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Posted: Tue Jun 12, 2007 9:12 pm Subject: Took Payday Loans to pay off the bills

My family and I was in a tight spot and I thought it would be good to get a payday loan to pay off the bills. When I got one I thought it would be okay to pay back. By the time of my next pay check I was unable to pay off the loan so I got another payday loan. The same problem occurred and I ended up having three payday loans. Now I have one payday loan supposed to be paid off with this pay check but I'm not going to be able to pay it. I have too many other bills that are more important than the payday loans. I really need help!

Posted: Tue Jun 12, 2007 9:20 pm Subject:

In which state do you live? How much have you paid on these loans already? Are these internet or storefront loans and what are the names of the companies you're dealing with?

Posted: Tue Jun 12, 2007 9:31 pm Subject:

I live in Missouri, I have paid two refiances on two of the loans and more than that on the other. They are internet loans and the names are Cashcentral, 500fastcash, and Payday 1.

Posted: Tue Jun 12, 2007 9:33 pm Subject:

Hi espngurl

We need more information of your pdl accounts so that we can suggest further. Many people here are going through this mess. You have come to the right place for help. Everything will be fine, relax

Posted: Tue Jun 12, 2007 9:35 pm Subject:

Bridget, thanks for the reassurance. My family and I have been trying to find a place that would help and we've finally find it!

Posted: Tue Jun 12, 2007 9:36 pm Subject:

Have you checked on the companies if they are licensed in your state? Here are the laws in MO

Posted: Tue Jun 12, 2007 9:36 pm Subject:

Bridget, what other information do you need to get started?

Posted: Tue Jun 12, 2007 9:38 pm Subject:

espngurl, this place will help you so much. the people here have so much knowledge and are all so willing to share it and help people out. they all helped me out so much. when i first came here i was a mess, it was horrible. my attitude has changed 100% on it all. good luck with everything i know you will be fine just follow the advice of everyone here!

Posted: Tue Jun 12, 2007 9:38 pm Subject:

The companies I have accounts with are licensed in Mo.

Posted: Tue Jun 12, 2007 9:39 pm Subject:

You need to find out if the companies you are dealing with are licensed in your state, so that can charge the interests and fees allowed in your state. If they are not licensed with the DFI, they are not a legit business. Report them to the attorney general of your state and make arrangements to pay off the principal amount only.

Posted: Tue Jun 12, 2007 9:40 pm Subject:

I like the support! And the quote at the end...

Thanks brittanie

Posted: Tue Jun 12, 2007 9:42 pm Subject:

So how do I find out if the companies are licensed in my state?

Posted: Tue Jun 12, 2007 9:44 pm Subject:

Search for the companies in this list

http://www.missouri-finance.org/Contribute%20Documents/AllLicensedLoca tions-307.pdf

Posted: Tue Jun 12, 2007 9:46 pm Subject:

Thanks onelamb

Posted: Tue Jun 12, 2007 9:46 pm Subject:

If they are licensed you should call them up, explain your situation, and ask to set up payment arrangements. You will also need to close your bank account.

When you close your bank account you need to ask your bank what their policy is on ach transactions going through on closed accounts. Some banks will force open the closed account and allow the transactions to go through, leaving you in the hole with the bank. If your bank does this, ask them to put the account on deposit only, an ach block, or a hard hold before closing the account.

Don't worry about being prosecuted for closing the account, that is really meant more for people going out in an attempt to defraud the pdls. Print out some of the threads here about pdl's debiting peoples accounts without authorization with you to the bank, so you can show the bank that you are being proactive in preventing theft from your account.

You will also need to revoke authorization to debit your account for each pdl. Also, in the letter, revoke and and all wage assignments you may have signed. You can use that exact phrase in the letter.

Odds are these places will tell you no, that you can't set up payment arrangements. This is why you have to close the account. Or else they will just keep taking what they want. Keep at them, keep sending them your letters with a money order for what you can afford. They will cash them.