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 Posted: Thu Apr 17, 2008 7:06 am
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I have all ready contacted Oak View Law Group and am considering their services. However, I am curious to see what doing it on my own would entail.
Paychecktoday - Borrowed $300 - have not made a payment yet
3bPaydayloans - Borrowed $300 - have not made a payment yet
Cashadvancenetwork - Borrowed $200 - paid $110
Instantloantoday - Borrowed $425 - have not made a payment yet
Quickest-cash-advance - borrowed $300 - have not made a payment yet
Paydayone - borrowed $500 - have not made a payment yet
1st Bank of Delaware - borrowed $925 - paid $198.21
Paydaymax - borrowed $490 - paid $63.57
Think Cash - borrowed $500, refinanced to $750, have paid $466.35
Fastmoney911 - borrowed $500 - paid $700
Any advice?
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msys81
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Posted: Thu Apr 17, 2008 7:09 am
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Please let us know what state you live in
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kashzan
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Joined: 11 Jul 2007
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Posted: Thu Apr 17, 2008 7:12 am
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Michigan
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msys81
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Posted: Thu Apr 17, 2008 7:45 am
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Here are the laws for MI
| Quote: | 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 |
The pdl must be licensed by MI to lend in MI
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RoxyNY
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Posted: Thu Apr 17, 2008 7:51 am
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Think Cash and First Bank of Deleware are installment loans and are going to be licensed and legal and you will need to work out payment arrangements with them.
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RoxyNY
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Posted: Thu Apr 17, 2008 8:12 am
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So do you know about any of the other ones? How do I know if they are licensed in the state?
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msys81
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Posted: Thu Apr 17, 2008 8:13 am
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"Rollovers Permitted: None (cannot renew; lender may extend only if it does not charge a fee)"
So if the loan has been extended to me - does that make it illegal?
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Posted: Thu Apr 17, 2008 9:05 am
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As soon as I find out on here which of these I can stop, I am going to send out letters tomorrow. Could someone please post what the letters should say? Then I am going to close my bank account. Or do I do it the other way around? I am ready to do this!
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msys81
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Posted: Thu Apr 17, 2008 11:11 am
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msys, Sorry to leave you hanging...sometimes work interrupts.  Ican tell you Paycheck Today and Cash Advance Network are not going to be licensed. I will chcekc the others for you. You need to close your bank account BEFORE you send anything to the pdls. Do not tell them what you are doing. They have been known to try to debit the entire amt. you owe before you close the account. Once you know the account is closed and your money is safe and the account will not be forced open...then you will do the letters. Please read this about closing your account...there is good information and experiences posted by other members.
http://www.debtconsolidationcare.com/paydayloan/close-account.html
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RoxyNY
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Posted: Thu Apr 17, 2008 11:21 am
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I checked the MI website for licenses and none of the others came up as licensed. Work on getting your bank account closed and then we can work on letter writing. 
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RoxyNY
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Posted: Thu Apr 17, 2008 11:39 am
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So I keep ThinkCash and First Bank of Delaware, right? so should I contact them and tell them I am changing my bank account?
Also, are they going to call me at work constantly? I can't imagine my job is going to love that. 
Thanks for the help so far... I feel like a million pounds has been lifted off of me!
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msys81
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Posted: Thu Apr 17, 2008 11:49 am
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Yes, I would try to make alternate payment arrangements with your installment loans. As for the calls..I hate to say it but they will call. I just sent mine to voice mail and responded in writing. It did not last long for me though. We do not mind helping..that is why we are here. You are so very welcome and post any time you need to , even if it is just to vent.
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RoxyNY
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Posted: Thu Apr 17, 2008 11:50 am
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CashnetUSA is licensed and so is PaydayOne. CashnetUSA is a member of the CFSA, so you have the right to set up an extended payment plan with CashnetUSA in which you will incur no further fees or interest.
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Amaranth
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Posted: Thu Apr 17, 2008 12:07 pm
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Is cashnetusa the same as another company on my list? I don't think I have an account with them unless they go by another name.
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minsmi
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Posted: Thu Apr 17, 2008 9:32 pm
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I didn't see CashNetUSA on your list....
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cannr
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