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Posted: Thu Aug 16, 2007 9:26 am

Hi Can someone help me find out what I need to do? I am stuck in the horrible multiple payday loan cycle and have fallen behind on my bank account and now payments have been returned and they continue to attempt to put their automatic withdrawals through my account. I don't know if I will ever be able to get caught up! I live in IA.

Can I consolidate these loans?

Thanks!
Pete

Posted: Thu Aug 16, 2007 9:30 am

There are a few companies that consolidate payday loans. But first, can you give us a bit more information on your situation?

What companise have you borrowed from?

How much was each loan for?

How much have you paid back in fees so far?

Are they internet payday loans or storefront?

Posted: Thu Aug 16, 2007 9:32 am

Pete, thanks for coming to our site! I do believe we can help you here! Your state law is posted below. As you can see, rollovers/extensions are not permitted. This is what the internet pdl's are charging you illegally. We need for you to list out each pdl you have (note if it is internet or store front), the amount borrowed (principle only) and the amount paid back (total - don't break it down). We can go from there! Very Happy

Posted: Thu Aug 16, 2007 9:33 am

As Goudah asked, "are they internet payday loans or storefront?"

Posted: Thu Aug 16, 2007 10:36 am

Thanks for your help - I have 2 strings going and not sure how to stop the other one on the debt consolidation board - here's all my ugly info! MR Money is the only storefront - the rest are all internet PDL's

LOANED PAID
$10 payday loan (MTE Financial) $300.00 $645.00
Mr. Money (storefront) $550.00 $0
Cash Transfer Centers (Northway Debit) $600.00 $0
US Fast Cash $300.00 $360.00
Aero Advance $400.00 $425.00
Interim Cash LTD $250.00 $270.00
Paycheck Today $300.00 $370.00
ameriloan $300.00 $180.00
Crown Lending Loans $300.00 $90.00
CashNet Loans $300.00 $90.00

Thank you so much for any help you can give me!!!

Posted: Thu Aug 16, 2007 10:44 am

Is the Cash Net company Cash Net USA or Cash Net 500? That will make a big difference.

Most of the companies you are dealing with are totally illegal. They are going to be hard to work with.

You need to get that account closed asap. Please read this thread about some important information you need to know before you close your bank account:

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Posted: Thu Aug 16, 2007 10:57 am

It's CashNet 500
Thanks,
Pete

Posted: Thu Aug 16, 2007 11:01 am

Good - They are illegal. But they are also a total pain in the ass.

I really want you to do some searches on this site. Please do a search for each company name you are dealing with. Quite a few of them can be very crazy and nasty once you default, but if you are prepared and know what to expect, you will be able to handle it with ease.

As far as the storefront, you will need to set up a payment plan with them. Be honest, tell them you are in over your head and cannot continue like this. The most important thing to remember about storefronts is to keep up communication. They can sue you if it comes to that, so make sure you don't ignore them.

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