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 Posted: Fri Dec 21, 2007 2:27 pm Subject: Outstanding PayDay Loans and all are in default
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Hi,
I have a total of 7 payday loans outstanding. All are in default. I am so stupid! 5 of the payday loans are internet and I have been making payments with 4 of them. The other keeps accruing interest daily and my $400 loan is now at $888.23. The total outstanding currently with the internet loans is $2435. I also have 2 storefront payday loans in default totalling $575. I would like to know if the $888.23 can be somehow reduced with all of the interest that keeps adding up. Also, what advice does anyone have on consolidating and getting them to stop calling me and off my back. Please Help!
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GSUTT
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Posted: Fri Dec 21, 2007 2:31 pm Subject:
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Hello,
You've come to the right place!! We can help.. what state do you live in, and what are the name of the internet companies?
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tamishacherry
Joined: 08 Dec 2007
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Posted: Fri Dec 21, 2007 2:44 pm Subject: Stats
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I live in Washington State. I have 2 storefront loans in Washington State. The names of the other loans are as follows: Cash Net (Deleware), Check City (Utah), PayDayOne (Deleware), Credit Protection Depot or MyCashNow (Nevada), Apple Fast Cash Personal Loans (Deleware). HELP!
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GSUTT
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Posted: Fri Dec 21, 2007 3:04 pm Subject: Any Advice?
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What Can I do?
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GSUTT
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Posted: Fri Dec 21, 2007 3:16 pm Subject: Hello?
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Are you still around?
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GSUTT
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Posted: Fri Dec 21, 2007 3:20 pm Subject:
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Yes we have to see if the internet loans are legal in your state. One moment
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tamishacherry
Joined: 08 Dec 2007
Posts: 25
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Posted: Fri Dec 21, 2007 3:28 pm Subject:
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| Quote: | Legal Status:
Legal (Lender must have a small loan endorsement to their check casher license in order to make payday loans)
Loan Terms:
Maximum Loan Amount: $700
Loan Term: Max: 45 days
Maximum Finance Rate and Fees: 15%: first $500; 10%: remaining portion of the loan in excess of $500 up to the $700 maximum
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: A company cannot hold a check or checks in an aggregate face amount of more than $700 plus allowable fees from any one borrower at any one time.
Rollovers Permitted: None (cannot repay loan with proceeds of another)
Repayment Plan: A company and a borrower may voluntarily enter a payment plan at any time. A borrower, however, has a right to convert a small loan to a statutory payment plan after four successive loans and prior to default on the last loan.
Collection Limits:
Collection Fees: $25 NSF fee (one time per instrument); collection costs (excluding attorney's fees, interest and damages)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Washington Department of Financial Institutions
Address: Division of Consumer Services, PO Box 41200 Olympia WA 98504
Phone: (360) 902-8700
Fax: (360) 725-7827
Regulatory Contact: Chuck Cross,, Director of Consumer Services
http://www.dfi.wa.gov/ |
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tamishacherry
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Posts: 25
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Posted: Fri Dec 21, 2007 3:39 pm Subject:
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Can you break down how much you owe each company
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tamishacherry
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Shazzers
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Posted: Wed Feb 27, 2008 9:06 pm Subject:
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Hello Everyone..
I have 2 PLS loans out here in Bellwood Illinois.
They will be in Default because I got injured on the Job and workman's comp just aint stretching the dollar.
Is there any type of way I could Prevent the Garnishment and get on some type of Payment Plan..?
My Loan is $1000.00, but I had to take out 2 loan's with double the interest.
I hate it I even got myself thru this.
Thank's in advance..
L. 
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Posted: Thu Feb 28, 2008 5:12 am Subject:
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guest, are the 2 pdls that you have storefront or internet? Could you please tell us who they are with, how much you have borrowed (principle amount only), and how much you have paid back (total to date). I'm going to post your state pdl law so we can take a look at it. If you could, please post the information regarding your pdls so that we can help you. 
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cannr
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Posted: Thu Feb 28, 2008 5:13 am Subject:
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| Quote: | Illinois State Information
Legal Status: Legal
Citation:
Ill. Comp. Stat. Ann. ยง 122/1-1
Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100
Finance Charge for 14-day $100 loan: $15.50
APR for 14-day $100 loan: 403%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes
Collection Limits:
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited
Where to Complain, Get Information:
Regulator: Illinois Division of Financial Institutions
Address: Consumer Credit Section, 320 W. Washington Springfield IL 62701
Phone: (888) 298-8089
Fax:
Regulatory Contact: Phil Sanson,, Acting Consumer Credit Assistant Supervisor |
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cannr
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Posted: Thu Feb 28, 2008 7:47 pm Subject:
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1 loan for 400.00 and the other for 600.00
I had to take out another $600.00 loan because before I could go up to (PDL Loan service in Bellwood il. store Front) they took the check of the $600.00 loan and cashed it before I could even go up there and make a Payment.
The store's exucse was that the District Manager told them to cash the check's and it isn't there call.
So, (L.S.S) I had to take out another loan just to cover my home expenses of $600.00
all together, I will owe $1783.00 after the loan's has been paid off, allmost twice as much as the Original.
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Posted: Fri Feb 29, 2008 6:11 am Subject:
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So, what are the exact names of the storefronts? We can look to see if they are members of the CFSA.
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cannr
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Posted: Fri Feb 29, 2008 8:35 pm Subject:
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The Pay day Loan store of illinois
526 n. Manheim rd.
Bellwood, il.
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Posted: Sat Mar 01, 2008 7:31 am Subject:
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So, both of your checks are at the same store? I checked the CFSA site and also went to the website for your storefront and could find nothing regarding them being members of the CFSA. I was hoping they would be on the list. However, it doesn't hurt to call and ask them if they are indeed members. They may be now. I did see this particular pdl got into some trouble back in 2006. All stores had thier licenses temporarily pulled due to complaints. So, just a warning there. Call them and ask them if they are members of the CFSA. If so, you can invoke the EPP. However, if they say no, tell them you need to be set up on a payment plan, that you can not (NOT!) pay in full and rewrite. Insist you no longer have a bank account. Try whatever route you can to get them to set you up on a payment plan. Your state law says "yes" to repayment plan and also criminal action is prohibited. Both of these factors work in your favor.
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cannr
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