for saying you guys will help walk me through this!

Posted: Thu Apr 17, 2008 8:37 pm Subject:

Email them a copy of your payday lending laws and tell them you are going to file a complaint against them for breaking your state laws, for the ones that owe you, demand a refund in the form of a money order (don't allow them to talk you into giving up your bank info again, they may try to tell you they will deposit a refund into your account, but don't give it up, demand a money order!). They will probably also try to tell you that they don't have to follow your state laws, but that isn't true. Basically, just write to them and say you will pay the ones you owe, only the principal amount, by making payments, with a money order only. And only give them an amount that you can afford (payments). If they want a payment, they will have to give you an address to send a money order to. When I went through this, I sent a cease and desist letter to all of mine through email, and told them I would only communicate with them through emails, or USPS.

Posted: Thu Apr 17, 2008 8:40 pm Subject:

Guest

Guest · Posted: Thu Apr 17, 2008 8:50 pm Subject:

So, if they are illegal, do I use the same tactic you described already?

Posted: Thu Apr 17, 2008 8:52 pm Subject:

As far as I can tell from researching them at this forum, they are (Magnum Cash) a payday loan company also. If I am wrong, someone please correct me.

Posted: Thu Apr 17, 2008 8:53 pm Subject:

Please do make sure and file complaints against these companies with your Attorney General though, the more people that complain, the better the chances are of getting these companies to follow the law.

Posted: Thu Apr 17, 2008 8:55 pm Subject:

Guest · Posted: Thu Apr 17, 2008 8:56 pm Subject:

Am I suppose to look at the original loan amount and add an additional 36% to determine how much I should have paid them? Then the difference in what I actually paid is what they should pay me back?

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Please help! 7 online PDLs and live in NC.

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