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 Posted: Fri Aug 10, 2007 12:41 pm Subject: 7 Payday loan companies $3,550.00 IN MAJOR DEBT
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I am in serious debt with payday loan companies and I cannot breathe. I use every last dollar of my paycheck to pay them their interest and I do not have an extra penny to my name. I don't know how I can ever pay them off. I have 7 companies involved and owe about $3,550.00 total. Please help me!!!!!!!!!!!   
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PinkDaisy
Joined: 10 Aug 2007
Posts: 3
Debtcc Points: 99
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Posted: Fri Aug 10, 2007 12:58 pm Subject:
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From which companies have you borrowed the loans? Are they internet or storefront lenders? Many IPDL loan companies violate the state laws by charging illegal interest rates and fees. This way, many people don't have any options left and they fall behind on other important bills. You need to review the laws of your state and know that each pdl company you are dealing with is legit and they are adding permissible charges on your account.
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Johnson4485
Joined: 22 May 2006
Posts: 399
Debtcc Points: 3960
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Posted: Fri Aug 10, 2007 2:05 pm Subject:
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They are store front in New Mexico
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PinkDaisy
Joined: 10 Aug 2007
Posts: 3
Debtcc Points: 99
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Posted: Fri Aug 10, 2007 2:16 pm Subject:
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You need to be more cautious of the storefront lenders because most of them do a licensed business in their state. I will suggest you to give them a call and discuss about your situation. They might offer you some extensions through which you can pay the debts on your terms.
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Johnson4485
Joined: 22 May 2006
Posts: 399
Debtcc Points: 3960
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Posted: Sat Aug 11, 2007 7:10 pm Subject: new mexico
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NM has very lax pdl laws unfortunately.
| Quote: | New Mexico State Information
Legal Status: Legal
Citation:
N.M. Stat. Ann. § 58-15-1 et seq.
Loan Terms:
Maximum Loan Amount: Not Specified
Loan Term: Not Specified
Maximum Finance Rate and Fees: No Limit
Finance Charge for 14-day $100 loan: No Limit
apr for 14-day $100 loan: No Limit
Debt Limits:
Maximum Number of Outstanding Loans at One Time: No Limit
Rollovers Permitted: Not Specified
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Attorney's Fees, Court Costs, Filing Fees
Criminal Action:
Where to Complain, Get Information:
Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Phone: (505)476-4885
Fax: (505) 476-4670
Regulatory Contact: Henry A. Vigil,, Consumer Industry Manager
http://www.rld.state.nm.us/fid/ |
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cannr
Moderator
Joined: 07 Jun 2007
Posts: 9372
Debtcc Points: 124815
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Posted: Sat Aug 11, 2007 7:56 pm Subject:
Latest Blog Post : Decision |
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Why not check and see if a debt management or consolidation company can help...generally if you default the interest stops and you can work out a plan to pay them off.
_________________
If you think you can, you can...if you think you can't, your probably right...
http://lifewithyourcredit.yesdebtfree.org/
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Morningstarr430
Debt Samaritan
Joined: 13 Jun 2007
Posts: 2336
Debtcc Points: 39296
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Posted: Sun Aug 12, 2007 8:12 pm Subject:
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I would also research information on the site re debt consolidation companies that work with PDL lenders. Pick one that meets your needs and then ask us for feedback on it re our experiences and then make your decision from that.
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kscornell
Moderator
Joined: 22 Jul 2006
Posts: 3629
Debtcc Points: 33010
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